Allianz, Chinese Internet giant Baidu and Asian investor Hillhouse Capital Group will join forces to establish a nationwide digital insurance company in China. The joint venture will use a new business model putting the needs of individuals and companies at its centre and offering affordable protection whenever and wherever customers...
Lloyd’s of London officially approved Shanghai Asian Insurance Brokers (SAIB) to be a registered broker. Vincent Vandendael, the Lloyd’s director of Global Markets and Umron Ahmed, head of Broker Relationship Management officially issued the formal approval documents to chairman Bao Rongqing in person. Then, both sides had a discussion over...
General insurers are gearing up to settle claims, which are pegged at over INR200 crore so far, from devastating floods in Chennai. State-owned general insurers such as New India Assurance, National Insurance, United India, and Oriental Insurance as well as private sector players like Bajaj Allianz and ICICI Lombard have...
One of Taiwan’s biggest insurers Fubon Life Insurance is set to make a second splurge in the UK this year after emerging as the frontrunner to buy the Confederation of British Industry (CBI) headquarters in the City. Cannon Place, which sits above Cannon Street station in the City, was put...
A.M. Best has affirmed the financial strength rating of A and the issuer credit rating of “a” of China Reinsurance (Group) Corporation and its members, China Property & Casualty Reinsurance Company Ltd. (China Re P&C), China Life Reinsurance Company Ltd. (China Re Life), and China Continent Property & Casualty Insurance...
The China Insurance Regulatory Commission (CIRC) recently circulated the Interim Supervisory Measures on Internet Insurance Business (the Measures), which will remain effective for a period of three years. With the implementation of the Measures, the former Supervisory Measures on Internet Insurance Business of Insurance Agencies and Brokers (Trial), which have...
A.M. Best has upgraded the issuer credit rating (ICR) to “bb+” from “bb” and affirmed the financial strength rating (FSR) of B (Fair) of Asian Reinsurance Corporation (Asian Re) (Thailand). The outlook for the FSR has been revised to positive from stable while the outlook for the ICR remains positive....
Aon, has decided to exit from the Indian market due to regulatory issues. The Netherlands-based company, which holds 26 percent stake in the Indian joint venture Aon Global, has informed its Indian partner on the details about its exit plan through official communication channels, a source said, in a PTI...
Antares, a member of the QIC Group, has announced the launch of Antares Underwriting Asia Pte. Limited (Antares Asia), a new offering on the Lloyd’s Asia Platform. The new business has received approval from the Monetary Authority of Singapore and Lloyd’s Asia to begin underwriting from November 2015. Antares Asia...
China Reinsurance (Group) Corp. has received approval from the Hong Kong stock exchange to hold an initial public offering worth a combined USD3 billion, according to sources, signaling a possible revival of what has been a quiet quarter for the city's capital market. China Reinsurance, is yet to decide when...
