The insurer is pursuing lower-cost online motor distribution and measured international expansion to diversify earnings and support long-term growth, AM Best noted.
Under the proposed reforms, customers could pursue certain code breaches through the courts, while insurers would face stricter claims and conduct obligations.
The policy beats Manulife Singapore’s US$300m record from earlier this year by 6%, with broker Charles Monat Associates placing a record-breaking case for the second time running.
Six digital services remain suspended with no restoration timetable, while the insurer says it has found no evidence of customer information being misused.
The deal, expected to close by 31 March 2027, will give Samsung Fire control of Canopius, with KKR and KIC taking minority stakes through separate investments.
The changes would simplify reporting of economic value-based amounts and align solvency disclosures with insurers' financial reporting templates starting 31 March 2027.
