China News

TigerRisk Enters China Market with Opening of Hong Kong Office

TigerRisk Partners LLC announced its first presence in Asia with the opening of the Hong Kong office of its subsidiary TigerRisk China Partners. TigerRisk China Partners is a member of the Hong Kong Confederation of Insurance Brokers, effective July 30. …

China Minsheng Investment to Acquire White Mountains’ Sirius for $2.2B

White Mountains Insurance Group Ltd. agreed to sell Sirius International Insurance Group Ltd. for about $2.2 billion to an arm of China Minsheng Investment Corp. The price for the reinsurer will be 127 percent of shareholders’ equity, plus $10 million, White Mountains said Monday in …

AIA New Business Value Advances 21% in First Half on China

AIA Group Ltd., the third-largest Asia-based insurer by market value, posted a 21 percent increase in new business value as China became its second-largest market for the first time by that measure. The gauge of projected profitability of new policies …

Tokio Marine to Use Citic for China Growth, as It Steps Up Overseas Expansion

Tokio Marine Holdings Inc., fresh from its biggest acquisition in the U.S., is now looking for opportunities in China. The insurer plans to utilize its ties with Citic Group Corp., China’s biggest conglomerate, to expand in the country, Tsuyoshi Nagano, …

A.M. Best: Volatility of China Stock Market Not Expected to Hit Insurer Ratings

The recent volatility of China’s stock market is not expected to affect the ratings of domestic insurers, according to a new briefing issued by A.M. Best*. Putting the volatility into context, A.M. Best noted that the Shanghai Composite Index fell sharply, …

Typhoon Chan-hom Loses Strength as It Moves Toward Korean Peninsula

Typhoon Chan-hom, which caused the evacuation of about a million people and the cancellation of hundreds of air flights in eastern China on Saturday, weakened as it moved northeast along the East China ocean toward the Korean peninsula. Chan-hom was moving …

China’s Draft Cyber Security Law Worries Multinationals, Internet Providers

China’s parliament has published a draft cyber security law that consolidates Beijing’s control over data, with potentially significant consequences for internet service providers and multinational firms doing business in the country. The document, dated Monday but picked up by state …

China’s Fosun International to Acquire Phoenix Holdings From Israel’s Delek

Delek Group Ltd. agreed to sell its controlling stake in Phoenix Holdings Ltd., Israel’s fourth- largest insurance provider by market value, to China’s Fosun International Ltd. The Netanya, Israel-based holding company announced on Sunday it would sell its entire 52 percent stake …

Alibaba-Backed Insurer Raises $934M From Investors Including Morgan Stanley

Zhong An Online Property & Casualty Insurance Co., a Chinese online insurer part owned by Alibaba Group Holding Ltd., said it raised 5.8 billion yuan ($934 million) from investors including Morgan Stanley. The Shanghai-based company now has a market value of 49.6 …

HSBC to Cut Up to 50,000 Jobs; Targets Growth of Asia Insurance Business

HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash nearly one in five jobs and shrink its investment bank by a third to combat sluggish growth across its sprawling empire. Chief Executive Stuart Gulliver …