Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies to ‘surge’ by 26% in 2021: Atradius

Insolvencies are set to jump 26% globally this year with several European countries likely to be worst hit as the fallout from Covid-19 finally impacts bankruptcies, according to Atradius. This would follow a 14% fall in insolvencies last year when governments introduced fiscal measures and bankruptcies regime changes to protect businesses from failure, said the trade credit insurer. Atradius added…

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…

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

APAC insurers addressing climate risks but change will be gradual, says Fitch

Asia-Pacific (APAC) insurers in developed markets are spearheading efforts to address climate risks in the region, with a focus on incorporating environmental considerations in investments, underwriting and risk management, according to Fitch Ratings. However, the change is expected to be gradual, as the insurers’ environmental initiatives are still in the early stages, while the scope of commitment to address such…

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…

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