Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

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…

Specialty insurer StarStone appoints Agile as MGA in Australasia

Specialty insurer StarStone appoints Agile as MGA in Australasia

Specialty insurer StarStone appoints Agile as MGA in Australasia

Lloyd’s coverholder and managing general agent (MGA) Agile Underwriting has been appointed as a representative agent by specialty insurer StarStone in Australia and New Zealand. StarStone, which is owned by Bermuda-based Enstar, has decided to close its Sydney office following a strategic review, choosing instead to appoint Agile, which bills itself as an insurtech-powered MGA. The two businesses have been…

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

JBA and IDF partner for Sri Lanka flood data provision

UK-based catastrophe modelling firm JBA Risk Management has teamed up with the Insurance Development Forum (IDF) to improve access to flood risk data in Sri Lanka. JBA has released its Sri Lanka Flood Model on the ModEx platform, a risk modelling service provided by Nasdaq-subsidiary Simplitium. The release comes on the back of recent collaboration between the IDF and JBA…

POP and Rakuten partner for M&A insurance in Japan

POP and Rakuten partner for M&A insurance in Japan

POP and Rakuten partner for M&A insurance in Japan

Sydney-based specialist insurer POP Insurance has signed a strategic agreement with Japanese e-commerce company Rakuten to develop a range of transaction insurance products. The products will focus on merger and acquisition (M&A) insurance, thereby capitalising on the current corporate consolidation boom in Japan. The collaboration involves POP’s subsidiary, Fusion Specialty M&A MGA, and Rakuten General Insurance. Under the terms of…

Markel bolsters financial lines team

Markel bolsters financial lines team

Markel bolsters financial lines team

Specialist insurer Markel International has strengthened its financial lines team by hiring Gordon Lam as a senior professional and financial risks (PFR) underwriter. Mr Lam is currently based in Singapore, where he was underwriting manager for Beazley. He is expected to relocate to Hong Kong to take up his new position at Markel. He will work alongside Simon Moi, head…

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

IRM contracts new training provider in southeast Asia

The UK-based risk management education provider, Institute of Risk Management (IRM), has licensed a new training provider in southeast Asia for its Fundamentals of Risk Management (FoRM) course. JGA Training Services has been accredited as a licensed FoRM provider operating in Malaysia, Singapore, Indonesia, Thailand, the Philippines and Vietnam. The course, according to IRM, is designed to provide an introduction…

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

Singapore proposes mandatory insurance for work injuries

A review of the Work Injury Compensation Act (WICA) by Singapore’s Ministry of Manpower (MoM) has proposed extending mandatory insurance coverage so that workers have a greater chance of being compensated for workplace accidents and injuries. The review proposes extending both the breadth of coverage and the size of the payouts. At present, WICA requires employers to compensate their employees…

Royal Commission proposes changes for Australian insurers

Royal Commission proposes changes for Australian insurers

Royal Commission proposes changes for Australian insurers

Insurers in Australia face a number of new regulations and a supervisory shake-up following the completion of a Royal Commission into the banking sector. In total, there were 15 recommendations made in relation to insurers with the most notable being a proposed ban on commissions, a legally enforceable code of conduct and an overhaul of the claims handling process that…

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Mitsui snaps up ILS fund manager as insurers pile into ILS business

Japanese insurer Mitsui Sumitomo has made a majority acquisition of insurance-linked securities (ILS) fund manager Leadenhall Capital partners (LCP) to further boost its own ILS business. The deal also comes at a time when some of the world’s biggest insurers are making their own acquisitions in the sector, in what could have major implications for the specialist insurance market. Mitsui’s…