• AXA China Region Insurance Company (Bermuda) Limited has acquired XL Reinsurance (China) Company Limited.
• AXA XL Re will handle new and renewal reinsurance business in China and other Asian markets from Singapore, with the Zurich office managing credit and surety business.
• AXA said it aims to increase the variety of reinsurance solutions in China, through tailored products, data analytics, pricing strategies, and a local understanding of the market.
• Aon completes acquisition of Global Insurance Brokers (GIB), expanding its Indian market presence.
• Acquisition was initially announced in October.
• GIB to integrate with Aon India Insurance Brokers (AIIB) and adopt Aon branding, once merger is finalised by National Company Law Tribunal, expected later this year.
• Aon and GIB will form an integrated team of over 1,100 in India.
• Generali completes acquisition of Conning Holdings Limited (CHL) and affiliates from Cathay Life.
• Acquisition was first announced in July 2023.
• Post-acquisition, Cathay Life holds a 16.75% stake in Generali Investments Holding (GIH) and businesses have entered a long-term asset management agreement for a minimum of 10 years.
• Generali's AUM has increased to US$887bn (€803bn), making it one of the top 10 asset managers in Europe.
• An earthquake struck off Taiwan's coast on Wednesday, causing widespread damage and killing at least one person.
• The 7.4 magnitude is the strongest in 25 years in Taiwan.
• Its epicentre was 18km south of Hualien city, at a depth of 15.5km.
• Buildings collapsed in Hualien, and landslides occurred in Taiwan's interior.
• Tsunami warnings were issued in Japan and the Philippines but later cancelled.
• Singlife Philippines received ₱600m (US$10.6m) from Singapore Life Holdings Pte. Ltd.
• The funding aims to enhance digital platform using AI, introduce new products, and expand partnerships.
• In March, Sumitomo Life Insurance Company, finalised its acquisition of Singlife Group as parent company aims to strengthen its presence across Asia.
• PERILS updated its loss estimate for Australia's Christmas 2023 severe weather to AU$1.547bn, including property and motor hull insurance losses.
• The initial estimate, released on 14 Feb, was AU$1.395bn.
• Weather events occurred between 23 and 29 Dec 2023 and affected states of Victoria, New South Wales, Queensland.
• PERILS will release its third, more comprehensive loss estimate on 3 July 2024.
• Fitch Ratings affirms 'A-' IFS for Zhongyuan Agricultural Insurance (ZYIC) with a stable outlook.
• ZYIC specialises in agricultural insurance, which made up 79% of its gross premiums in 2023.
• Insurer reported a COR of 94.6% in 2023, with expense ratio reduced to 15.6%.
• ZYIC faces high natural catastrophe risk, but employs risk prevention and reinsurance to mitigate impact.
• CNY2.3bn (US$318m) equity capital infusion in 2023 strengthens capital base.
Berger secures unanimous board approval to succeed Christian Mumenthaler, who steps down following a successful eight year tenure.
Ichiba joins from parent company Nippon Life and will replace Tomonao Gotoda, who returns to Tokyo in a senior role within the group.
