China News

China’s Fosun Completes Acquisition of Remaining 80% Interest in Ironshore

Ironshore Inc. and Fosun International Ltd. announced that Fosun has completed the acquisition of the remaining 80 percent equity interest in Ironshore. Fosun has received approvals from all relevant regulatory authorities in the United States, the United Kingdom and other …

China Asked to Revise Draft Cyber Security Rules Affecting Insurance Industry

Foreign business lobbies have asked China to substantially revise proposed cyber security regulations for the insurance industry, signaling a dispute that started with the publication of similar bank technology rules earlier this year may widen. The draft regulations, announced by the China Insurance Regulatory …

Lloyd’s China, Tokio Marine Kiln & PICC Sign Intellectual Property Liability Deal

Lloyd’s China, Tokio Marine Kiln and People’s Insurance Company of China Property and Casualty Company (PICC P&C) signed a memorandum of understanding (MoU) to provide intellectual property infringement liability insurance in China. Signed on Oct. 29 at PICC’s head office in …

Validus Group Appoints Zhou as China Representative

Validus Holdings Ltd. has appointed Ellie Zhou as underwriting manager for Greater China to support the Validus Groups’ existing Chinese customers and expand the firm’s business in the region. China is one of the world’s largest and fastest-growing insurance markets …

Ping An Profit Rises 32% as Higher Premiums Offset Stock Market Slump

Ping An Insurance (Group) Co., China’s second-largest insurer, said third-quarter profit rose 32 percent as higher premium income and banking revenue helped offset the impact of a stock market rout on investment returns. Net income climbed to 13.6 billion yuan, …

Aspen Estimates Tianjin Explosion to Cost $30 Million; Nat Cats Total $20 Million

Bermuda-based Aspen Insurance Holdings Limited estimates its Aspen Re subsidiary lost approximately $50 million from the August 12 explosion in the Port of Tianjin, China, and from natural catastrophes during the third quarter of 2015. Approximately $30 million of these …

Insurance Australia Scraps Plans for Further China Investment

Insurance Australia Group Ltd. scrapped plans for further investment in China and will instead seek growth in other Asian markets, in a sign that Australia’s hopes of boosting services exports to the world’s second-largest economy may be difficult to achieve. The …

PartnerRe Estimates China’s Tianjin Explosions to Cost Between $50m and $70M

PartnerRe Ltd. estimates that losses from the August explosion in China’s Port of Tianjin will be between $50 million and $70 million pre-tax and net of retrocession and reinstatement premiums. These losses will be recorded in the company’s third quarter …

Chinese Insurers Seek Strategic Tie-Ups, M&As to Tap Western Expertise

Chinese insurers are pursuing strategic tie-ups and outright mergers and acquisitions to tap Western expertise. They are keen for knowledge on products, pricing and technology as a nascent Chinese market for health and property insurance takes off, industry executives say. …

AIR Analyzes Taiwan, China Damages, Losses from Typhoon Dujuan

Catastrophe modeling firm AIR Worldwide reports that Typhoon Dujuan made landfall on northeast coast of Taiwan with high winds and heavy rain near Nan’ao Township in Yilan County, late afternoon on Monday, September 28, at approximately 09:00 UTC. AIR described …