February 23, 2018

Looking East

Looking East

Zurich Insurance keen to re-enter China

Zurich Insurance is seeking a joint venture partner in China, as the country’s recent easing of financial sector rules, tempts it to return to the mainland’s life insurance market which it quit five years ago.   “We have ambitions to grow in mainland China, which is a very big market...

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Leadenhall invests in Integrity Group

London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager Leadenhall Capital Partners LLP has backed a new start-up life insurance operation in Australia, named Integrity Group Holdings Limited.   Integrity Group aims to disrupt the Australian life insurance market at a time when the sector is consolidating to only...

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New insurer acquires Zurich Life

SINGAPORE’S newest life insurer Singapore Life is acquiring the business portfolio of Zurich Life Singapore, the two firms have officially stated. In accordance with the agreement, Singapore Life will become responsible for all of Zurich Life Singapore’s customers’ policies, totalling approximately SGD6 billion of coverage for life, critical illness and...

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‘Takaful outran conventional insurance in 2017’

Growth of Malaysia’s takaful continued to rise faster than the conventional insurance sector in 2017, led by burgeoning domestic consumption and a government push for greater penetration, according to Fitch Ratings. Family and general takaful grew by 7.5 percent and 5.9 percent, respectively, in the first half of 2017, compared...

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Nippon Life scouts for bonds, alternative funds

Japan’s Nippon Life Insurance Co, which recently struck a deal with US investment firm TCW Group, is scouting for opportunities to buy boutique managers of bonds and alternative assets, its president said. “Asset management is a business that can generate synergy with life insurance and it needs to be operated...

Amazon likely to disrupt insurance industry in India

Online retail and e-commerce organisation Amazon could be close to finalising its investment in insurtech start-up Acko. Acko wants to disrupt India’s insurance industry through a digital-only platform, having raised USD30 million and recently received in-principal approval from the financial market regulators in India. Amazon and rival Flipkart had both...

AXA to sell Swiss Privilege brand

AXA has announced that it has entered into an agreement with Jeneration Holdings Limited to sell its Swiss Privilege franchise in Hong Kong, AXA Wealth Management (HK) Limited (AWM). AWM is a licensed life insurer in Hong Kong, managing individual policies through a network of salaried consultants under the Swiss...

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DBS, Chubb launch 15-year pact

DBS Bank Ltd and Chubb have announced the launch of their 15-year regional general insurance distribution partnership agreement in Hong Kong, Singapore, China and Taiwan. As part of the agreement, DBS will distribute, on an exclusive or preferred basis, Chubb’s coverage for home, contents and selected personal accident and supplemental...

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IRDAI issues regulations for GIFT IFSC

Insurance operations at India’s only operational International Financial Services Centre (IFSC) – Gujarat International Finance Tec City (GIFT IFSC) – gets a major boost with Insurance Regulatory Development Authority of India (IRDAI) issuing enabling regulations for undertaking offshore insurance business from IFSC. Under the regulations, for the first time in...

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Pembroke, GIC Re likely to form Lloyd’s syndicate

Ironshore Inc. has announced that its Pembroke Managing Agency (Pembroke) has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s Syndicate at Lloyd’s. The combination of Pembroke’s specialty lines underwriting capability and GIC Re’s regional expertise will create mutually beneficial development opportunities for GIC Re,...

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