The biggest Japanese insurers have revealed the extent of their losses from last year’s domestic catastrophes – Typhoon Jebi chief among them – and the percentage of losses that reinsurers took.
Axis Re, the reinsurance arm of Axis Capital Holdings, has named Robert Hands as a head of Australia and strategic account executive of Axis Re Strategic Partners.
Carlyle Group-backed Sedgwick has named Wayne Cheng its chief operations officer for Asia.
Carlyle Group-backed Sedgwick has hired Bob Neo to lead its Singapore operation.
AIG-owned Talbot Underwriting is the latest syndicate to make an exit from the Lloyd’s platform in China. The carrier has also confirmed plans to shut down its Sydney office.
Floridian insurers and Bermuda’s cat reinsurers remain in a “standoff” over renewal pricing despite only days before the 1 June deadline, according to JMP Securities.
Florida-based primary insurer Security First has closed its $100mn First Coast Re II Pte. Ltd catastrophe bond issuance, the first cat bond transaction completed under Singapore’s new ILS framework.
Japanese non-life insurers are facing pressure to rebuild catastrophe reserves amid rising reinsurance costs that follow a catastrophe loss-heavy year in 2018, according to a market segment report from AM Best.
MS&AD has revealed that 70 percent of its gross Japanese catastrophe losses in 2018 were covered by reinsurance, including an expected total loss of its Akibare 2016-1 cat bond.
Insurwave, a marine insurance blockchain venture built by EY and Guardtime, has penned an agreement with Zhuhai Port Holdings Group to collaborate on shipping logistics and marine insurance across the Greater Bay Area.
MS Amlin – a subsidiary of Japanese giant MS&AD – has posted a net loss after-tax of £94mn ($119.9mn) for the 2018 calendar year, down from the loss of £760mn it posted in 2017.
Japanese giant Tokio Marine Holdings has reported a 30 percent boost in profit within its international business arm – which includes Tokio Marine HCC, Tokio Marine Kiln and the carrier’s reinsurance operation – to 187.8bn yen ($1.7bn) for the 12 months ending 31 March 2019.
Sompo International reported a 2018 adjusted profit of $177mn in the 12 months to 31 March, with the carrier shedding two thirds off the profit of $511mn it posted in the 2017 financial year.
ArgoGlobal, the Lloyd’s insurer and part of Argo Group, has appointed Zachary Tan as accident and health underwriter for the Asia Pacific and Middle East regions.
Munich Re has appointed the former chief exec of Canopius Asia, Linus Phoon as CEO of Singapore and Southeast Asia.
Private equity-backed Canopius is set to launch its first office in Australia, hiring Claudio Saita from Tokio Marine Management Australasia to lead the business, The Insurer can reveal.
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Stephen Harwood to lead its transactional liability offering in Asia and the Middle East (AME).