Industry Segments: P&C Page 35 / 72
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- August 2 2023
Chubb reshuffles senior Asia Pacific P&C leadership
Chris Gough is leading P&C lines in Asia and Hayden Baker has taken over Gough's role as head of P&C for Australia & New Zealand.
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- July 31 2023
China Huanong P&C outlook negative over uncertainty in capital injection plan: Fitch
The BBB-rated Chinese general carrier's equity base had shrunk due to unrealised investment losses, the rating agency says.
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- July 31 2023
WTW appoints Anthony Wong as director, large accounts, corporate risk and broking Asia
Wong will relocate to Singapore to work with the broker's strategic clients and develop large and complex accounts capability in the region.
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- July 27 2023
Pacific International acquires 5.82% stake in Tower for US$8m
The Australian carrier acquired 22 million shares in the Kiwi general insurer.
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- July 27 2023
Steadfast, PSC among bidders for TA Associates’ Honan exit: report
The Goldman Sachs-run broker sale collected non-binding indicative offers from trade players and buyout firms for a deal that could be valued up to US$400m.
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- July 27 2023
CTBC Insurance announces US$95m capital reduction plan
The proposal is to offset losses following claims from Covid policies sold last year and the capital reduction will have no impact on its capital adequacy and net worth ratios.
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- July 27 2023
Hana and Shinhan join Kyobo, Woori in bid for MG Non-Life Insurance: report
State-run Korea Deposit Insurance Corp is keen to conclude a transaction at the earliest and may not fetch its earlier target price.
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- July 26 2023
ZhongAn P&C posts 38% jump in H1 premiums; chairman steps down
The digital player has appointed former CEO Hai Yin as its new chairman, replacing Yaping Ou who has left the firm for personal reasons.
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- July 26 2023
Chubb’s APAC P&C premiums grew 12% in Q2 2023
The insurer’s Asia Pacific NWP for the first half of the year, excluding Japan, climbed 13% to US$1.5bn.
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- July 26 2023
Philippines non-life market outlook negative due to higher risk retention: AM Best
The country’s carriers have reduced proportional cover for property insurance due to the hardening market and tighter terms.
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- July 25 2023
Chubb joins Zurich in race to acquire stake in Indian carrier Kotak: report
Both insurers are in the fray for a 49-51% stake in the general insurer that is being valued under US$800m.
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- July 24 2023
Allianz Commercial launches in Asia and Australia
The merged division will have 11 regions with Asia led by Christian Sandric and Australia by Phuong Ly.
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- July 24 2023
Indian government assures capital support to state-owned general insurers: report
The three carriers, National Insurance, United India Insurance and Oriental Insurance, have requested US$2.5bn of injection in total.
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- July 24 2023
Thai carrier Dhipaya handed negative rating outlook due to stress on capital buffer
AM Best, however, affirmed the A- (excellent) rating for the country's second largest general insurer due to strong operating performance, COR of 83.6%.
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- July 24 2023
Toa Re posts 6% growth in net premiums
Toa Re wrote US$2.26bn of premium for the year ended March 31, 2023.
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- July 20 2023
Reliance General to receive US$24m equity infusion in group takeover: report
The capital infusion is crucial for the general insurer to increase its solvency margin to 175% from 155%.
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- July 20 2023
Tower warns of potential loss in FY 2023 due to challenging claims environment
The Kiwi carrier’s large events allowance of NZ$50m has depleted to NZ$10.5m for the remainder of the year to September 30, 2023.
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- July 19 2023
Chinese carrier Zhonglu’s COR improves to 100% on better risk selection: Fitch
The Qingdao-based insurer, rated BBB (good) with a stable outlook, is rapidly expanding its non-motor business and readying for capital injection.
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- July 19 2023
APAC braces for escalating droughts, increased bushfires as El Niño develops: Gallagher Re
The first half of 2023 saw above-average nat cat losses with APAC accounting for 12% of an estimated US$138bn of global economic losses.
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- July 17 2023
Tokio Marine’s underwriting profitability to improve modestly: Moody’s
The rating agency affirmed the insurer a rating of Aa3, one notch above the Japanese sovereign rating of A1, with a stable outlook.
