Global reinsurer MAPFRE RE has announced that on 2 July 2024, it obtained approval from the National Financial Regulatory Administration of the People’s Republic of China to open a branch in Beijing. Miguel Rosa, CEO of MAPFRE RE (pictured), commented: “The opening of this branch reinforces our commitment to the Chinese market and to continue increasing our services in Asia, a continent in which MAPFRE RE has a direct presence – in addition to China – in the Philippines, Japan, Malaysia and Singapore." #InsurtechInsights #Reinsurance #InsuranceNews
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Don't bother scheduling an appointment – we're here for you at #SIRC We understand those registration lines can rival a novel, and the Singapore sun is certainly showing off its intensity. We recognise the importance of trust in our industry. Reinsurers, take this opportunity to connect with the service providers responsible for your forensic and restoration cases. Dr. John Horswell and Ts. Vanesha are dedicated to fostering these crucial relationships. Let's discuss how trust and collaboration can elevate our industry while sharing a light-hearted moment or two amidst the hustle and bustle of SIRC. Drop by, unwind with us, and let's explore the avenues of trust and innovation in the world of reinsurance. Asia Insurance Review, Swiss Re, Swiss Re Reinsurance Solutions, S&P Global Ratings, Allianz, Gallagher Re, AXA XL, AXA, Guy Carpenter, Howden Broking, Munich Re, MS Amlin, J.B.BODA Group, KOREAN RE, General Insurance Corporation of India (GIC Re), OdysseyRe, Hannover Re, Asia Insurance Post, Oona Insurance Philippines (formerly MAPFRE Insurance), The Insurer, The Digital Insurer, Insurance Insider #SIRCNetworking #TrustBuilding #ReinsuranceIndustry #Forensic #Investigation #Disaster #Restoration #Singapore #Recovery #marinabaysands
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Tycoon #RichardLi's insurance business #FWD is axing more than 50 staff in Hong Kong and Singapore this week, sources told Scott Murdoch and me. #reuters #scoop The cuts come after a failed attempt for the third time to float FWD's shares on the HK bourse. The insurer was in a growth mode to gain greater market share via expansionary moves. Now it's focusing on "profitability" via cost controls, and hope that become sustainable, a source close to the company said. Other regional players in insurance are seeing premium jumping since border open with China. Makes one wonder why FWD holds a different view on market prospect or was it really a rolling back from over hire. #insurance #hongkong #ipo #premium #PCG #pacificcenturygroup https://lnkd.in/gvVJK2VV
Hong Kong insurer FWD Group cuts around 50 jobs - sources
reuters.com
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Exciting news in the reinsurance industry! RGA has inked a groundbreaking deal with Japan Post Insurance Company, marking a significant moment in the Asia-Pacific longevity market. By reinsuring 700 billion JPY through coinsurance, RGA proves its expertise in managing capital and reducing longevity risk. This partnership emphasizes a shared commitment to customers and strategic objectives. Don't miss out on this innovative transaction shaping the future of the industry! #reinsurance #finance #innovation
RGA announces agreement with Japan Post Insurance Company
insurancebusinessmag.com
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IFSCA CIRCULAR: CLARIFICATION ON FRAMEWORK FOR SHIP LEASING The circular titled as “Clarification on Framework for ship leasing", issued by IFSCA on April 02, 2024, provides clarifications regarding permissible activities for lessors as outlined in the Ship Leasing Framework ("SL Framework”). According to the SL Framework, a lessor holding a Certificate of Registration (CoR) under the finance company regulations is allowed to engage in specific activities detailed within the framework. The circular further specifies that a lessor is only permitted to undertake activities mentioned in paragraph (ii) of sub-clause E of the SL Framework if they possess absolute or leasehold rights over the ship or ocean vessel in question. This means that the lessor must have legal ownership or lease rights over the vessel to engage in the activities mentioned in the specified paragraph. Thus, the circular aims to provide clarity on the permissible activities for lessors under the SL Framework, emphasizing the requirement of ownership or leasehold rights over the vessel for certain activities. IFSC CIRCULAR: REMOTE TRADING PARTICIPANTS ON STOCK EXCHANGES IN THE IFSC IFSCA on April 03, 2024, has issued a circular to all the Stock Exchanges in the IFSC. The circular enables foreign entities to directly trade on Stock Exchanges in IFSC as Remote Trading Participants (RTPs) without having the requirement of either being physically present or having a Broker-Dealer. It further sets various conditions (including without limitations) for RTP onboarding, restricts trading to certain products, excludes Indian entities from RTP status, and delegates implementation and reporting responsibilities to recognized Stock Exchanges. ALLIANZ PARTNERS BECOMES THE FIRST INTERNATIONAL REINSURER TO ESTABLISH OPERATIONS IN GIFT CITY. Allianz Partners, headquartered in France, has established an IFSC Insurance Office (IIO Reinsurance Branch) in GIFT City. The move positions Allianz Partners as the first foreign reinsurer to establish its presence within