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…

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…

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms are estimated to have caused $3bn in economic losses last month, with insurers picking up two thirds of the bill, according to Aon Benfield’s Impact Forecasting. Publishing its monthly global catastrophe report, Impact Forecasting said winter storms caused travel delays and damage, killing ten people, while March also recorded the US’s first tornado for a record 306…

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Perils, the Zurich-based catastrophe data provider, has issued its fourth and final estimate for the losses suffered by property insurers from Cyclone Debbie, the tropical storm that hit Australia in March 2017. The estimate, which puts the losses at $1.3bn (AUD1.7bn), comes almost a year to the day that the category four cyclone made landfall on 28 March, hitting the…

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Commercial insurer Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Australian presence with an office opening in Perth, Western Australia. The new office will be led by casualty underwriting head Anthony Prindiville and property underwriting head Mark Shephard. The Perth office will add to BHSI’s existing branches in Sydney, Melbourne and Brisbane and will focus on underwriting casualty, property, mining,…

AXA to buy XL for $15.3bn

AXA to buy XL for $15.3bn

AXA to buy XL for $15.3bn

AXA said it has taken a “major leap forward” along its strategic journey, through the planned acquisition of XL Group for €12.4bn ($15.3bn). The deal will be paid for in cash and represents a 33% premium to XL Group’s closing share price on 2 March 2018. The deal creates the biggest P&C commercial lines insurer in the world, according to…

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up in Australia, the UK and Latin America, they fell by 0.6% on average across Asia, albeit at a declining pace compared…

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

An earthquake in the popular Taiwanese tourist city of Hualien has left four dead and more than 250 injured. The shallow quake had a magnitude of 6.4 and struck on Tuesday night, following a series of tremors earlier in the week. Roads were ripped up and at least two hotels were partially toppled by the quake, leaving many trapped inside.…

Cat losses at all-time high in 2017 with insured sum second only to 2011: Aon

Cat losses at all-time high in 2017 with insured sum second only to 2011: Aon

Cat losses at all-time high in 2017 with insured sum second only to 2011: Aon

Aon Benfield is the latest company to confirm that 2017 set new records for natural catastrophe losses, with its $353bn global economic loss figure the costliest ever and its $134bn insured sum second only to 2011. According to Impact Forecasting, Aon Benfield’s catastrophe modelling unit, there were 330 natural catastrophe events last year. At 97%, or $344bn, almost all its…

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