China News

China Detains Senior Officials, Port Executives After Deadly Explosions in Tianjin

China’s top prosecutor is holding 10 officials and port executives as well as a senior Transport Ministry official under criminal detention for alleged neglect of duty and abuse of power in the Tianjin warehouse explosions that killed at least 139 people, the …

Ping An to Boost Overseas Investments as China’s Economy Slows

Ping An Insurance (Group) Co., China’s second-largest insurer, is boosting overseas assets as the nation’s slowing economy and falling interest rates make it difficult to find investments with attractive returns at home. The company has about 16 billion yuan ($2.5 billion) of …

Pakistan Plan for $46B Economic Corridor with China Set to Boost Insurers

Pakistan Prime Minister Nawaz Sharif’s $46 billion plan for an economic corridor with neighboring China as part of his revival push is promising to boost the prospects of the nation’s insurers. Adamjee Insurance Co. and Jubilee General Insurance Co., which control about 35 percent …

Insurers Unlikely to Be Impaired by Claims From Tianjin Port Explosion: S&P

Insurers are unlikely to be impaired by the loss claims from the explosions in the Chinese Port of Tianjin last week, according to a report from Standard & Poor’s. “Based on our initial investigation, we expect most of the affected …

Ping An Profit Jumps 62% in 1st Half on Investment Returns

Ping An Insurance (Group) Co., China’s second-largest insurer, said profit jumped 62 percent in the first half of this year as a stock-market rally boosted investment returns. Net income rose to 34.6 billion yuan ($5.42 billion) in the period from 21.4 billion …

UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers

Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit Suisse analysts estimated that total insurance losses …

Einhorn’s Greenlight Re May Gain $30.4M From China’s Currency Devaluation

With U.S. equities declining in the wake of China’s currency devaluation, hedge fund manager David Einhorn may be one of the few stock pickers to get a direct boost from the yuan’s sudden decline. Greenlight Capital Re Ltd., an insurer …

Typhoon Soudelor Kills at Least 9 in China After Lashing Taiwan, Killing 5

At least nine people were killed in China’s eastern Zhejiang province as the remnants of Typhoon Soudelor dumped the heaviest rainfall in a century on the mainland after killing five in Taiwan. About 645 millimeters (25 inches) of rain fell on Zhejiang’s …

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 …