the IFSC, representing a notable advancement in its strategic expansion efforts in India. The establishment of the IIO Reinsurance Branch aligns seamlessly with Allianz Partners' overarching business strategy, which prioritizes growth within the insurance sector and strengthening its position in the Indian market. By setting up its operations within the IFSC, Allianz Partners aims to support the opportunities presented by the IFSC to enhance its capabilities, expand its offerings, and cater to the diverse needs of the Indian insurance landscape. This strategic decision demonstrates Allianz Partners' commitment to furthering its market presence and enhancing its capabilities to serve clients in India and beyond. #legal #startupbusiness #ventures #corporategovernance #funds #giftcity #investindia #sebi #aif #regulation #giftcity #ifsca #familyoffices #pe #vc #india #angelnetwork #finance #funds #pms #cs #ca #lawschool
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IFSCA CIRCULAR: CLARIFICATION ON FRAMEWORK FOR SHIP LEASING The circular titled as “Clarification on Framework for ship leasing", issued by IFSCA on April 02, 2024, provides clarifications regarding permissible activities for lessors as outlined in the Ship Leasing Framework ("SL Framework”). According to the SL Framework, a lessor holding a Certificate of Registration (CoR) under the finance company regulations is allowed to engage in specific activities detailed within the framework. The circular further specifies that a lessor is only permitted to undertake activities mentioned in paragraph (ii) of sub-clause E of the SL Framework if they possess absolute or leasehold rights over the ship or ocean vessel in question. This means that the lessor must have legal ownership or lease rights over the vessel to engage in the activities mentioned in the specified paragraph. Thus, the circular aims to provide clarity on the permissible activities for lessors under the SL Framework, emphasizing the requirement of ownership or leasehold rights over the vessel for certain activities. IFSC CIRCULAR: REMOTE TRADING PARTICIPANTS ON STOCK EXCHANGES IN THE IFSC IFSCA on April 03, 2024, has issued a circular to all the Stock Exchanges in the IFSC. The circular enables foreign entities to directly trade on Stock Exchanges in IFSC as Remote Trading Participants (RTPs) without having the requirement of either being physically present or having a Broker-Dealer. It further sets various conditions (including without limitations) for RTP onboarding, restricts trading to certain products, excludes Indian entities from RTP status, and delegates implementation and reporting responsibilities to recognized Stock Exchanges. ALLIANZ PARTNERS BECOMES THE FIRST INTERNATIONAL REINSURER TO ESTABLISH OPERATIONS IN GIFT CITY. Allianz Partners, headquartered in France, has established an IFSC Insurance Office (IIO Reinsurance Branch) in GIFT City. The move positions Allianz Partners as the first foreign reinsurer to establish its presence within the IFSC, representing a notable advancement in its strategic expansion efforts in India. The establishment of the IIO Reinsurance Branch aligns seamlessly with Allianz Partners' overarching business strategy, which prioritizes growth within the insurance sector and strengthening its position in the Indian market. By setting up its operations within the IFSC, Allianz Partners aims to support the opportunities presented by the IFSC to enhance its capabilities, expand its offerings, and cater to the diverse needs of the Indian insurance landscape. This strategic decision demonstrates Allianz Partners' commitment to furthering its market presence and enhancing its capabilities to serve clients in India and beyond. #legal #startupbusiness #ventures #corporategovernance #funds #giftcity #investindia #sebi #aif #regulation #giftcity #ifsca #familyoffices #pe #vc #india #angelnetwork #finance #funds #pms #cs #ca #lawschool
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Everest secures regulatory approval to launch operations in Mexico Everest has announced that it has received regulatory approval from the Comisión Nacional de Seguros y Fianzas to operate in Mexico. The firm is set to commence trading under the moniker Compañ��a de Seguros Generales Everest México S.A. de C.V., and will be led by Jaime Chaves López, head of Mexico operations. Basing themselves in Mexico City, the company is looking take advantage of the rapidly evolving insurance market in Mexico. Everest is aiming to leverage its financial strength, superior service, and extensive offerings across commercial and specialty property, casualty, marine, and financial lines to serve companies in this growing market. The new Mexican entity will enable Everest to bring its expertise and core property and casualty (P&C) product offerings to this key emerging market. The company will aim to offer superior service and a wide range of insurance solutions to meet the diverse needs of businesses in Mexico. The offerings will include commercial and specialty property, casualty, marine, and financial lines, leveraging Everest’s extensive global network and financial strength. Additionally, Everest’s entry into the Mexican market aligns with the company’s strategic goal to expand its global footprint and serve key emerging markets. This expansion is expected to bolster Everest’s position as a market leader, both in Mexico and internationally. Pablo Korze, senior vice president and regional president for Latin America, stated, “Mexico’s growing economy and geographical location make it a key emerging market in the global financial landscape, and one Everest is well-positioned to serve. Backed by the power of Everest’s financial strength and expanding global network, we are excited to bring our underwriting expertise and a set of core P&C product offerings to this region.” Adam Clifford, co-lead of Everest Insurance International®, added, “We have an outstanding team of professionals in Mexico, and under Jaime’s leadership I am confident in our ability to become a preferred market leader in Mexico and around the globe.” News credit FinTech Global #news #trendingnews #viralnews #financenews #finance #fintech #fintechnews
