AUB Group said its board viewed the A$45 per share offer as fair but confirmed talks ended after PE firms declined to make a binding offer at the proposed valuation.
This focus on catastrophe risk is also expected to fuel market expansion, with GWP forecast to grow at a CAGR of 11.5% through 2030 amid rising losses.
Taiping Hong Kong pledges swift claims handling and full support for those affected by the fire that has killed at least 94 people at the scaffold-wrapped estate.
November events added up to A$510m (US$332m) in estimated losses, with nat cat events depleting two-thirds of insurer's natural hazard allowance less than five months into the year.
The regulator also highlighted the need for deeper organisational alignment, noting that robust internal systems and clearer procedures are essential for protecting policyholders.
