Gallagher Re report shows APAC GWP reached US$1.7 trillion in 2022 — dominated by motor, but low overall insurance penetration highlights region's growth potential.
Formerly FPG Insurance, the P&C insurer is expanding its presence in the commercial lines segment and will benefit from the expertise of Starr Group — who became a majority owner in December 2022.
Hiscox is divesting from its Singapore and Thailand motor insurance business, selling to Roojai Group's parent company, Ignite Thailand Holdings.
The rating downgrade comes in the midst of Thailand's sole life reinsurer pivoting to expand its health reinsurance business.
The Japanese insurer is understood to be targeting large South Korean insurers interested in expansion, though reports in Malaysia suggest other Japanese insurers might be inte