Munich Re hires senior execs for its Asian syndicates

Munich Re hires senior execs for its Asian syndicates

Munich Re hires senior execs for its Asian syndicates

German reinsurer Munich Re has announced a trio of executive appointments at its Asian branch, Munich Re Syndicate Asia. Tony Betteridge has been promoted to head of marine where he will be responsible for cargo, project cargo, hull and marine liability. Joel Pridmore has been appointed as head of financial lines and business development and will be expected to build…

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

Chinese e-commerce giant JD.com is to acquire a third of Allianz China General Insurance as part of its push into the financial services sector. The 33.3% stake, which is still subject to government approval, will cost JD.com $85.4m (CNY537m) and will make it the second-largest shareholder in the insurance operation, after Allianz. JD.com, the second-largest e-commerce company in China after…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

Specialist insurer Beazley has appointed Lucien Mounier to leads its operations in Asia-Pacific. Mr Mounier has been based in Paris for the past two years, where he has been in charge of Beazley’s cyber and technology insurance lines. This business has been mostly based in continental Europe but has recently grown to include Asia, hence Mr Mounier’s recent promotion. He…

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

International broking group RKH Specialty has appointed Stuart Beatty as its new chief executive for Asia-Pacific, a position he previously occupied at JLT Re. The position, which is based in Singapore, is newly created and signals RKH Specialty’s intention to develop a larger presence in the region. Its most senior executive in Asia was Singapore chief executive Karly Shaw, who…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

China’s new banking and insurance regulator makes opening statement of intent

The new super regulator for China’s $42trn banking and insurance sectors has issued a strident opening statement, promising to widen the reform of both markets and open them up to more foreign investment, while also vowing to crack down on excessive financial risk and bad debt. Much of this crackdown will focus on banking activities such as shadow banking as…

Blockchain initiative founders form legal entity

Blockchain initiative founders form legal entity

Blockchain initiative founders form legal entity

Industry consortium the Blockchain Insurance Industry Initiative (B3i) has been incorporated into a startup company by the group of global insurers and reinsurers that founded it. B3i Services AG in Zurich began life in 2016 as a collaborative initiative from Achmea, Aegon, Ageas, Allianz, Generali, Hannover Re, Liberty Mutual, Munich Re, SCOR, Swiss Re, Tokio Marine, XL Catlin and Zurich…

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

New financial watchdog starts reign in South Korea

The newly installed head of the Financial Supervisory Services (FSS) in South Korea, Kim Ki-sik, has pledged to make every effort to ensure consumer protection and financial market stability as he began his reign this week. Mr Ki-sik, a long-time civic activist and former lawmaker, is the first ex-politician and shareholder activist to be appointed as head of the FSS…

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