S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
Regulatory actions and more
* CBL Corp. Ltd.'s shareholder, Oceanic Securities PTE Ltd., filed an opposition to the proposed liquidation of the company. A New Zealand court recently adjourned the liquidation hearing to no later than Feb. 4, 2019, to give the opposing shareholder time to consider its position and file a statement of defense, if needed.
* The Korea Fair Trade Commission levied a fine of 7.6 billion won on Korean Reinsurance Co., citing the company's business practices in obstructing competition in the domestic general aviation reinsurance market.
* The Philippines' Bureau of the Treasury announced the placement of a parametric insurance policy that provides a maximum cover of 20.49 billion pesos for 25 disaster-prone provinces in the country's eastern seaboard.
* Hong Kong's Insurance Authority has granted the first license under an expedited scheme for digital-only insurers to local startup Bowtie Life Insurance Co. Ltd.
Deals, updates and other transactions
* U.S.-based Aflac Inc. and Japan Post Holdings Co. Ltd. will move to collaborate on insurance products they can offer through their strategic partnership, which was strengthened with an agreement under which the latter plans to take an equity stake in the U.S. insurer.
* Taiwan Business Bank Co. Ltd. will absorb wholly owned units TBB Insurance Agency Co. Ltd. and TBB Property Insurance Agency Co. Ltd. in a merger. The proposed merger is expected to be completed by April 1, 2019.
* Australia-based private equity firm LeapFrog Investments Pty. Ltd. acquired a 19% stake in Sri Lanka-based Softlogic Life Insurance PLC from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, or FMO, for US$12 million.
* The European Commission has approved China Reinsurance (Group) Corp.'s proposed acquisition of Lloyd's of London business, Chaucer Plc. China Re will acquire Chaucer from Hanover Insurance Group Inc. for US$950 million.
* Greentown China Holdings Ltd. agreed to buy 900 million shares, or about 11.55%, of the total shares of Aeon Life Insurance Co. Ltd. for roughly 2.72 billion yuan. The deal is expected to close before Dec. 31.
* Japan's MS&AD Insurance Group Holdings Inc. has struck an agreement with Swiss Re AG to invest an additional £315 million in ReAssure, the latter's U.K. closed life book consolidator.
In other news
* China Reinsurance (Group) signed separate memorandums of understanding with China Taiping Insurance Group Ltd. and People's Insurance Co. (Group) of China Ltd. to cooperate in areas such as agricultural and catastrophe protection mechanism.
* Fanhua Insurance Sales Service Group Co. Ltd. a subsidiary of China-based Fanhua Inc., inked a framework agreement for strategic cooperation with Ping An Health Insurance Co. of China Ltd. to collaborate on the customization and distribution of medical insurance products.
* Goldman Sachs analyst Thomas Wang has upgraded China Life Insurance Co. Ltd.'s H shares to "neutral" from "sell," as he views near-term growth worries as priced into the stock.
Featured in S&P Global Market Intelligence
Japan Post-Aflac deal would shore up sales relationship, open path for growth