Country: Asia Pacific Page 202 / 512
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- October 12 2022
Fitch affirms A- rating, stable outlook for China Taiping’s UK subsidiary
The subsidiary's underwriting result was US$4.3m in 2021, compared to a loss of US$25.2m in 2020.
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- October 12 2022
China Merchants’ carve-out to create more agile P&C carrier
A combination of CMB Wing Lung Insurance and China Merchants Insurance will create a top-20 player with US$140m-plus GWP.
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- October 12 2022
Kakao Pay kick-starts insurance arm with cyber launch: report
The product is expected to shorten the time it takes to pay claims for online financial fraud by over two months.
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- October 11 2022
Liberty GTS hires trio of lawyers to boost Asia M&A underwriting
Damian Ng, Sanjeve Prakasam, who joins the Singapore office, and Alexandra Culas in Sydney will focus on warranty and indemnity insurance in the region.
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- October 11 2022
Gallagher continues Australian consolidation with McCluskey buy
This is the fourth acquisition in the country by the global broker in five months.
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- October 11 2022
Korea’s Construction Guarantee Cooperative benefitting from rising infrastructure spend
AM Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of “aa-” to the government-designated surety underwriter.
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- October 11 2022
Asia needs to deliver ‘acceptable level of profitability’: Mapfre Re’s Javier Sánchez Cea
The Spanish reinsurer has made Asian expansion, especially China, a priority but expects the market to improve margins.
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- October 11 2022
Australian weather bureau forecasts summer of ‘above-average’ cyclones
There is a more than 70% chance of 11 or more tropical cyclones during the severe weather season, which this year witnessed one of the costliest nat cat events.
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- October 10 2022
Tower completes legacy build-out with Kiwibank deal
The New Zealand carrier will pay US$3.3m for the portfolio, which will be migrated to its flagship Direct channel.
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- October 10 2022
Luen Fung Hang Insurance gets over pandemic impact with 58% COR: AM Best
The Macanese P&C player leveraged its distribution to stay second in the market with a 22.8% share.
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- October 10 2022
Updated: icare turnaround continues as legacy deal put on ‘hold’
The state-owned insurer, which has been under pressure to reorganise, has announced a new claims model with an expanded panel of service providers.
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- October 10 2022
Hollard’s Australian arm constrained by Commonwealth Insurance buy
AM Best said the combined entity is expected to see growth in underwriting risks.
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- October 8 2022
Asian cedents urged to get in early, lock down capacity for 2023 renewals
Prices are hardening and capacity is likely to be more constrained going into the upcoming renewal season.
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- October 7 2022
Swiss Re names Yong Suk Kwon head of Korea in leadership reshuffle
Yong replaces Jonas von Oldenskiöld and will take charge from December 1.
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- October 7 2022
AGCS tasks Alasdair Walker to lead APAC distribution
In his new role, Singapore-based Walker will manage strategic broker relationships and help raise the company's profile.
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- October 7 2022
GIC Re issuer outlook downgraded to negative amid accounting scrutiny
AM Best affirmed the state-owned carrier’s long-term issuer credit rating of bbb+ and financial strength rating of B++ with a stable outlook.
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- October 7 2022
Japan non-life insurers have ‘stable’ outlook: AM Best
Higher loss ratios for motor insurance, personal accident and marine could impact insurers’ underwriting profitability.
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- October 6 2022
Oneglobal swoops for veteran Huichih Ko to boost Asia arm
Ko will be based in Taiwan and has previously worked at Marsh, WTW and Sedgwick.
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- October 6 2022
Bolttech eyes Indonesia expansion with broker buy
Jakarta-based Axle Asia, whose lines include corporate and employee benefits, will rebrand and become a subsidiary of the global insurtech.
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- October 6 2022
Lloyd’s system reset affects APAC operations
All external connectivity was turned off, including delegated authority platforms, after unusual activity on its network was detected.
