The (Re)in Essence
Tuesday 20 Feb 2024 edition
• The Australian Competition Tribunal authorised ANZ's acquisition of Suncorp's banking business.
• The decision reverses ACCC's refusal to grant authorisation for the acquisition in August 2023.
• Tribunal found move would not significantly lessen competition in any relevant market.
• The decision paves the way for Suncorp to become a pure insurance player.
• APRA introduces standardised wording for general insurers and level 2 insurance groups when reporting on concentration risk and large counterparty exposures.
• Insurers must now adhere to exact spelling for 'counterparty group name' and 'exposure description' fields.
• Initiative is introduced to improve data quality and comparability across the insurance industry.
• Cheng joins from AIG where she served for nearly 13 years, most recently as Head of International Brokers.
• In her new role, she is tasked with developing AXA XL's casualty portfolio across Hong Kong, China, and Macau.
• Gallagher announces acquisition of Perth-based Ansin Insurance Brokers (AIB).
• AIB was established in 2019 by John Li and specialises in the mining sector.
• Financial details of the acquisition were not revealed.
• Acquisition marks Gallagher's first M&A activity in 2024.
• In an interview with the FT, David Howden, CEO of Howden, said he expects commercial insurance rates to flatten in 2024.
• His prediction comes after a 25-quarter hard market driven by factors like inflation, conflict, and extreme weather.
• Howden expects a recovery in (re)insurance capacity, thanks in part to new capital from areas such as ILS.
• Parent company releases a statement confirming Richard Li plans to retain control of FWD and that he is confident about long-term prospects.
• Statement comes after Bloomberg report that FWD was exploring potential stake sale, which valued company at over US$10bn.
• Pacific Century Group did not comment directly on stake sale speculation but said that, despite previously unsuccessful attempts, IPO remains an option if it finds an 'opportune' moment.
