Hong Kong News

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 …

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

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 …

Former Dewey & LeBoeuf Lawyers Join DLA Piper Hong Kong Office

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 …

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

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 …

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

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 …

AIG Thinking about Buying Back More of AIA

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 …

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

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 …

HK Shares Close Down 2%; Chinese Insurers Slump

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 …

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

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 …