Allianz Global Corporate & Specialty (AGCS), Allianz Group’s unit for corporate & specialty insurance business, has opened a branch office in South Korea to serve global corporate clients. AGCS said it has become the first foreign non-life insurer in almost …
A South Korean court on Friday sentenced an executive of Volkswagen’s local unit to one year and six months in prison for fabricating documents on emissions and noise-level tests to achieve certification for vehicles for import. This is the latest …
Anbang Insurance Group Co., which walked away from a bid to acquire Starwood Hotels & Resorts Worldwide Inc. last week, has agreed to buy Allianz SE’s operations in South Korea. The Chinese insurer will purchase Allianz Life Insurance Korea and …
Europe’s largest insurer Allianz has put its South Korean life insurance business on the block as part of a global overhaul in a tough low-interest rate environment, sources with direct knowledge of the matter said. The South Korean asset is …
AccuWeather has reported that Tropical Storm Dujuan is on track to strengthen into a powerful typhoon with Japan’s Ryukyu Islands in its path and mainland Japan, Taiwan and eastern China on alert for potential impacts. “Dujuan has been steadily strengthening …
Catastrophe modeling firm AIR Worldwide has released an analysis of Typhoon Nangka, which is currently a Category 3 storm “with a central pressure of 950 mb and maximum 10-minute sustained wind speeds of 80 knots (~106 mph 1-minute sustained). The …
Beazley and Korean Re announced a partnership to develop business together and to establish a special purpose syndicate at Lloyd’s, Syndicate 6050. Under the agreement, Syndicate 6050 will write a whole account quota share of Beazley Syndicates 623 and 2623 …
Lloyd’s has appointed Jin-Yung Sun as its first general representative in South Korea. Sun has worked in the (re)insurance industry for 35 years as both an underwriter and a Lloyd’s broker. He spent the first 17 years of his career …
According to catastrophe modeling firm AIR Worldwide, after weakening to borderline tropical storm/typhoon strength (120 km/h [75 mph] 10-minute sustained winds), Typhoon Bolaven made landfall in North Korea north of Pyongyang, the country’s capital, at about 11:00 a.m. EDT on …
Asia’s crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers — …
