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- August 15 2023
Vesttoo files for Chapter 11 protection; board says no plans to liquidate
The move will provide the Israeli insurtech protection from its creditors and breathing room to pursue legal actions, the company claims.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
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- August 14 2023
Exclusive: Vale Insurance Partners to establish Asia operations — sources
Vale is the seventh specialty insurance firm seeking to join the Asia M&A market in the space of 12 months.
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- August 11 2023
AUB upgrades FY profit guidance; Chris Drury to leave Tysers
AUB said that Tysers has been "performing ahead of expectations", while the broker has also confirmed the departure of Tysers' Singapore CEO.
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- August 11 2023
Allianz records 15% P&C profit drop in APAC despite top line growth
The overall APAC COR including Australia deteriorated from 95.8% to 97.4%, as the group restructures in the region.
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- August 10 2023
Zurich’s H1 APAC COR climbs to 93.4%; P&C GWP grows to US$1.82bn
On a like-for-like basis, commercial premium grew 11% and retail premium grew 17%, driven by Australia and Indonesia.
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- August 10 2023
QBE posts H1 COR of 98.8% as cat costs bite
Investment result boosts insurer after storms in New Zealand, the US, Australia and Turkey earthquake cause US$164m H1 cat allowance miss.
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- August 10 2023
Vesttoo names interim CEO, liquidates Bermuda insurer
Board member Ami Barlev takes on the role after the insurtech shut its Asia offices and made 75% of staff redundant.
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- August 10 2023
Hannover Re increases APAC Covid reserves to US$629m
In the 1.6 and 1.7 renewals, the German reinsurer saw rate increases and improved terms in Australia, while it reduced shares on some proportional business in Asia.
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- August 8 2023
P&I player Hydor acquires EF Marine to create specialist MGA
The combined companies will control US$40m of GWP and operate from Singapore, Hong Kong, Shanghai, Oslo, Hamburg and Rotterdam.
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- August 8 2023
Australian loss adjuster ANA sells stake to vrs Vering
ANA Chartered Loss Adjusters will be rebranded as vrs ANA with managing director Jaye Kumar to oversee the newly established vrs Asia Pacific.
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- August 7 2023
BHSI names Louis Bidmead as head of transactional liability, Asia and Middle East
Singapore-based Bidmead, formerly at AIG, reports to Scotland Walsh-Riddle, head of executive & professional liability for Asia.
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- August 7 2023
MGA Circles rings changes in Asia as Tommy Elliot takes on global CUO role
Khadinn Khan becomes responsible officer role for Hong Kong, while Kenneth Tan will oversee the specialty MGA's Singapore office.
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- August 4 2023
Swiss Re P&C Re posts 94.7% COR for H1
Swiss Re P&C Re's global net profit surged to US$904m in the first six months of 2023, helped by fewer cat losses in Q2. July 1 renewals saw prices increase 21%.
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- August 3 2023
US ‘nuclear verdicts’ reverberate in Asia
Regional liability premiums may feel the pinch of US social inflation as supply chains recover.
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- August 2 2023
Scandal-hit Vesttoo to close Asian offices: report
The insurtech will close its Tokyo, Hong Kong and Seoul offices, and lay off around 75% of its global staff.
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- July 28 2023
Japan P&I Club on hook after large fire on ship with US$100m of cargo
The Japanese-owned vessel is near a World Heritage site and was carrying over 2,800 vehicles, including 498 electric cars.
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- July 20 2023
China Construction Bank at centre of Vesttoo US$4bn reinsurance collateral fraud: report
Forged letters of credit issued by the Chinese lender is revealed to have been used by investors for ILS transactions on the insurtech platform.
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- July 20 2023
Update: Insurers take ‘wait-and-see’ approach to Russia’s Black Sea threat
As the situation escalates with Russia targeting port facilities and destroying grains and the US warning that Moscow may have mined the sea corridor, there is uncertainty if terms can be held for non-Russia, Ukraine, Belarus ports.
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- July 12 2023
Axa mulling sale of reinsurance arm: report
The French insurer is considering a sale or an IPO for Axa XL Reinsurance as the group looks to reduce earnings volatility, according to Reuters.