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In Asia, Singapore has a great chance to be the "Bermuda in APAC", but the Japanese institutions are truly the ones with the advantage of having the reinsurance data on natural catastrophes and other physical risk events in this part of the world. 😉🤫👍 Readers' comments: A: article doesn't seem to really explain what Bermuda's approach is or how it is different (or the pros and cons of their approach). B: At the moment London is more like "Barbuda on Thames"! 🤫 ********************* “Singapore-on-Thames” has become a common meme used by politicians to pitch a hypothetical new model for the UK economy. But should the wholesale insurance market in London instead be pushing for a Bermuda-on-Thames regime for the UK reinsurance industry? With the UK’s excellent plumbing into global insurance markets, could an anglicised version of the prudential regulatory regime in Bermuda, which has emerged in recent decades as a leading market for offloading risks, turn London into an uncontested world leader in reinsurance? If so, this could bring significant capital flows and many new jobs to London, with commensurate increased tax revenues for the UK. ...."
London should aim to be ‘Bermuda-on-Thames’
ft.com
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➡ For Any Query, Click Here: https://shorturl.at/hizCD The life reinsurance is an insurance practice where one insurance company purchases its insurance contract. Insurance companies use reinsurance as a means to transfer some of the financial risks they assume when issuing policies. In such a situation, an insurance company transfers some of its risk to another insurance company, a reinsurer. The insurance #company offers a defined package of risks to a reinsurer. The reinsurer retains the right to accept or reject the risk, just like the primary insurer can decide whether to insure a policyholder. In #deciding, the reinsurer will underwrite some or all of the policies to be reinsured. Key Players: China Resources Group Great-West Life KOREAN RE Mitsui Sumitomo Seguros Tokio Marine Seguradora The #Asia #Pacific #Life #Reinsurance #Market size was valued at USD 45.94 Billion in 2022 and the total Asia Pacific Life Reinsurance Market revenue is expected to #grow at a CAGR of 12.35 % from 2023 to 2029, #reaching nearly USD 103.80 Billion. #LifeReinsurance #APACInsurance #ReinsuranceMarket #InsuranceIndustry #RiskManagement #FinancialProtection #InsuranceSolutions
Asia Pacific Life Reinsurance Market: Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics, Segmentation by Type, Product, Distribution Channel, Category, End-Users
https://www.maximizemarketresearch.com
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In a recent interview with South China Morning Post, Prudential CEO highlights Hong Kong's emergence as an excellent hub for international insurers eyeing Asian expansions. The city's strategic location, robust regulatory framework, and dynamic business environment make it an attractive destination for companies seeking to tap into the growing insurance market in Asia. Prudential's endorsement underscores Hong Kong's pivotal role in shaping the future landscape of the insurance industry. As the region continues to evolve, this insight positions Hong Kong as a key player in the global insurance sector, offering unparalleled opportunities for growth and collaboration. https://lnkd.in/d8tBUyqf
Exclusive: Hong Kong ‘excellent hub’ for international insurers to expand
scmp.com
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Senior leaders from three of the world's largest reinsurers converged in Singapore for Day 2 of SIRC 2023. They highlighted the need for more education on sustainable underwriting practices in Asia due to hardening market conditions. Munich Re's Member of the Board of Management, Achim Kassow, emphasised the importance of appropriate pricing and sustainability between primary insurers and reinsurers. AXA XL CEO, Renaud Guidée, noted the hard market is driving a more selective approach and better risk structures. Urs Baertschi, Property and Casualty Reinsurance CEO at Swiss Re, described the move towards a more sustainable end-to-end value chain. The panel also stressed the importance of insurers taking full responsibility for risks and focussing on sustainable rates. More here: https://lnkd.in/gBtK7SGH (Re)in Asia's coverage of the event will continue throughout the week: https://reinasia.com/ #19SIRC #insurance #reinsurance #data #asiainsurance Singapore Reinsurers' Association
Reinsurance CEOs: underwriting discipline in Asia needs to improve
https://reinasia.com
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