AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL announces China’s first foreign-owned reinsurance subsidiary

AXA XL’s China subsidiary, XL Insurance (China) Company Limited, has received approval from the China Banking and Insurance Regulatory Commission to change its business licence in China from an insurance licence to reinsurance. It will be the first foreign-owned reinsurance subsidiary in China. Peter Schmidt, chief executive emerging markets and CUO credit and surety – reinsurance, AXA XL, said: “Being…

BMS Group appoints head of Asia operations

BMS Group appoints head of Asia operations

BMS Group appoints head of Asia operations

Independent specialist (re)insurance broker BMS Group has appointed Sandra Lee as the head of its operations in Asia. Ms Lee, who is currently based in Hong Kong, will join BMS from Aon upon completion of current contractual obligations. The appointment is subject to regulatory approvals. Ms Lee has been heading Aon’s transactions liability team in Asia since 2012. Prior to…

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

Climate change remains top priority for Asian CEOs despite pandemic

The Covid-19 pandemic has clearly dominated the attention of CEOs of all companies across Asia in recent times, but evidence gathered by insurer FM Global has found that climate change risk remains top of mind too. The survey found that 57% of Asia Pacific CEOs and CFOs reported that addressing climate risk is a high priority in their company. The…

China extends preferential treatment for Hong Kong insurers

China extends preferential treatment for Hong Kong insurers

China extends preferential treatment for Hong Kong insurers

The China Banking and Insurance Regulatory Commission (CBIRC) has announced an extension of the preferential treatment accorded to Hong Kong under the China Risk Oriented Solvency System (C-ROSS) for another year, to 30 June 2021. This means that  mainland insurers that cede businesses to qualified local professional reinsurers will continue to enjoy lower capital requirements. The Hong Kong Insurance Authority…

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA gains regulatory approval for Shanghai branch conversion to subsidiary

AIA Company has converted its Shanghai branch into a wholly-owned subsidiary, which will be the first wholly foreign-owned life insurance company approved for incorporation in mainland China. The subsidiary will be incorporated in Shanghai. AIA has received approval from the China Banking and Insurance Regulatory Commission for the branch conversion. AIA said it will now begin the application process for…

China Pacific launches London listing to tap international investment

China Pacific launches London listing to tap international investment

China Pacific launches London listing to tap international investment

China Pacific Insurance has launched a listing on the London Stock Exchange worth between $1.99bn and $2.15bn, adding to its existing listings in Shanghai and Hong Kong. The company said the share offering, of up to 113.2 million global depositary receipts (GDR) priced at between $17.60 and $19, will open up the company to international investors. Chairman Qingwei Kong said:…

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Virus demands focus on risk management as Asia braces for late payments crunch

Payment delays in Asia caused by the impact of the Covid-19 virus have risen and highlight the need for focused risk management more than ever before, according to new economic research carried out by trade credit insurer Atradius. The Atradius Payments Practices Barometer published this week measures the changing pattern of payment behaviour in B2B trade. The research was conducted…

Ergo acquires 24.9% stake in Chinese insurer Taishan Property & Casualty

Ergo acquires 24.9% stake in Chinese insurer Taishan Property & Casualty

Ergo acquires 24.9% stake in Chinese insurer Taishan Property & Casualty

ERGO Group is to make a strategic investment in Taishan Property & Casualty Insurance, a Shandong-based nationwide property and casualty (P&C) insurer in China. According to Ergo Group, the deal marks a significant step to deepen and expand its services in the Chinese market and demonstrates its long-term and deep commitment to the market. Ergo has signed a shareholder’s agreement…

AXA XL names Xavier Veyry CEO of Eurasia

AXA XL names Xavier Veyry CEO of Eurasia

AXA XL names Xavier Veyry CEO of Eurasia

AXA XL has named Xavier Veyry CEO of Asia and Europe, as the firm continues to build its new leadership team. Mr Veyry is currently CEO of AXA China but will step down from the role later this year to lead AXA XL’s Eurasia business from Dublin. He is also chairman of AXA Tianping in China and AXA General Insurance…

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