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September 2010
China’s second largest insurer, Ping An Insurance, will combine its bank unit into Shenzhen Development Bank (SDB) in a deal valued at about $4.3bn.
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Sterling National Corporation, a subsidiary of Australian insurance firm QBE, has acquired Seattle Specialty Insurance Services.
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Taiwan's Fubon Financial has come forward as a possible buyer of American International Group's Taiwan unit after the collapse of a planned $2.2bn sale to a Chinese-led group, reports Reuters.
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QBE has denied the truth of media reports and market speculation that the Australian insurer is looking to replace its CEO, Frank O’Halloran.
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August 2010
Government officials have rejected the planned $2.15bn sale of American International Group’s Taiwanese life insurance unit, Nan Shan, to a Hong Kong consortium, reports the Wall Street Journal.
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Taiwan will review an offer for Nan Shan this week, The Wall Street Journal reports.
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China Pacific Insurance Group’s net profit attributable to equity holders of the parent for the first half of the year reached $590.83m, representing an increase of 66.8% compared with the same period last year.
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The sixth, seventh, and eighth named storms of the northwest Pacific season are approaching the Asian mainland bringing high winds and expected heavy rains, according to catastrophe risk modelling firm AIR Worldwide.
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Japanese and Qatari investment firms may place their bid for AIG’s Taiwan unit if the present bid gets cancelled, Reuters reports, citing Taiwan’s Commercial Times.
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Now firmly established in the Tokio Marine fold, Kiln is expanding in Asia and elsewhere, according to its CEO Charles Franks.
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Ace Asia Pacific has made two senior appointments for its property/casualty business unit in the region.
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American International Group has scrapped plans to sell a strategic stake in its Asian life insurance business ahead of an initial public offering on the Hong Kong stock exchange, AIA, reports Reuters.
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Manulife Financial and Switzerland’s Ace are among potential buyers for New York Life Insurance’s Asian assets, Reuters reports.
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US insurer American International Group is expected to decide early next week whether to enter formal negotiations with strategic investors for its Asian life business, AIA, reports Reuters.
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Suncorp Metway reported in its full-year earnings that its net profit rose to $688.4m from $307.6m a year ago.
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AIG has said it is confident it will get regulatory approval for the $2.2bn sale of its Taiwan unit Nan Shan Life to a group led by China Strategic, reports Reuters.
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Cathay Life Insurance is seeking to increase its overseas investments, The Wall Street Journal reports.
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China’s CNinsure has received total net revenues of $95.5m in the first half of 2010, up by 29.2%, from the same period of 2009.
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HDFC Ergo General Insurance, a venture between India’s biggest mortgage lender and a Munich Re unit, is likely to turn profitable by March 2012, Bloomberg reports
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Lloyd’s of London underwriter Equity Red Star is under investigation by the Financial Services Authority (FSA), amid concerns about the impact of bodily injury claims on its balance sheet, reports the Sunday Telegraph.
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Japan's three largest property/casualty insurance groups are strengthening their risk management processes in order to comply with tougher Solvency II capital regulations, reports the Nikkei English News.
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US insurer Liberty Mutual Group has been given operating approval for its branch in Zhejiang, China.
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AMP has witnessed a rise in underlying profit to A$383m for the six months to June 2010, a 4.4% increase on the six months to June 2009.
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QBE Insurance’s net profit fell to $440m in the first half of 2010 as compared to $720m in the first half of 2009.
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Australian insurance group QBE has revealed that it is reviewing its equity strategy because of an increase in capital charges by the Australian regulator.
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China Taiping Insurance has received total revenue of $3.574bn in the first half of 2010 as compared to $1.978bn in the first half of 2009.
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RMS has announced the phase one release of its Australia Severe Convective Storm Model, covering damage from hailstorm, water ingress, downburst winds, and tornadoes.
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Ipac Asset Management, an Australian investment management firm, has bought a $50m stake in a Bermuda insurance-linked securities fund managed by Nephila Capital, according to the Artemis.bm website.
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The overhaul of accounting standard proposed in the IASB’s recent exposure draft would be a pain for insurers to comply with. But the benefits outweigh the inconvenience.
