AXA has announced that it has entered into an agreement with Jeneration Holdings Limited to sell its Swiss Privilege franchise in Hong Kong, AXA Wealth Management (HK) Limited (AWM). AWM is a licensed life insurer in Hong Kong, managing individual policies through a network of salaried consultants under the Swiss...
DBS Bank Ltd and Chubb have announced the launch of their 15-year regional general insurance distribution partnership agreement in Hong Kong, Singapore, China and Taiwan. As part of the agreement, DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental...
Insurance operations at India’s only operational International Financial Services Centre (IFSC) – Gujarat International Finance Tec City (GIFT IFSC) – gets a major boost with Insurance Regulatory Development Authority of India (IRDAI) issuing enabling regulations for undertaking offshore insurance business from IFSC. Under the regulations, for the first time in...
Ironshore Inc. has announced that its Pembroke Managing Agency (Pembroke) has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s Syndicate at Lloyd’s. The combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re,...
Zurich Insurance Group (Zurich) has announced that it has entered into an agreement to acquire 100 percent of ANZ’s life insurance businesses, OnePath Life, in Australia for AUD 2.85 billion (USD 2.14 billion). Both parties expect the transaction, which is subject to regulatory approval, to be completed by the end...
The China Insurance Regulatory Commission (CIRC) issued draft rules recently to strengthen supervision of how insurers manage their assets and liabilities, introducing a grading system to determine the level of investment and fundraising firms can make. Spot checks and third-party assessments will be used to assess the capabilities of insurance...
China’s top insurance watchdog has named five private equity (PE) firms for failing to file an annual report outlining the exact details of their investment activities involving insurance-generated capital. The China Insurance Regulatory Commission (CIRC) said on its website that Qianhai Ark Assets Management, Shanghai Dingying Investment Management, CRI, Cindafund...
National Insurance Company is looking to list by March 2018. K. Sanath Kumar, chairman and managing director, National Insurance Company, said: “We are hopeful of getting listed by March 2018 and working towards it. We will need adequate amount of funds to support out growth path.” In the general insurance...
Seven leading Japanese life insurance groups posted an 18 percent year-on-year increase in profit from core operations for the April-September half even as their key measure of revenue, mostly derived from premiums, declined by four percent. Their aggregate basic profit came to JPY1.23 trillion (USD11 billion), while premium income reduced to JPY8.99 trillion....
The recent launch of the Hong Kong china War Risk Syndicate will now protect Chinese and Asian ship owners from the risks of war and related perils such as piracy. The Syndicate is available to ship owners in Hong Kong, China and all Asian-flagged, owned, managed or chartered vessels. The...
