Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

Improved results for Hong Kong-listed Chinese P&C insurers in 2017

The non-motor lines of Hong Kong-listed Chinese property and casualty (P&C) insurers sustained overall business growth and underwriting profitability in 2017, despite increased competition in their motor business, according to Moody’s Investors Service. “The non-motor business of P&C insurers will remain a crucial driver of premium growth,” said Kelvin Kwok, a Moody’s associate analyst. He added that in contrast, the…

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…

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Tax concession heralds new push for Hong Kong captives

Hong Kong is bringing in tax concessions to further develop the territory as a captive domicile. Speaking at the annual reception of the Hong Kong Federation of Insurers, the secretary for financial services and the treasury, James Lau, said that with the Belt and Road Initiative, Hong Kong has the potential to emerge as a major risk management centre for…

Further opening of China’s financial sector planned

Further opening of China’s financial sector planned

Further opening of China’s financial sector planned

China is opening up its financial sector further, including changes to requirements for foreign insurance companies, brokers and agents. The Xinhua News Agency has reported that the governor of China’s central bank revealed the measures and a timetable to further liberalise the financial sector. Yi Gang, governor of the People’s Bank of China, told delegates at the Boao Forum for…

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…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

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…

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