Hong Kong News

Peak Re Launched in Hong Kong for ‘Underserved’ Asia Pacific Markets

Peak Reinsurance Company Limited formally announced that it has opened for business. The new reinsurer, established to capture the growing demand for modernized reinsurance solutions in Asia Pacific, said it has “successfully obtained the formal authorization by the Office of …

Thai Group Buys Ping An Stake from HSBC for $9.38 Billion

A conglomerate controlled by Thailand’s richest man, Dhanin Chearavanont, has bought a minority stake in China’s Ping An Insurance for $9.38 billion from global bank HSBC, a bold move that ranks as Asia’s second-largest deal this year. Dhanin’s Charoen Pokphand …

AIG, Others to Take up Half of China PICC’s $3.6 Billion Hong Kong IPO

Chinese state-owned insurer PICC Group has secured pledges from American International Group (AIG) and other investors to buy about half of its up to $3.6 billion IPO, set to be the biggest in Hong Kong in two years. The long-awaited …

HSBC in Talks to Sell $9.3 Billion China Ping An Stake

HSBC said it was in talks to sell its $9.3 billion stake in China’s Ping An Insurance, stepping up a program by Europe’s biggest bank to shed non-core parts of its business to boost profitability. HSBC spent $1.7 billion to …

UPDATE: China’s PICC in Talks with AIG as Buyer for $4 Billion HK IPO

China’s PICC Group is in talks with American International Group and others to become cornerstone investors for its planned listing worth up to $4 billion, in what will be Hong Kong’s biggest IPO in two years. State-owned insurer PICC started …

China’s PICC Group to Raise up to $4 Billion in Hong Kong IPO

Chinese state-owned insurer PICC Group started meeting institutional investors in Hong Kong on Thursday to gauge demand for a listing worth up to $4 billion, braving a slump in equity deals with the city’s largest IPO in two years. People’s …

Probe into Fatal Hong Kong Ferry Collision May Take Six Months

Hong Kong authorities began inspecting the wreckage of a leisure boat on Wednesday amid questions over how a collision with a commuter ferry in relatively calm weather killed 38 people in one of the city’s worst accidents in recent decades. …

At Least 37 Dead in Hong Kong Ferry Collision

At least 37 people died and dozens were injured when a ferry carrying more than 120 people on a company outing collided with another ferry and sank near an island south of Hong Kong on Monday night in one of …

Best Upgrades NIPPONKOA’s Ratings to ‘A+’; Affirms Subs

A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A+’ (Superior) from ‘A’ (Excellent) and the issuer credit rating (ICR) to “aa-” from “a+” of Japan’s NIPPONKOA Insurance Company Ltd. Best also affirmed the FSR of ‘A’ (Excellent) …

Typhoon Vicente Hits Hong Kong, but Only Minor Damage Reported: AIR

According to catastrophe modeling firm AIR Worldwide, Typhoon Vicente, the 8th named storm to form in the Northwest Pacific this year, struck Hong Kong at 4 a.m. Tuesday (July 24, 2012). Accompanied by heavy rains, a central pressure of 950 …