Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali Group has increased its stake in its Future Generali insurance joint ventures in India from 25.5% to 49%. The transaction, which was announced last summer, has now been closed. Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (Non-Life insurance).…

Argo names new head of international business

Argo names new head of international business

Argo names new head of international business

Argo Group has appointed Matt Harris as group head of international operations, with his remit including business in the UK, Europe, Asia, the Middle East and Bermuda. Mr Harris joined Argo in 2017 from AIG, where he led the group’s southeast Asia operations. Jose Hernandez, currently head of international operations, will become chairman of the company’s international operations. Both Mr…

Asia-Pacific holds key to future insurance growth: EY

Asia-Pacific holds key to future insurance growth: EY

Asia-Pacific holds key to future insurance growth: EY

A willingness to experiment and embrace disruption among Asia-Pacific insurers holds the key to the industry’s future, according to a recently released report from consultant EY. Its insurance outlook for 2019 report reveals that both the life and non-life sectors are growing in the region, against a backdrop of weak growth in insurance markets globally. While the life sector has…

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

QBE offloads Indonesia and Philippines operations in cost-cutting drive

Australian insurer QBE is seeking $130m in cost savings in a three-year efficiency programme that will see it sell off its Indonesia, Philippines and Puerto Rico businesses and operate in nine fewer countries. It has also announced a new, simplified structure that will divide its international business into three regional groups – North America, international markets and Australia-Pacific – as…

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…

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

AIG appoints ex MetLife Japan boss as new Asia-Pacific CEO

US insurer AIG has appointed Sachin Shah as the chief executive of its Asia-Pacific general insurance business. Mr Shah, who was formerly the president, chairman and chief executive of MetLife Japan, will take up his new role at the end of December, subject to regulatory approval. He will be based in Singapore and report to AIG’s general insurance CEO Christopher…

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

The amount of GDP at risk from cyberattack in the world’s largest cities has risen nearly 9% during the past year to $39.7bn, according to the 2019 Global Risk Index from the Centre for Risk Studies at the Cambridge Judge Business School. This has pushed cyber risk up one place in the ranking to sixth…