Asia Pacific

Howden appoints Lim as Singapore CEO

Expansive broking group Howden has promoted Jenny Lim to CEO of its Singapore unit.

Perils pegs initial Australian flood loss estimate at ~A$4bn

Perils has estimated insured losses from the flooding which impacted parts of eastern Australia between 23 February and 8 March at A$3.991bn ($2.945bn).

Xenia acquires majority stake in Hong Kong-based Capstone

Nexus Group’s credit insurance and surety specialist Xenia Broking Group has acquired a majority stake in Capstone Insurance Brokers, a Hong Kong-based insurance broker with expertise in financial lines and digital asset insurance.

WTW completes acquisition of Indian JV

WTW has received approval from the Insurance Regulatory and Development Authority of India to acquire the remaining stake in its Indian joint venture.

KKR buys into Indian general insurer Shriram

Private equity giant KKR is set to acquire a 9.99 percent stake in Shriram General Insurance (SGI), a joint venture between Indian conglomerate Shriram Capital and pan-African financial services group Sanlam.

Australia’s gov pledges to fund flood resilience package after insurer criticism

Australia’s federal government has pledged to co-fund a A$741mn ($553mn) natural disaster resilience package for flood-prone Queensland communities, in a move welcomed by the insurance sector.

GIC Re refutes exposure to AerCap claim through ADNIC fronting arrangement

Indian reinsurer GIC Re has denied that it is exposed to the $3.5bn AerCap leasing claim through its fronting arrangement with Abu Dhabi National Insurance Company (ADNIC).

TMK adds Lloyd’s Asia CEO Spyropoulos as new Asia MD

Tokio Marine Kiln (TMK) has appointed Pavlos Spyropoulos as regional managing director for Asia.

Gallagher Re: Japanese renewals “orderly” and “balanced”

The 1 April renewals proved to be an “orderly calm” for Japanese cedants following substantial rate increases in recent years in response to major cat losses, with steady improvement in original property rates and no reduction in original earthquake rates, Gallagher Re global CEO James Kent has said.

Australia passes legislation to create tropical cyclone reinsurance pool

Legislation to establish a tropical cyclone reinsurance pool in Australia has been passed ahead of planned implementation on 1 July this year.

Japanese cedants regain ground on QS cedes at 1.4 as XoL rates rise 5%

Earthquake quota shares have come under pressure for reinsurers of the big three Japanese carriers at the 1 April renewals, with some cedants successfully pushing up ceding commission by a point or two, The Insurer understands.

TigerRisk confirms Chandler as Australia head

TigerRisk has confirmed its entry into the Australian reinsurance and program market with the appointment of Simon Chandler as head of reinsurance broking, programs and binders, a move first reported by The Insurer earlier this month.

Swiss Re’s Gonzalez’s move to China motivated by growth prospects, tech adoption

As Swiss Re Corporate Solutions’ Ivan Gonzalez prepares to leave his North America CEO role, the executive has told The Insurer that it is China’s expected evolution into the world’s largest insurance market and the country’s embrace of innovation and technology that compelled him to make the switch.

Fitch: Australian floods earnings not capital event for insurers

Recent flooding and severe storms in southeast Queensland and New South Wales will affect insurers’ earnings rather than their capital as a result of strong reinsurance programs, Fitch Ratings has said.

Australian flood losses edge closer to A$2.5bn

Insured losses from the ongoing flooding in southeast Queensland and New South Wales are now estimated to total A$2.45bn ($1.84bn), according to the Insurance Council of Australia (ICA).

Verisk pegs Japanese earthquake insured property losses at $2bn-$4bn

Modelling firm Verisk Extreme Event Solutions – formerly known as AIR Worldwide – has estimated insured losses from the magnitude 7.3 earthquake which occurred off the island of Honshu in Japan on 16 March at between ¥240bn and ¥490bn (~$2bn and ~$4bn).

Fitch: Losses from Japan’s 7.4 magnitude quake manageable

Fitch Ratings has said that insured losses from the 7.4 magnitude earthquake that struck northeastern Japan earlier this month are likely to be between ¥15bn and ¥30bn ($123mn and $246mn), with only a minor impact on non-life insurers’ earnings.

Perils drops March 2021 Australian flood loss bill to A$688mn

Loss aggregator Perils has updated its estimate for insured losses stemming from the New South Wales and Queensland floods in March last year to A$688mn ($547.9mn).

IAG and policyholders look to appeal Australian BI test case judgment

Two policyholders and one insurer have filed applications seeking leave to appeal parts of the Full Court of the Federal Court of Australia’s recent judgment in the country’s second business interruption (BI) insurance test case.