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A consortium of Chinese companies, including Industrial and Commercial Bank of China and China Life Insurance, plans to bid for a 30% stake in AIG's Asian life insurance business, AIA.
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A 6.3-magnitude earthquake has hit Papua New Guinea, ABC Online reports
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The China Insurance Regulatory Commission has permitted insurance companies to invest up to 15% of their total assets in overseas capital markets, Reuters reports.
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Guy Carpenter & Company has added Erik Manning to the firm’s Global Specialties, which is comprised of marine, energy, aviation, retrocession and Bermuda business.
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American International Group (AIG) has begun discussions with potential investors to sell stakes in its Asian life insurance unit AIA in preparation of an initial public offering, Reuters reports.
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Chinese insurer CNinsure is reshuffling its senior management team to reassign resources for the creation of its four new profit centers.
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Dai-ichi Life Insurance has reported a $121.91m group net profit for the April to June period, compared with $346.98m in the previous year.
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Ironshore, the broker-sourced specialty commercial property and casualty insurer, has announced that its UK-based Pembroke Syndicate 4000 has introduced a professional indemnity product to provide comprehensive coverages for the oil and gas industry worldwide.
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Tropical storm Dianmu is approaching the north of Japan, according to the Japan Meteorological Agency, Bloomberg reports.
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Willis Group Holdings, the global insurance broker, has appointed Alastair Burns as managing director of its Insurance Facilities Practice, part of Willis Global Placement division that co-ordinates worldwide insurance placement strategy for the benefit of Willis clients.
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While capacity is still abundant in the aviation market, the string of losses in June and July look set to bring 2010 perilously close to a fourth consecutive year with limited returns for many underwriters, according to Aon.
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Chinatrust Financial Holdings has reiterated that it is willing to buy American International Group’s Taiwan life insurance unit if the joint deal with China Strategic Holdings and Primus falls through, Reuters reports.
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The drought that is presently occurring in Russia will increase interest in the emerging Russian crop insurance market as farmers reassess the risk of crop failure, according to Swiss Re, Reuters reports.
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New York Life Insurance has appointed John Kim as CIO in addition to his other duties.
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Samsung Life Insurance has posted the results of its quarter ending on June 30, 2010, Reuters reports.
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Australian insurance group QBE has been restructured into three main operating divisions – Europe, the Americas and Australia Asia Pacific.
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China’s insurance regulator has set rules governing insurers’ investments, The Wall Street Journal reports.
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Papua New Guinea’s New Britain Island was struck by a magnitude 7.0 earthquake, Reuters reports.
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Jens Reisch has been appointed as CEO of Allianz Malaysia and Allianz Life Insurance Malaysia. Reisch, who joined the firm in 1983, will start in his new role with immediate effect.
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Axa Asia Pacific Holdings has posted its financial results, new business and funds flow for the first half of 2010.
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Chartis has appointed Makoto Ozeki as COO and executive vice president of Chartis Far East Holdings.
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Taiwan’s Financial Supervisory Commission has agreed to allow local insurers to invest up to 10% of their overseas allocation quota in Chinese securities, Bloomberg reports.
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Malaysia’s Pacific & Orient (P&O) is planning to sell its stake in its insurance unit, Pacific & Orient Insurance. The insurer is in talks with Prudential Holdings for the sale.
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Fitch Ratings has revised the rating outlook for Japan's non-life insurance industry to stable from negative.
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July 2010
US insurance broker Arthur J Gallagher has acquired the remaining 60% equity interest in Specialised Broking Associates (SBA), headquartered in Perth, Western Australia.
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Frank O’Halloran has a tough return target for Australian insurance and reinsurance group QBE and he is not budging, despite stagnant pricing, falling investment returns and first-half catastrophes.
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Zurich Financial Services Group has appointed four regional CEOs within its global life division for Europe, Asia Pacific and the Middle East, North America and Latin America.
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Insurance Australia Group said that it expects to report a 50% fall in profits for the year to June 30 and has announced the departure of Neil Utley, the CEO of its ailing UK operation.
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AM Best has affirmed the financial strength rating of A+ and issuer credit rating of “aa-” of The Toa Reinsurance Company in Japan.
