Asia Pacific

PCRIC and WTW launch parametric quake cover for Papua New Guinea telecommunications network

The Pacific Catastrophe Risk Insurance Company (PCRIC), a regional parametric risk pool, has signed a n earthquake insurance policy for Papua New Guinea state-owned telecommunications infrastructure company PNG DataCo.

Swiss Re picks Strebel as China reinsurance CEO

Swiss Re has named Beat Strebel as China reinsurance CEO and country president, succeeding Ivan Gonzalez who will transition to CEO of the reinsurer’s Corporate Solutions business.

Australian government pledges increased disaster funding

The Australian government has unveiled a series of new funding packages designed to improve Australia’s preparedness to respond to disasters and resilience to natural hazards, in a move welcomed by (re)insurers.

Everest Insurance expands Asia Pacific business with Australia launch

Everest has launched an insurance operation in Australia following approval from the Australian Prudential Regulation Authority, in a move designed to bolster the Bermudian carrier’s presence in the Asia Pacific region.

QBE’s property portfolio pruning bearing fruit: Horton

QBE CEO Andrew Horton anticipates further positive earnings growth through 2024 following a series of successful portfolio pruning initiatives, particularly in property, designed to better balance underwriting and reduce volatility.

QBE forecasts FY CR of 93.5% as GWP climbs 2% in Q1

Australian insurer QBE reported 2 percent year-on-year growth in gross written premiums for the first quarter of 2024, as it posted group-wide renewal rate increases of 7.3 percent.

Oka extends Carbon credit offering to Australia with Clima partnership

Oka has entered an agreement with carbon solutions platform Clima in a deal which will extend the carbon credit insurance start-up’s offering in Australia.

Paragon CEOs Falk and Kalbassi among PSC directors to become Ardonagh shareholders

A number of PSC Insurance Group’s directors and key executives are to become shareholders in Ardonagh under a scheme to roll part of their holdings into the private equity-backed broker following its A$2.3bn ($1.51bn) takeover of the Australian group.

MS&AD to unwind cross-shareholdings in Mitsui Sumitomo within two years: report

Incoming MS&AD Insurance Group Holdings CEO Shinichiro Funabiki is looking to unwind all cross-shareholdings at Mitsui Sumitomo within two years.

Zurich names Khong as HK commercial property head

Zurich Insurance has appointed Chen Wai Khong as its head of property, commercial insurance for Hong Kong.

Ardonagh to acquire Australia’s PSC Insurance Group for A$2.3bn

The Ardonagh Group has entered into an agreement to acquire Australia’s PSC Insurance Group in a deal that values the ASX-listed retail broking house at A$2.3bn ($1.51bn).

Tysers-owner AUB lifts underlying profit forecasts to A$171mn for FY24

Australian broking house AUB Group now expects underlying net profit after tax to approach A$171mn ($112.8mn) for the full year 2024 as a result of favourable trading momentum.

Peak Re posts 87.3% P&C combined ratio

Hong Kong-based reinsurer Peak Re has reported a P&C combined ratio of 87.3 percent for 2023, an improvement of 22.8 percentage points on the prior year.

MGA Agile receives green light to begin underwriting through Syndicate 2427

Australian MGA Agile Underwriting Services has received the green light from Lloyd’s for Syndicate 2427 to begin underwriting.

QBE names Schroder group head of sustainability

Australian carrier QBE Insurance Group has named Nicola Schroder to the role of group head of sustainability.

Dual launches Axa XL-backed title insurance in Australia and New Zealand

Dual, the specialist underwriting arm of Howden Group, has launched a new business line offered by its specialist title insurance team, Dual Asset, in Australia.

Guy Carpenter: UAE flood insured losses could top $1bn

Reinsurance broker Guy Carpenter has warned that insured losses from the recent UAE flooding could top $1bn, with the majority of losses incurred in Dubai.

Gallagher continues Australia build-out with Prasidium deal

Gallagher has continued the build-out of its footprint on Australia with the acquisition of Prasidium Credit Insurance.

Ping An posts 99.6% P&C combined ratio in Q1

China’s Ping An has reported a P&C combined ratio of 99.6 percent for the first quarter of 2024, a deterioration on the same period of last year driven by elevated natural disaster losses.