AXA XL has announced that its China subsidiary, XL Insurance (China) Company Limited has received the green light from China Banking and Insurance Regulatory Commission (CBIRC) to change its business license in China from an insurance license to reinsurance.
The South Korean government has decided to lower reinsurance market entry barriers to promote competition in the sector.
The current Insurance Business Act considers reinsurance to be a part of non-life insurance. As such, the same regulations are applied to both sectors even though reinsurance is very different from direct insurance.
Global insurers are well-capitalized to absorb the hit from rising claims and costs related to the COVID-19 pandemic, ratings agency A.M. Best Co. Inc. said on Monday, citing a stress test it conducted to gauge the immediate impact of outbreak on insurers' financial strength.
A.M. Best said most rated insurers and reinsurers performed well in its stress test and their capital levels provided an adequate buffer against a potential shock to their balance sheets.
The acquisition of global reinsurer PartnerRe by French insurer Covéa has been abruptly called off, after owner EXOR declined to renegotiate the price in the context of the Covid-19 pandemic.
Covéa had sought a renegotiation of the acquisition price for PartnerRe in the wake of the pandemic, but EXOR believes that the original price should stand and would not return to the negotiating table, it seems.
Aon and Willis Towers Watson announced on 9 March a definitive agreement to merge in an all-stock transaction with an implied combined equity value of approximately $80bn.
The combined company, to be named Aon, will be the premier, technology-enabled global professional services firm focused on the areas of risk, retirement and health.
With the re/insurance industry at a major crossroads, the Singapore Reinsurers’ Association (SRA) has revealed the theme for the 16th Singapore International Reinsurance Conference (SIRC) as ‘Winds of Change’.
The Monetary Authority of Singapore (MAS) today announced new senior management appointments and changes to its organisational structure. The senior management appointments are part of an ongoing process to renew and strengthen MAS’ leadership bench. The organisational changes will help strengthen synergies across key capabilities or functions in MAS. All the appointments and organisational changes below will take effect from 1 May 2019 unless otherwise stated.
2 Two Assistant Managing Directors will move up to take on Deputy Managing Director positions:
Singapore is setting up the world’s first commercial cyber risk pool as part of efforts to develop the region's capacity to deal with threats from cyber attacks, Finance Minister Heng Swee Keat announced at the 15th Singapore International Reinsurance Conference. Read more from Channel NewsAsia Media Coverage.
