Jessica Li is a Reporter at (Re)in Asia, following the appointments, ratings and deals shaping the region's insurers. Areas of specialty include senior people moves, insurer ratings actions, and M&A across marine, financial and reinsurance lines in markets including Vietnam, Hong Kong, Korea and India.
International reinsurers will take a significant share of what is covered, with hydropower plants, engineering projects and commercial property along the China trade corridor driving most claims.
Market yield movements drove the reinsurer's earnings higher, though the agency warned that interest rate exposure has made operating results markedly more volatile.
Fitch expects the exposure to ease once the arm merges with sister company Acenda Life, which runs a lower-risk portfolio, with the merger creating Australia's fourth-largest life insurer.
AXA, BOC Group Life, FWD, HSBC Life and Manulife sit among 30 institutions involved in 36 use cases selected from nearly 100 proposals, in a cohort now spanning banking, securities, insurance and MPF.
At least 177 have died and 826 are unaccounted for, with insurers estimating early claims for hydropower and construction projects at least in the hundreds of millions of rupees.
The disposal is scheduled for Thursday and leaves Prudential Corporation Holdings with 32.6% of the Indian fund manager, with its governance rights unchanged.
