Reinsurance News
Hong Kong
Hong Kong insurance industry records higher premiums & profits in 2019
9th December 2019
Total gross premiums written across the Hong Kong insurance industry in the first nine months of 2019 grew by 12.5% when compared with the same period in 2018, to $436.9 billion, according to the region's Insurance Authority (IA). Provisional statistics of the Hong Kong insurance industry released by the IA shows ... Read the full article
Greg Solomon joins Peak Re as Head of Life & Health
7th November 2019
Hong Kong based global reinsurer Peak Reinsurance Company Limited (Peak Re) has announced that Greg Solomon has joined the company as Managing Director of Life & Health, effective November 1, 2019. Solomon arrives from Willis Towers Watson, where he was in charge of Life & Health Reinsurance Broking for all of ... Read the full article
Beazley takes 30% stake in Hong Kong coverholder Pegasus
23rd October 2019
Specialist insurer Beazley has announced a strategic investment in Pegasus Underwriting Limited, a Hong Kong-based Lloyd’s coverholder. The investment will see Beazley become a 30% shareholder in Pegasus, which it has been working with since January 2019. The collaboration has combined Pegasus’ broking relationships and market knowledge with Beazley’s global expertise in ... Read the full article
HK airport protests highlight exposure risk for re/insurers: Russell Group
22nd August 2019
The recent standoff at Hong Kong International Airport between Chinese authorities and protesters has underscored the potential airport ground accumulation exposures faced by international re/insurers, according data from risk management firm Russell Group. By quantifying aerospace industry and portfolio peak exposure, Russell Group showed that 69 aircraft with a combined value ... Read the full article
Hong Kong reinsurers boosted by mainland China regulation changes
22nd February 2019
The performance of certain reinsurers based in Hong Kong has received a significant boost thanks to favourable regulation changes in mainland China, according to a report by South China Morning post. The Co-Founder and Chief Executive Officer of Peak Re remarked in a recent interview that the firm’s strong growth in ... Read the full article
Beazley targets Hong Kong expansion via Pegasus Underwriting partnership
10th January 2019
Specialist re/insurer Beazley has announced that it plans to expand its insurance offering in Asian markets through a new financial lines capacity arrangement with Hong Kong-based coverholder Pegasus Underwriting Limited (PUL). Beazley hopes to combine its expertise in underwriting specialist risks with PUL’s strong broking relationships and knowledge of the regional ... Read the full article
NWS Holdings to acquire Hong Kong insurer FTLife for $2.75bn
31st December 2018
New World Development Company Limited (NWD) has announced that its subsidiary, NWS Holdings Limited, plans to acquire the entire issued share capital of Hong Kong insurer FTLife Insurance Company Limited for HK $21.5 billion (US $2.75 billion) in cash. NWD explained that the transaction would enhance the diversified business portfolio of ... Read the full article
Berkshire Hathaway withdraws from Hong Kong terrorism pool
11th December 2018
Berkshire Hathaway Specialty Insurance Company (BHSI) announced that it has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism pool effective 1 December 2018. Instead, BHSI will now offer terrorism coverage to customers directly, making them the first insurer to do so. This decision benefits all BHSI’s new and existing EC customers ... Read the full article
TMK to close “unsustainable” Hong Kong office
24th October 2018
Tokio Marine Kiln is to reorganise its Asian operations following the immediate closure of its Hong Kong office. Operations in the region are based primarily in Singapore with the Hong Kong office providing a supporting role alongside Shanghai. TMK will be making arrangements over the next six months for the orderly runoff ... Read the full article
Typhoon Mangkhut insured losses may reach $1bn, say analysts
18th September 2018
Typhoon Mangkhut, which hit Hong Kong yesterday with hurricane-force winds and a storm surge as high as 3 meters in some areas, could inflict as much as $1 billion in re/insurance market losses, according to an analyst featured in a report by the South China Morning Post. The typhoon is already ... Read the full article
Hong Kong responds to infrastructure demand with reinsurance tax incentives
30th August 2018
The Hong Kong government will introduce a number of tax incentives to promote reinsurance, marine insurance, and specialty insurance as the city aims to become a regional risk management centre, according to the South China Morning Post (SCMP). Financial Secretary Paul Chan Mo-po said the incentives were in response to the ... Read the full article
Chubb appoints new senior leaders for Hong Kong
22nd August 2018
Chubb has appointed Stanley Wong to succeed Doug White as Country President for Hong Kong, Taiwan & Macau, and Douglas Wong to succeed Patrick Wong as Head of Property & Casualty for Hong Kong, effective 1 October 2018. Doug White was recently appointed as Head of Chubb’s newly established Major ... Read the full article
China regulator agrees to preferential treatment for Hong Kong reinsurers
31st July 2018
The China Banking and Insurance Regulatory Commission (CBIRC) and the Insurance Authority (IA) of Hong Kong have reached an agreement after more than a year of negotiations to allow preferential treatment for qualified reinsurers in Hong Kong, according to A.M. Best. The agreement will see mainland Chinese insurance companies that cede ... Read the full article
FWD Group rumoured to be preparing for IPO
27th June 2018
FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), is preparing for a potential initial public offering (IPO) after five years of expansion through acquisitions, according to sources at Bloomberg. The company has reportedly held preliminary discussions with investment banks about a possible IPO in the next ... Read the full article
DAC Beachcroft partners with re/insurance focused Hong Kong law firm
30th January 2018
International law firm DAC Beachcroft has announced a collaboration with Hong Kong practice, Oldham Li and Nie (OLN) to expand its reach and services throughout Asia. Hong Kong based law firm OLN specialises in re/insurance, corporate & commercial, dispute resolution, employment & immigration, IP, tax and private client work. DAC Beachcroft Managing Partner, David ... Read the full article
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