Insurance Journal » Hong Kong

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

Thu, 10 Jan 2013 11:31:48 +0000

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 …

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

Wed, 05 Dec 2012 11:04:12 +0000

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 …

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

Wed, 21 Nov 2012 11:23:54 +0000

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 …

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

Mon, 19 Nov 2012 11:02:15 +0000

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 …

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

Fri, 16 Nov 2012 11:28:44 +0000

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 …

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

Thu, 15 Nov 2012 11:03:11 +0000

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 …

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Probe into Fatal Hong Kong Ferry Collision May Take Six Months

Wed, 03 Oct 2012 10:14:01 +0000

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. …

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At Least 37 Dead in Hong Kong Ferry Collision

Tue, 02 Oct 2012 10:27:27 +0000

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 …

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

Wed, 22 Aug 2012 10:43:37 +0000

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) …

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

Wed, 25 Jul 2012 10:35:18 +0000

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 …

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Blackstone Backs ex-AIA Chief in ING Asia Sale Race: Source

Thu, 12 Jul 2012 09:55:33 +0000

Global private equity fund Blackstone Group LP is backing Mark Wilson, the former chief of AIA Group Ltd, in the bidding for ING Groep NV’s Asia insurance unit, a source directly familiar with the matter said. The consortium led by …

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Former Dewey & LeBoeuf Lawyers Join DLA Piper Hong Kong Office

Fri, 18 May 2012 10:06:27 +0000

The DLA Piper law firm announced that a group of lawyers led by partners Joyce Chan and Heng Loong Cheong will join its Hong Kong office from Dewey & LeBoeuf. The move signals yet another step in the meltdown of …

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HSBC Sells General Insurance Business to AXA, QBE for $914 Million

Wed, 07 Mar 2012 10:03:03 +0000

HSBC has agreed to sell its general insurance businesses to French insurer AXA Group and Australia’s QBE Insurance Group for $914 million in cash, as Europe’s biggest bank moves ahead with its plan to divest non-core assets. The deal, the …

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AIG to Sell $6 Billion Worth of AIA shares to Repay U.S. Bail-out

Mon, 05 Mar 2012 10:03:58 +0000

American International Group is selling part of its stake in AIA Group to raise about $6 billion to help the U.S. insurer repay a huge federal government bail-out. AIG is looking to place some 1.7 billion AIA shares in a …

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AIG Thinking about Buying Back More of AIA

Thu, 26 Jan 2012 18:55:44 +0000

American International Group Chairman Steve Miller said on Thursday the bailed-out insurance company may eventually want to buy a life insurer outside the United States, including possibly a larger stake in the spun-off Asian unit AIA Group Ltd. as confidence …

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Best Affirms NIPPONKOA Insurance Company (Asia) Limited’s Ratings

Thu, 22 Dec 2011 11:13:30 +0000

A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Hong Kong-based NIPPONKOA Insurance Company (Asia) Limited, both with stable outlooks. The ratings reflect the company’s “excellent risk-adjusted capitalization, stable underwriting …

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HK Shares Close Down 2%; Chinese Insurers Slump

Wed, 16 Nov 2011 11:23:23 +0000

Hong Kong shares slumped on Wednesday, dragged down by weakness in Chinese insurers and property developers, with turnover low as investors became more averse to riskier assets on fears of contagion from Europe’s festering debt crisis. The Hang Seng Index …

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Report AXA, Generali, Tokio Marine, MS&AD Submit Bids for HSBC Unit

Fri, 14 Oct 2011 10:33:23 +0000

European insurers AXA SA, Assicurazioni Generali SpA, Japan’s Tokio Marine and MS&AD Insurance Group are among suitors to submit first round bids for HSBC’s non-life insurance business, sources with knowledge of the matter told Reuters, in a deal worth about …

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Ex-AIG Unit AIA Group’s Growth Jumps in Q3 as Insurance Demand Rises

Fri, 14 Oct 2011 10:14:52 +0000

AIA Group Ltd, Asia’s No.3 insurer, said growth accelerated in the third quarter, with its value of new business rising 53 percent as strong performance in markets such as Malaysia helped boost earnings. The insurer’s value of new business (VONB) …

