China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

China’s regulator orders insurers to strengthen supervision of their brokers

The China Banking and Insurance Regulatory Commission (CBIRC) has ordered insurance companies to strengthen supervision of their intermediary partners such as agents and brokers, according to a report in Caixin Daily. The Chinese publication said the move was part of an effort “to impose order on a chaotic and largely unregulated sector of the industry”. CBIRC stated in a notice…

Chubb increases stake in China’s Huatai Insurance Group

Chubb increases stake in China’s Huatai Insurance Group

Chubb increases stake in China’s Huatai Insurance Group

Huatai Insurance Group has become the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture, following approval from the China Banking and Insurance Regulatory Commission for Chubb to increase its ownership in Huatai to 26.2% from its current 20%, effective 27 February 2019. Huatai Insurance Group is the holding company of Huatai P&C Insurance…

Insurance M&A report from Clyde & Co highlights regional growth

Insurance M&A report from Clyde & Co highlights regional growth

Insurance M&A report from Clyde & Co highlights regional growth

The Americas, driven by the US, were once again the most active region for M&A in 2018, according to Clyde & Co’s report, Shifting sands of M&A – A Regional Outlook. It reveals that 11 of the year’s largest deals worldwide involved acquirors based in the Americas. Clyde & Co’s report says that while dealmaking in the Americas will continue…

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

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…

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

The first catastrophe bond has been domiciled in Singapore under its new insurance-linked securities (ILS) laws, sponsored by Insurance Australia Group (IAG). The bond is part of IAG’s 2019 catastrophe aggregate reinsurance cover and represents the first such transaction by the company. GC Securities, the sole structuring and placement agent for the bond issued by Orchard ILS Pte Ltd, said…

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

Symbo launches digital insurance brokerage in Singapore

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 appoints new head for Thailand

AIG appoints new head for Thailand

AIG appoints new head for Thailand

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…

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

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.…

HDI Global Specialty acquires Neon’s bloodstock team

HDI Global Specialty acquires Neon’s bloodstock team

HDI Global Specialty acquires Neon’s bloodstock team

HDI Global Specialty has acquired Neon Underwriting’s bloodstock team and said more specialty acquisitions are likely. Mark Edwards, Neon’s head of specialty and class underwriter for bloodstock and livestock, will join HDI along with Cathy Olive, deputy class underwriter, and underwriters Laura Moore and William Jordan. The Neon team boasts a global book of business, writing bloodstock business in the…