Reih Angeles is Deputy News Editor at (Re)in Asia, steering the desk's breaking coverage of Asia Pacific insurance and reinsurance. Areas of specialty include insurer and life results, reinsurance and catastrophe losses, cyber, and regulatory change across India, Korea, China and Hong Kong.
The parent's proposed CNY15bn (US$2.2bn) state injection, part of a broader CNY70bn package, underpins the change, though S&P affirmed the reinsurer's 'A-' ratings.
Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
XS Global has appointed former Gallagher Re Asia-Pacific chairman Mark Morley as managing director, Asia Pacific Treaty, the independently owned MGA announced on Friday.
Morley joins after more than...
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