QBE is to sell its stake in Raheja QBE – its insurance joint venture in India – to fintech Patym and its chief executive Vijay Shekhar Sharma, as the Australian insurer continues to simplify its business model under group CEO Pat Regan.
The impact of the economic uncertainty caused by the Covid-19 pandemic has significantly driven down global dealmaking in the first six months of 2020, with North America showing the sharpest decline.
Axa XL has become the first company to receive sign off from the China Banking and Insurance Regulatory Commission (CBIRC) to establish a foreign-owned reinsurance subsidiary in the country.
Enstar Group has completed its previously announced acquisition of various run-off portfolios from the Australian operations of Munich Re offshoots Great Lakes Insurance and HSB Engineering Insurance.
Suncorp has completed the renewal of its catastrophe reinsurance programme ahead of the start of its upcoming financial year with the Australian insurance giant adding a new A$400mn ($270.7mn) aggregate excess of loss (AXoL) cover.
Carlyle Group-backed Sedgwick has renamed its Malaysia operations – Maphilindo International – under the Sedgwick brand in a move designed to bolster the loss adjuster’s position in the Asia Pacific market.
Expansive broker BMS has appointed Aon’s Sandra Lee as the head of its operations in Asia.
The Insurance Council of Australia (ICA) has named Veronique Ingram as the independent chair of the General Insurance Code Governance Committee (CGC).
Lloyd’s of London has promoted Jonathan May to the position of international chief financial officer.
General Insurance Corporation of India (GIC Re) saw its combined ratio deteriorate 8.5 percentage points to 114.37 percent for the year ended 31 March 2020.
Shares in QBE closed 1.5 percent lower on Wednesday as Asia-Pacific (re)insurance stocks traded mixed on persistent fears over the surge in coronavirus cases in parts of US, Brazil and Asia.
Australian insurer QBE is to stop writing trade credit insurance for two national retailers over concerns the businesses will not survive the Covid-19 pandemic.
New Zealand’s Earthquake Commission (EQC) has told this publication that the premium for its NZ$6.2bn ($4.0bn) reinsurance programme is NZ$185.7mn for 2020/2021 with the retention unchanged at NZ$1.75bn.
China Taiping Insurance Holdings is considering selling a 25 percent stake in its reinsurance subsidiary, with a tender process already underway.
London-listed Lancashire Holdings led modest gains amongst its European peers as P&C equities inched higher on Friday as investors weighed up rising coronavirus cases in the US and China against sprawling stimulus measures from central banks.
New Zealand’s Earthquake Commission (EQC) has renewed its NZ$6.2bn ($4.0bn) reinsurance programme for the forthcoming year, with the cover provided by the Aon-placed programme unchanged from last year.
Emerging market infrastructure projects will generate a circa $50bn premium opportunity for global (re)insurers, according to reinsurance giant Swiss Re.
China Pacific Insurance Company (CPIC) has raised $1.8bn for its offering of global depositary receipts on the Shanghai-London Stock Connect segment of the London Stock Exchange with Swiss Re set to snap up over 28 percent of the GDRs as cornerstone investor.
Shares in Australian giant QBE gained over 6 percent on Tuesday as global (re)insurance equities rallied on growing expectations the US will deploy a new round of stimulus measures to steady the world’s biggest economy.