Asia Pacific

NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

Credit and financial risk carrier CBL Corporation is set to report a post-tax loss of between NZ$75mn and NZ$85mn ($55mn and $62mn) for 2017 after it said today (5 February) it would book a NZ$100mn reserve strengthening hit from a controversial class of French construction business written out of Gibraltar.

Global run-off market valued at $730bn: PwC

The size of the global run-off market has hit $730bn with North America responsible for almost half of that total, a new survey has revealed.

JLT Re hires Aon Benfield’s Fox as Asia-Pac chief

Broker JLT Re has named Jeremy Fox as its new CEO for the Asia Pacific region, replacing outgoing head Stuart Beatty.

Reinsurers concede ground to deliver muted rate hikes: JLT Re

Despite an early push from reinsurers to achieve more substantial rate hikes at 1 January, many conceded ground as the key renewal date approached, according to JLT Re’s North America CEO Ed Hochberg.

InsurTech fuelling new entrants in China markets

Asia has become the home of InsurTech innovators as the region inspires greater creativity and product development than other markets, according to Willis Towers Watson (WTW).

Toa Re and Barbican receives Lloyd’s SPA

Lloyd’s insurer Barbican has received “in principle” approval from Lloyd’s to commence their Special Purpose Arrangement (SPA) Syndicate 6132 in partnership with Japanese reinsurer Toa Re.

Peak Re: fill the protection gap by sowing seeds

The 3Q losses and the state of the retro markets may have dislodged the “protection gap” as the lead topics of conversation at Baden Baden but Peak Re CEO Franz Josef Hahn has reminded reinsurers that they have to “sow the seeds” if they wish to benefit in the long-term.

GIC Re IPO raises $1.5bn

The state-owned General Insurance Corp of India (GIC Re), has seen its initial public offering (IPO) oversubscribed but possibly not as high as the government would have wished for.

Cargo underwriters all at sea following Hanjin collapse

A leading marine insurance lawyer has said the collapse of the Hanjin shipping firm last August has hit the appetite for the market to offer certain covers.

Governments need to better handle marine casualties

Delegates at the International Union of Marine Insurance’s (IUMI) annual conference have been told international governments need to up their game when dealing with marine casualties.

GIC Re files for IPO while M&A is set to continue

General Insurance Corp of India has filed for an initial public offering which bankers have said could raise more than $1 billion, as part of the government’s plans to list five non-life insurers in which it holds stakes.