China’s Hyundai Insurance credit ratings unwavering amid strategic growth
AM Best has reaffirmed Hyundai Insurance’s (China) financial ratings, despite underwriting losses in recent years.
ANZIIF appoints former New Zealand MP Katrina Shanks as next CEO
The former member of parliament and CEO of Financial Advice NZ will move to Melbourne and officially commence her new role in Jan 2024, following a transition period with outgoing CEO, Prue Willsford.
Peak Re has ‘Excellent’ ratings affirmed by AM Best amid record H1
After its first loss in 2022, the Hong Kong-headquartered reinsurer bounced back to achieve record profit in H1 2023; though AM Best maintained a negative outlook —warning of potential contagion risk due to majority shareholder Fosun’s weakened credit fundamentals.
Leadenhall and Bennelong to distribute ILS in Australia and New Zealand
Bennelong Funds Management will partner with ILS specialist Leadenhall Capital Partners to promote and distribute insurance-linked securities to institutional investors.
Hong Kong’s Dah Sing receives ‘Excellent’ ratings affirmations from AM Best
Despite a 10% decrease in capital and surplus, DSI maintains very strong risk-adjusted capitalisation and plans to diversify its underwriting portfolio, while reducing offshore reinsurance.
South Korea: Hana Financial Group retracts bid for KDB Life
Hana Financial Group retracts bid to acquire KDB Life Insurance, citing strategic misalignment and high debt ratio concerns.
IRDAI mandates insurance coverage for employees travelling in employer’s vehicles
The regulator issued a circular mandating all motor policies include employee cover, following a directive from the Madras High Court.
Asia-Pacific property insurance projected to grow from US$92.3bn to US$141.8bn in 2027
GlobalData projects a compound annual growth rate of 11.3%, driven by growth in construction and energy sectors as well as rate increases due to frequency of nat cat events.
PT Asuransi Samsung Tugu’s 57% average CR contributes to affirmation of ‘excellent’ financial ratings
The Indonesian insurer, which mainly underwrites risks for Samsung affiliates and other Korean ventures, boasts a strong operating performance and considerable support from majority owner, Samsung Fire & Marine Insurance.
bolttech extends reach, enters four new markets through acquisition of embedded device Digital Care
The purchase will strengthen bolttech’s operations in Europe, Asia, and Africa, including expansion of its footprint to four new countires: Poland, Croatia, Lithuania, and South Africa.