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Typhoon Nesat Hits China after Pummeling Hong Kong

Thu, 29 Sep 2011 10:35:28 +0000

Typhoon Nesat hit Hainan Island in south China on Thursday after it swept past Hong Kong, closing financial markets, schools and most businesses in one of Asia’s largest financial centers. China recalled ships and suspended flights and ferry services in …

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Willis Chief Tells Asian CEO’s Insurance ‘Not Just About Coverage’

Thu, 22 Sep 2011 10:19:34 +0000

Joe Plumeri, the Chairman and CEO of Willis Group Holdings, told more than 100 leading Asian CEOs’ that ‘insurance is not just about coverage and claims, but is about security and survival’ at the KPMG ‘Captains of Industry’ lunch hosted …

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Giggins Joins Miller’s Hong Kong Office for Asian Financial Risks

Mon, 22 Aug 2011 10:40:45 +0000

UK-based broker Miller Insurance Services announced that Martin Giggins has joined the firm’s Hong Kong office to spearhead the development of its financial services business in the Asia region. Giggins specializes in the production and placement of financial risks including …

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Aon’s International Space Brokers Opens Hong Kong Operation

Tue, 05 Jul 2011 20:15:33 +0000

Aon Risk Solutions, the global risk management and insurance brokerage business of Aon Corp., announced the Hong Kong opening of its space insurance practice, International Space Brokers (ISB). The bulletin said Craig McGilvray will be based in Hong Kong and …

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Hong Kong Stock Exchange Approves Listing of Guernsey Companies

Thu, 19 May 2011 10:24:20 +0000

Guernsey has received the green light for its companies to list on the Hong Kong Stock Exchange (HKEx). The Exchange’s Listing Committee has “formally approved Guernsey as an acceptable overseas jurisdiction for the purpose of companies incorporated in the Island …

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Celent Expands Asian Financial Services Group

Fri, 22 Apr 2011 10:46:17 +0000

Boston-based financial research and consulting firm Celent, a part of Oliver Wyman and ultimately a division of MarshMac, has announced the expansion of its Asian Financial Services Group, with new offices in Seoul, Hong Kong, and Singapore. Celent already has …

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RSA Appoints Colahan as New Hong Kong Chief Executive

Tue, 05 Apr 2011 10:21:01 +0000

RSA announced the appointment of Chris Colahan as its new Chief executive in Hong Kong. He previously served as country manager of RSA’s retail business in Singapore, and will replace Chris Dooley, who is moving to the UAE to be …

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Chang Named Starr Casualty, Greater China Underwriting Manager

Tue, 01 Mar 2011 11:48:29 +0000

Hong Kong-based Starr International Company, Inc. has announced the appointment of Irene Chang as Underwriting Manager of Starr Casualty for Greater China. She will lead the effort in developing and promoting all Casualty products, including Financial Lines products. Chang will …

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Ratings Recap: Century Insurance (Guam & Saipan), Taiping Re

Tue, 04 Jan 2011 00:00:00 +0000

A.M. Best Co. has affirmed the financial strength rating of ‘B+’ (Good) and issuer credit rating of “bbb-” of Century Insurance Company (Guam) Ltd. (CIC Guam)and Century Insurance Co., Ltd. (CIC Saipan), headquartered in the Northern Mariana Islands. The outlook …

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AIG Receives Alternative Proposal for Taiwan Unit

Mon, 03 Jan 2011 00:00:00 +0000

American International Group’s protracted sale of its Taiwan unit was further complicated Tuesday when a local company proposed buying a stake in the insurer, an offer that may please regulators but runs counter to AIG’s plans. AIG has been trying …

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Carlyle Group Sells $860 Million Stake in China Pacific -Sources

Wed, 29 Dec 2010 00:00:00 +0000

Carlyle Group has sold a 2.5 percent stake worth around $860 million in China Pacific Insurance (Group) Co Ltd, sources said, helping the buyout fund recoup its investment in what could be one of its best Asian deals to date. …

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