Policy and regulation
The China Banking and Insurance Regulatory Commission issued new regulations governing the risk management of insurance groups, Reuters reported.
The regulations aim to improve supervision of insurance groups, limit noncore unit holdings and regulate their investments in other companies as part of measures to curb risk in the sector.
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The Indian government is not considering any proposal to merge public general insurers, according to Minister of State for Finance Bhagwat Karad, The Economic Times reported.
There are four public general insurers in India: New India Assurance Co. Ltd., National Insurance Co. Ltd., United India Insurance Co. Ltd. and Oriental Insurance Co. Ltd.
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Thailand's Office of Insurance Commission is considering a request from the Thai General Insurance Association to allow insurers to refund 100% of premiums to customers and revoke outstanding COVID-19 policies that have put the sector at risk of collapse, Nikkei Asia reported.
A group of 10 listed Thai insurers saw a combined loss of 5.8 billion Thai baht in the third quarter, with Syn Mun Kong Insurance PCL enduring the largest net loss of 3.7 billion baht.
Life and health
Adamjee Life Assurance Co. Ltd. intends to raise at least 700 million Pakistani rupees through an IPO of 25 million ordinary shares at a per-share floor price of 28 rupees, Asia Insurance Review reported, citing the Dawn newspaper.
The strike price can go up to 39.20 rupees per share, or 40% higher than the floor price, based on investor interest.
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Bank of East Asia Ltd. is considering a sale of its general insurance business, Blue Cross (Asia-Pacific) Insurance Ltd., as part of its plans to dispose of noncore assets to raise cash, Bloomberg News reported, citing people familiar with the matter.
The potential sale could raise up to $400 million. The Hong Kong-based lender could begin a formal sale process as soon as early 2022 for the unit, which could draw interest from global insurers and other bidders.
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A Sony Life Insurance Co. Ltd. employee was arrested following allegations that he improperly transferred $155 million from Sony Life's Bermuda-based subsidiary SA Reinsurance Ltd. to a U.S. bank account in May while working from home, Nikkei Asia reported.
Sony Life said it was working on strengthening the management of its subsidiaries, including the formation of a team that would prevent similar incidents in future.
Multiline
The Reserve Bank of India filed an application to initiate the corporate insolvency resolution process for Reliance Capital Ltd.
Reliance Capital said it intends to cooperate fully with the regulator-appointed administrator to expedite the resolution of its debt.
Property and casualty
Syn Mun Kong Insurance's controlling shareholders are considering selling a majority stake in a potential deal that could be valued at about $200 million, Bloomberg News reported, citing people familiar with the matter.
Assicurazioni Generali SpA and Liberty Mutual Insurance are among the bidders that have been selected to advance to the next round of bidding. The deliberations are still ongoing, and the deal structure and size could still change, according to the report.
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The Hong Kong insurance industry saw a 1.1% year-over-year decrease in total gross premiums in the first three quarters of 2021 to HK$455.9 billion, according to provisional statistics released by the Insurance Authority.
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Arthur J. Gallagher & Co. has acquired Victoria, Australia-based retail property/casualty broker Sound Insurance Services for undisclosed terms.
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Suncorp Group Ltd. completed the sale of its 50% stake in joint venture RACT Insurance Pty. Ltd. to partner Royal Automobile Club of Tasmania Ltd.
Reinsurance
Mitsui & Co. Ltd. increased its stake to 51% in Singapore-based general reinsurance broker Pana Harrison (Asia) Pte. Ltd., which was rebranded as Mitsui Bussan Pana Harrison Pte. Ltd. following the deal closing.
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