Reinsurance News

 
The Indonesian Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finalised its set of domestic cession rules that are aimed at "improving and optimising capacity in the country".  The new rules are expected to be largely welcomed by industry players after intensive engagement and feedback gathered from the market, said OJK officials.
 
The long drawn out, and at times acrimonious, merger/takeover saga ends with Partner Re's announcement that it had 'reached a definitive agreement' with EXOR to sell all its outstanding common shares in a USD6.9b all-cash deal, which effectively ends the so-called 'amalgamation of equals' merger with AXIS. 
 
In sharp contrast to the 'doom and gloom' pronouncements that had pervaded the blogosphere recently suggesting the imminent demise of the traditional reinsurance industry, recent statements by senior executives of reinsurance companies announcing their second-quarter results paint a rosier picture pointing out that there are protection gaps out there for reinsurers to tap.
 
The White Mountains Insurance Group has sold its P&C insurance/reinsurance unit, Sirius International Insurance Group to CM International Holding, the Singapore-based investment arm of Beijing-based China Minsheng Investment Corp. Ltd for a reported USD2.24 billion.
 
The SRA joined hands with the rest of the Singapore insurance fraternity to mark the 50th year of Singapore's independence by organising a special charity golf tournament, "SG50 Insurance Golf - Swing for Charity" at the Singapore Island Country Club on 15 July 2015.
The continuing AXIS-Partner Re M&A saga takes a new twist as EXOR ups its bid for Partner Re to USD137.50 per share whilst raising its stake in Partner Re to 9.32%, making it the largest shareholder.
 
 

The continuing AXIS-Partner Re M&A saga takes a new twist as EXOR ups its bid for Partner Re to USD137.50 per share whilst raising its stake in Partner Re to 9.32%, making it the largest shareholder.

The Indonesian reinsurance industry has lost one of its most respected leaders with the passing of Pak Rudy Wuwungan at the age of 78. The SRA expresses its deepest condolences to his family and loved ones. Selamat jalan, Pak Rudy, RIP!

China investment group, Fosun continues to build up its stable of insurance company assets with a deal to acquire the remaining 80% of Bermuda-based specialty insurer, Ironshore.

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Foreign insurers in China to be freed from current geographical operational limits and allowed to conduct business across the country, as control of state-owned financial institutions is set to be re-centralised within 18 months.