Zurich Australia has teamed up with Fusion Specialty Insurance to launch a mergers and acquisitions (M&A) underwriting agency partnership. Under the terms of the collaboration, Zurich will delegate its underwriting authority to Fusion M&A, which will write warranties and indemnity insurance on its behalf. The agency will focus on supporting cross-border M&A transactions across Asia-Pacific. Fusion M&A is a subsidiary…
China Re, now the biggest reinsurance group in Asia and eighth globally by premium income, has announced the launch of a renewable energy consortium at Lloyd’s, to help support China’s massive national renewable power development project. The booming Chinese offshore sector has benefited from a commitment by President Xi Jinping to provide $360bn to renewable power development by 2020. The…
US-based independent insurance broker Lockton has hired a former JLT executive as its first chief operating officer (COO) for Asia. Philip Corrigan, previously chief executive of JLT Thailand, will work alongside Lockton’s various teams across the region – in China, Hong Kong, Singapore, South Korea and Thailand, Malaysia and the Philippines. His appointment is designed to support Lockton’s Asian expansion…
Emerging markets are set to lead the growth of the global economy and its insurance markets with Asian economies at the forefront, according to the latest sigma report from Swiss Re Institute. The report forecasts that emerging market insurance premiums will more than double during the next ten years, four times faster than advanced markets. Premiums in emerging Asia though…
Singapore-based insurtech firm Symbo is to launch a digital insurance broking platform for corporate and retail customers in Singapore, after it was granted an insurance brokerage licence by the Monetary Authority of Singapore (MAS). Symbo hopes that its online platform will help to streamline the insurance process, from purchase to claims, by eliminating some of the more painful and longstanding…
AIG has promoted Isorasak Thesratanavong to become chief executive officer for its Thailand office. He will take over from Tomi latva-Kiskola, who has been reassigned to a regional role within AIG. The move marks a return to AIG for Mr Thesratanavong, who will be based in Bangkok and will be expected to lead the insurer’s business in Thailand. He will…
Multinationals face “unprecedented uncertainty” caused by growing political risk, Marsh warned on publishing its Political Risk Map 2019. Marsh added that trade disputes, protectionism and geopolitical tensions have created an “unstable” environment for multinational companies with direct foreign investment. The updated Political Risk Map uses data from Fitch Solutions to rate more than 200 countries’ political, economic and operational stability.…
Claudia Salem has been named by Allianz as the chief executive of its Asian property and casualty (P&C) business. Ms Salem joins from AIG, where she served as Singapore chief executive and head of southeast Asia. In her new role, she will be responsible for the profit and loss and functional development of the business, as well as overseeing the…
Cybersecurity firm CyberScout has announced two new partnerships with insurers, which it claims will help form a new model for the distribution of cyber insurance for small and medium-size businesses (SMEs) in southeast Asia. The two insurers, Philippines-based Pioneer Insurance and Surety and Taiwan’s MSIG Mingtai, have struck an agreement whereby CyberScout’s cyber services will be incorporated into the respective…
Jing An Special Risks (JASR), a Hong Kong-based specialty insurer, has been awarded a licence by the Philippines Insurance Commission to offer cyber and terrorism cover to corporate clients in the country. “Our products intend to cover businesses against the following threats: war and terror, cyber, kidnap and ransom, marine piracy, and crisis response,” stated Gene Yu, JASR chairman and…