BMS launches Singapore-based Asia broking operations

BMS launches Singapore-based Asia broking operations

BMS launches Singapore-based Asia broking operations

BMS Group has launched its Asia broking operations, with its headquarters in Singapore and with proposed operations in Hong Kong, pending regulatory approval. BMS said its Asia operations will initially focus on M&A insurance broking, “enhancing the group’s existing capabilities in that class of business in London, Canada and Australia”. The operations will be led by Sandra Lee as CEO…

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

D&O liability risk spikes as Covid-19 insolvencies gather pace

Corporate insolvencies caused by the pandemic will drive a growth in claims against directors and officers (D&Os) in 2021, according to Clyde & Co’s Simon Konsta who warns that the new Covid-19 variant first detected in the UK and potential for more severe lockdowns are adding further fuel to the fire. Mr Konsta said liabilities against D&Os are building in…

Oneglobal Broking opens in Singapore

Oneglobal Broking opens in Singapore

Oneglobal Broking opens in Singapore

Oneglobal Broking has established an operation in Singapore, led by Singaporean broking leaders David Lum and Sirikit Oh. Oneglobal Broking Singapore Pte Ltd has received regulatory in-principle approval from the Monetary Authority of Singapore. Mr Lum has been appointed chairman of the new operation and will report to Jonathan Palmer-Brown, chairman of Oneglobal, while Ms Oh becomes CEO and will…

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Steve Tunstall is general secretary of the Pan-Asia Risk & Insurance Management Association (Parima) and director of Tunstall Associates, based in Singapore. He was one of the founding members of Parima, along with Franck Baron, Kelvin Wu and the team when it was launched at its first conference in Singapore back in April 2013. Mr Tunstall is a business risk management…

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

Parima Resilience Week gathers top insurance industry leaders

The Pan-Asia Risk and Insurance Management Association (Parima) has gathered an impressive line-up of speakers for its coming Resilience Week (9-13 November) and expects a record number of delegates for one its events. The Singapore-based association moved swiftly to replace its usual physical conference at this time of year with the virtual event. The programme is designed to help risk…

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Cat bonds buoy ILS market, says Aon

Insurance-linked securities (ILS) capital shrunk from $93bn to $91bn in the 12 months to 30 June, according to Aon’s annual report on the sector, although cat bond issuance was up by $3.5bn to $9bn. Aon says Q4 2019 and Q1 2020 booked record levels of cat bonds, with issuances worth $2.2bn and $4bn, respectively. Higher levels of activity were recorded…

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

London market broker New Dawn Risk Group is to enter a new partnership with Singapore-based SpecialistRe, which it said will strengthen its reach in China, Japan and southeast Asia. Max Carter, CEO of New Dawn Risk, said it had been looking for opportunities in the region “for some time” and it will now offer treaty reinsurance broker expertise for specialty…

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Funding boost for parametric insurtech as traditional market enters ‘existential crisis’

Tanguy Touffut, CEO and co-founder of Paris-based insurtech company Descartes Underwriting, said non-life insurance is going through an “existential crisis” because of climate change and the Covid-19 pandemic, and has raised further capital to expand its alternative offering for corporations struggling to find adequate traditional coverage. Descartes, which specialises in climate risk modelling and data-driven risk transfer , announced this…

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

MAS to withdraw pandemic relief measures but promises ‘well-paced’ exit

Tharman Shanmugaratnam, minister-in-charge of the Monetary Authority of Singapore (MAS), used his addendum to last week’s president’s address to reassure the local and international risk and financial markets that it will continue to do all it can to maintain financial stability in the nation and support businesses and individuals as they attempt to ride out the Covid-19 crisis. The package…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

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