S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

S&P analysts foresee slight improvements in insurers’ credit quality

Analysts from Standard & Poor’s Global Ratings (S&P) around the world have been surveyed by the ratings agency looking at credit trends and risks, the macroeconomic and competitive environment, financial expectations, and accounting changes for the year ahead. The first S&P Insurance Analyst Survey reveals that S&P analysts expect slight improvements in credit quality in North America, EMEA and APAC…

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy establishes presence in Labuan, Malaysia

CNA Hardy has received an enhanced licence to transact business in Labuan, Malaysia. The insurer said the move continues its expansion in Asia. The initial focus in Malaysia will be on the same classes of business that CNA Hardy offers through its Singapore office: property direct and facultative and treaty, construction, marine, power generation, healthcare, financial lines and casualty. “This…

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…

New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

New climate insurance initiative launches for Africa and Asia

Parametric and index-based risk transfer startup Global Parametrics has launched the Natural Disaster Fund, through an innovative climate insurance initiative backed by the UK and German governments. The initiative uses bespoke parametric risk transfer and advanced climate risk modelling developed by Global Parametrics to support offerings that deliver affordable insurance-style solutions to smallholder farmers in six countries in Africa and…

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…

Highest ever global insured losses in 2017, says Swiss Re sigma report

Highest ever global insured losses in 2017, says Swiss Re sigma report

Highest ever global insured losses in 2017, says Swiss Re sigma report

Global insured losses from catastrophe events in 2017 stand at $144bn, the highest ever recorded in a single year, according to the latest sigma study from the Swiss Re Institute. Hurricanes Harvey, Irma and Maria (HIM) resulted in combined insured losses of $92bn, equivalent to 0.5% of US gross domestic product in 2017. As a result, 2017 was the second-costliest…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

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