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Rating agency AM Best has assigned a financial strength rating and issuer credit ratings to China Reinsurance Group and its subsidiaries.
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The Philippines has been hit by a 6.5-magnitude earthquake, Reuters reports. The quake struck 83 miles south southwest of Cotabato, Mindanao, according to the US Geological Survey.
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QBE Insurance’s first-half insurance profit margin missed the company’s target range. The Australian insurer has warned first half profit would decline 40% because of lower investment income.
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Axa Asia Pacific has posted results for its second quarter ending on June 30, 2010. The company’s operating earnings from south east Asia are expected to be nearly $33m in 2010 as compared to $17.2m in 2009.
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Scor Global’s property/casualty and specialty treaty renewals at end of June have resulted in premium growth of 19% at constant exchange rates.
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Typhoon Chanthu is forecast to make landfall in the south of China today, bringing torrential rains to a country suffering its worst flooding in a decade, RMS/Reactions Catastrophe Centre reports.
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The Asian life arm of AIG could get an outlook upgrade from Moody’s to stable from negative if the company successfully completes its IPO and generates consistent premium growth and profitability, according to Moody’s rating agency.
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Bowring Marsh, the specialist international placement broker at Marsh, has expanded its footprint in Asia with the opening in Hong Kong of its ninth office.
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Kiln, the international insurance and reinsurance underwriting group, has announced two appointments in Asia.
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American International Group’s Asian life insurance arm has begun talks with investors as it seeks backing for a potential break up from its American parent, reports the Financial Times.
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Allied World Assurance Company Holdings announced today that approval has been received from the Monetary Authority of Singapore and Lloyd's Asia to register and operate a service company, Capita 2232 Services Pte. Ltd.
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The Chinese southwest Sichuan Province has been hit by heavy rains causing floods in the area, Bloomberg reports.
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Two strong earthquakes struck off the South Pacific island nation of Papua New Guinea on July 18, The Associated Press reports.
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Impact Forecasting, Aon Benfield’s catastrophe model development centre, has launched the first fully functional Asian typhoon model to span the continent.
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National Australia Bank is seeking a second extension to secure regulatory approval for its $11.7bn deal for Axa Asia Pacific Holdings, Bloomberg reports.
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The Australian Prudential Regulation Authority (Apra) has released two further papers detailing its plans to recalibrate insurance industry capital standards for the country’s life and non-life insurance companies, Reactions’ sister website InsuranceCapitalRisk.com reports.
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AIG has received approaches from four Chinese consortiums for its Asian insurance division, AIA Group, South China Morning Post reports.
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Sompo Japan Insurance plans to establish a local unit in Kuala Lumpur, Malaysia this October to expand its reinsurance business into south east Asia and the Middle East, Nikkei reports.
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Taiwan's insurance regulator may issue rules letting local insurers invest in Chinese securities, Bloomberg reports.
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Aviation insurance looks set to deliver strong returns in 2010 for the first time in four years. However the line remains fragile and a single loss could lead to a dramatic change, according to an Aon report.
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Axis Global Accident & Health, a division of Axis Capital Holdings, will now write accident and specialty health reinsurance cover from Ireland and the UK, complementing its existing offerings in the US.
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CNinsure will acquire an additional 45% equity stake in Henan Zhongrui Insurance Agency.
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The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.
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Jardine Lloyd Thompson (JLT) Asia has appointed Doug White as managing director of its north Asia business.
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Korea National Insurance Corporation (KNIC) has rubbished recently-published allegations of reinsurance fraud which it claims are “completely untrue and without foundation”.
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The Taipei City government has blocked four Primus Nan-Shan Holding board members from serving as directors, The Wall Street Journal reports.
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Tokio Marine Life Insurance Malaysia has signed an agreement with commercial bank RHB Bank.
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Chinatrust Financial Holding is looking to buy the Taiwanese life-insurance operations of AIG, The Wall Street Journal reports.
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The CIRC has granted approval for the China based subsidiary of US insurance group The Chubb Corporation to establish a branch in Nanjing, Jiangsu Province.
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Tokio Marine yesterday announced plans to expand its international reinsurance and large commercial property operations. Tatsuhiko Hoshina, president and CEO of Tokio Millennium Re, says...