Beazley partners with HK’s Pegasus on APAC financial lines coverage

Beazley partners with HK’s Pegasus on APAC financial lines coverage

Beazley partners with HK’s Pegasus on APAC financial lines coverage

Lloyd’s insurer Beazley is expanding its Asian insurance offering via a linkup with Hong Kong-based Pegasus Underwriting for financial lines coverage. Pegasus, a Lloyd’s coverholder, will see its financial lines coverage across professional indemnity, directors and officers, cyber and medical malpractice supported by extra capacity from Beazley. The combination of Pegasus’s market knowledge and regional broking relationships with Beazley’s global…

BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

Berkshire Hathaway Specialty Insurance (BHSI) has announced its withdrawal from the Hong Kong Government’s employee compensation (EC) terrorism pool, in a move that will make it the first insurer in Hong Kong to offer EC terrorism coverage directly. The pool was established in the wake of the 2001 terror attack in New York, when worldwide capacity for terrorism coverage was…

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

US-China trade war and changing world order top business risks in 2019: Control Risks

There will be little time for multinationals to mourn the end of the post-war liberal consensus that brought about globalisation, as the developing US-China trade war, and the story it foretells about a new world order, becomes the defining geopolitical risk in 2019, according to Control Risks…

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Hong Kong-based reinsurer Peak Re has unveiled what it claims is the first reinsurance sidecar transaction in Asia, in news that underlines investor appetite for insurance-based risk as a source of alternative capital. The deal was made via newly formed and Bermuda-based special purpose insurer Lion Rock, which will provide collateralised retrocession for Peak Re’s global property reinsurance risk portfolio…

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz to be China’s first fully owned foreign insurance holding company

Allianz has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to create an insurance holding company in China. The German insurer said that the company – Allianz (China) Insurance Holding Company Limited – will be the first-ever holding company in China to be wholly owned by a foreign insurer. The insurer said the Shanghai-based holding structure will…

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA to acquire 100% of Chinese insurer as foreign ownership rules relaxed

AXA has entered into an agreement with the current domestic shareholders of AXA Tianping Property & Casualty Insurance Company Ltd (AXA Tianping) to acquire the remaining 50% stake of the company and give it 100% ownership. The news from AXA comes as Allianz reveals that it has received approval from the China Banking and Insurance Regulatory Commission to create the…

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Strong global economic growth during the next two years will support global insurance premiums, for both non-life and life, growing by more than 3% annually in the next two years in real terms, a one-percentage point increase from 2018, according to Swiss Re. Most demand will come from emerging Asian markets, where premiums are forecast to increase at more than…

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong introduces new arbitration rules

Hong Kong law firms are advising companies active in the territory to take a close look at new Adminsitered Arbitration Rules (2018 Rules) introduced by the Hong Kong International Arbitration Centre (HKIAC) at the start of November. Baker McKenzie states that the 2018 Rules introduce a raft of important and useful amendments including rules facilitating complex arbitrations, a procedure for…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

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