Thursday, 20 October 2016
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SOMPO’s $6.3bn Endurance acquisition good news for risk managers: Sakurada

Risk and insurance managers in the Asia-Pacific region will benefit from the decision by giant Japanese insurance group SOMPO to acquire Bermuda-based Endurance Specialty Holdings, because the deal will deliver a “truly integrated” global insurer that is able to challenge the established leaders in the international programmes market, said Kengo Sakurada, president and CEO of SOMPO Holdings, speaking to Commercial Risk Asia after the deal was announced.

    Guernsey steps up Chinese captive campaign with Hong Kong masterclass

    Guernsey, the British island captive centre, continues its campaign to promote itself to the Chinese and wider Asian market, by announcing that it will host its first insurance masterclass in Hong Kong on 4 November.

      Shenzen beats Fosun in bid for ACR and plans to form reinsurance hub for China

      ACR Capital Holdings has confirmed that its major shareholders – 3i Group, Khazanah Nasional Berhad, Temasek Holdings and Japan’s Marubeni Corporation – have agreed to sell the reinsurance group to Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings (SIHC), reportedly for $1bn.

        Singapore launches cybersecurity plans

        Singapore has announced a S$10 million programme to increase cyber security know-how among neighbouring Southeast Asian states. The ASEAN Cyber Capacity Programme will use the money to pay for expertise and training in order for the countries to take charge of their respective security agendas, said Singapore’s Minister for Communications and Information Yaacob Ibrahim.

          EIL set to grow in South Korea following new pollution laws

          Changes to pollution laws in South Korea could raise awareness of environmental impairment liability (EIL) among corporates in the region. It will also lead to a greater take-up of environment liability insurance (ELI), not least because the new law makes it a mandatory purchase for certain companies.

            Think of the children

            In County Clare, Ireland there is a place called Lisdoonvarna, which every year holds a match-making festival. The event, which has run for 150 years, was originally designed to help single farmers with limited social skills but acres of land, to find a wife. Both the Irish government and the Catholic church were keen to see these landed singletons married off and starting a family.

              Howell named Zurich head of Asia-Pacific as group ditches Global Corporate operation

              Jack Howell has been appointed head of Zurich’s Asia-Pacific operations, as recently hired group CEO Mario Greco [pictured, below] continues his restructuring of the troubled Switzerland-based international insurance group.

                Myanmar government confirms plan to accelerate foreign participation in insurance market

                The Myanmar government plans to further open the country’s insurance sector to foreign firms early next year. It also plans to lift a range of restrictions placed on local insurers as part of its wider effort to boost the economy, according to local newspaper the Myanmar Times.

                  Reputational risk fastest rising for APAC’s SMEs: Zurich

                  The risks posed by cyber attacks and reputational damage are fast rising up the corporate agenda for small and medium-sized enterprises (SMEs) in Asia-Pacific and worldwide, according to Zurich Insurance Group’s (Zurich) third annual global SME survey.

                    On the move

                    Hough appointed MD for Aspen Re in Asia-Pacific, Pablo Diago appointed claims manager for HDI Global SE in Singapore, XL Catlin appoints Chambers as Hong Kong country manager, PartnerRe appoints Beedle as head of Asia-Pacific, Lloyd’s strengthens Singapore team and expands on plans for Malaysia, Swiss Re Corporate Solutions hires Jonathan Rake as head of Southeast Asia, JBA Group opens APAC hub in Singapore, appoints Ian Willis managing director and Berkshire Hathaway Specialty Insurance appoints head for new Macau office.

                      Munich Re closes Malaysia, Shanghai and Melbourne and bets on hub approach

                      Munich Re is closing its operations in Malaysia, Shanghai and Melbourne but will bolster its units in Singapore, Tokyo and Beijing, as the German reinsurer adopts what it describes as a more “local” and “flexible” approach in the Asia-Pacific (APAC) region.

                        Mapfre takes control of Indonesian insurer in search for growth

                        Spanish insurance giant mapfre has announced that it will pay €92m to take control of Indonesian insurer PT Asuransi Bina Dana Arta Tbk (ABDA), to help it tap what it calls the “enormous growth potential” of this underinsured country of some 250 million inhabitants.

                          Closing the protection gap with trust and transparency

                          Trust and transparency will be key to widening insurance penetration in Asia and tapping the vast potential in the region, according to a new report.

                            InsurTech bandwagon comes to Singapore

                            September saw the first InsurTech conference in Asia and the largest gathering to date of insurers and startups. Nicholas Pratt reports.

                              Asian risk and insurance market embraces the blockchain

                              As more insurers announce new blockchain-based projects on an almost weekly basis, Adrian Ladbury asks whether this new technology could really be the saviour for an insurance industry in dire need of innovation.

                                PwC reports big potential for blockchain in corporate and wholesale insurance markets

                                The big consulting firms certainly see big potential in the use of blockchain technology by the international insurance market and big potential benefits for risk and insurance managers.

                                  China Risk Frontiers: Supply chain reaction

                                  Risk managers of multinationals talk about the supply chain risks when doing business in China. Nicholas Pratt listens in.

                                    Seven-year plans and four-year itches

                                    Nicholas Pratt talks to Victoria Tan of the Ayala Corporation about her role as group head for risk management and sustainability.