Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon offers to sell WTW’s multinational P&C portfolio in four EU countries: Reuters sources

Aon has offered to sell Willis Towers Watson’s (WTW) entire large multinational P&C portfolio in Germany, France, Spain and the Netherlands, as well as Willis Re and the broker’s French unit Gras Savoye to gain approval from EC competition regulators, according to Reuters sources.

Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

Hong Kong adjusts premium levy rate to 0.1%

The Insurance Authority of Hong Kong has announced that the territory’s premium levy rate has been adjusted to 0.1% from 1 April 2021. The levy cap has been set at $100 for life insurance policies and $5,000 for general insurance policies. According to the authority, the move is in accordance with the schedule set out in the Insurance (Levy) Order…

Decision delayed as Aon and WTW offer concessions to get deal past EC

Decision delayed as Aon and WTW offer concessions to get deal past EC

Decision delayed as Aon and WTW offer concessions to get deal past EC

Aon and Willis Towers Watson (WTW) have offered concessions to gain EC antitrust approval for their proposed deal, with a decision from authorities now pushed back by two months as a result. An EC filing shows that “commitments” were received from the two brokers on 9 April and the EC has now restarted the clock on its probe into the…

Singapore regulator consults on Aon and Willis Towers Watson merger

Singapore regulator consults on Aon and Willis Towers Watson merger

Singapore regulator consults on Aon and Willis Towers Watson merger

The Competition and Consumer Commission of Singapore (CCCS) has announced a public consultation on the proposed merger of Aon and Willis Towers Watson (WTW). CCCS said it is now assessing whether the merger would infringe section 54 of the Competition Act, “which prohibits mergers that have resulted, or may be expected to result, in a substantial lessening of competition within…

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

The US Internal Revenue Service (IRS) has ramped up its examinations of abusive microcaptive insurance arrangements and has urged participants to exit these transactions as soon as possible. The IRS recently won yet another case in US tax court, arguing that such arrangements are not eligible for the tax benefits claimed. “Taxpayers who engaged in abusive microcaptive transactions are once…

Hungarian authorities block VIG’s acquisition of Aegon entities in Hungary

Hungarian authorities block VIG’s acquisition of Aegon entities in Hungary

Hungarian authorities block VIG’s acquisition of Aegon entities in Hungary

The sale of Aegon’s insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey to Vienna Insurance Group (VIG) has stalled after the Hungarian authorities blocked the acquisition. Aegon had agreed the sale to VIG for €830m. However, VIG said it had received a decree in which the Hungarian Ministry of the Interior announced that the intended acquisition…

Hong Kong’s new group-wide supervision framework will improve capital adequacy

Hong Kong’s new group-wide supervision framework will improve capital adequacy

Hong Kong’s new group-wide supervision framework will improve capital adequacy

The implementation of a group-wide supervision (GWS) framework in Hong Kong, which commenced in March 2021, will improve the capital adequacy of Hong Kong-based insurance groups, according to Fitch Ratings. It said the GWS will also enable the Insurance Authority (IA) of Hong Kong to align its supervisory practices more closely with international standards. However, the ratings agency added that…

Dentons appoints head of Europe insurance sector group

Dentons appoints head of Europe insurance sector group

Dentons appoints head of Europe insurance sector group

Law firm Dentons has named Paris-based partner Frédérique de La Chapelle as head of its Europe insurance sector group. According to Dentons, she will be responsible for further developing its offering for the insurance industry, enhancing relationships with insurers and fostering greater cross-border collaboration to support the complex needs of clients. “I am delighted to take on my new role…

Insurers concerned over Canadian regulator’s reinsurance guidelines

Insurers concerned over Canadian regulator’s reinsurance guidelines

Insurers concerned over Canadian regulator’s reinsurance guidelines

The Global Federation of Insurance Associations (GFIA) is concerned about draft guidelines from the Canadian regulator that could restrict the ability of foreign reinsurers to transfer risk outside of Canada. The GFIA says this would undermine the fundamental principle of global risk diversification that is vital to avoid the concentration of risk in any one market. It makes the comments…

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The liberalisation of foreign investment in the Indian insurance sector has been a subject of debate for more than a decade. In her Budget speech of 1 February 2021, the minister of finance, Nirmala Sitharaman, announced that the foreign investment limit in the insurance sector is set to be increased from 49% to 74%, with some safeguards in relation to…

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