Latest China Headlines

China Insurance Int’l. CEO Resigns, Succeeded by Deputy

Jan 5 2006 // A report from Dow Jones newswires in Hong Kong notes that Miao Jianmin, vice chairman and CEO of China Insurance International Holdings Co., the holding company for the Tai Ping insurance businesses in China, has...

Best Affirms China Ins. (NZ) Ratings

Dec 21 2005 // A.M. Best Co. announced that it has affirmed the financial strength rating (FSR) of “B+” (Very Good) and assigned an issuer credit rating of “bbb-” to New Zealand-based China Insurance (NZ) Company...

AIR Worldwide, ISO Report Opening of Representative Office in Beijing

Dec 12 2005 // AIR Worldwide Corporation (AIR) and ISO reported the opening of the AIR Worldwide Corporation Beijing Representative Office in China. AIR, a subsidiary of ISO, helps more than 400 insurers, reinsurers, government agencies...

News Briefs

Dec 4 2005 // Willis Expands in China, Latin America: In a breakthrough agreement, global insurance broker Willis Group Holdings Limited, has received written approval from the China Insurance Regulatory Commission (CIRC) to increase...

Willis Gets Permission to Increase Stake in Chinese Broker to 51%

Nov 15 2005 // In a breakthrough agreement, global insurance broker Willis Group Holdings Limited, announced that it has received written approval from the China Insurance Regulatory Commission (CIRC) to increase its ownership interests...

Lloyd’s Receives Approval for Chinese Reinsurance Operation

Nov 10 2005 // Lloyd’s announced that it has been given the green light to establish an on-shore reinsurance operation in China. “The on-shore license will give Lloyd’s an important strategic foothold in one of the...

S&P Affirms CIRe ‘A-‘ Ratings

Oct 26 2005 // Standard & Poor’s Ratings Services announced from its Hong Kong office that it has affirmed its “A-” insurer financial strength and counterparty credit ratings on China International Reinsurance Co....

Typhoon Damrey Ravages Hainan Island; Heading Towards Vietnam

Sep 26 2005 // Typhoon Damrey, described as the strongest storm to hit the area in 30 years, roared across China’s Hainan Island earlier today. According to news reports at least two people were killed and some 170,000 were forced...

Lethal Typhoon Khanun Hits Northeast China; Nine Deaths Reported

Sep 12 2005 // At least nine people have lost their lives, many more are injured or missing, and more than one million have been evacuated as Typhoon Khanun lashed China’s Zheijang province with high winds and torrential rains. The...

Sep 5 2005 // Extreme Weather Hits Europe: Devastating wild fires in Portugal; torrential rains in Switzerland, Austria, Germany and Romania; drought in much of France. There seems to be no end to the list of extreme weather conditions...

Typhoon Talim Hits Mainland China; 72 Dead; Thousands Homeless

Sep 5 2005 // At least 73 people have died in eastern China as Typhoon Talim slammed into the coast, triggering floods and landslides. China’s Xinhua News Agency reported that around 53 people have died in Anhui Province, the...

International Newsbriefs

Sep 5 2005 // Extreme Weather Hits Europe: Devastating wild fires in Portugal; torrential rains in Switzerland, Austria, Germany and Romania; drought in much of France. There seems to be no end to the list of extreme weather conditions...

Business Moves

Sep 5 2005 // Allmerica Exits Life Sales Allmerica Financial Corp. is getting out of the variable annuity and variable life insurance business, selling those operations to The Goldman Sachs Group Inc. as part of a $385 million deal....

UPDATE: Bank of Communications Applies for P/C License

Aug 24 2005 // The Hong Kong-based insurance unit of China’s Bank of Communications Co. has filed a formal application with the China Insurance Regulatory Commission (CIRC) to establish a Shanghai-based P/C insurance...

China’s Bank of Communications to Launch Mainland P/C Unit

Aug 23 2005 // Reports from a number of sources (Bloomberg, Asia Pulse) indicate that China’s Bank of Communications Ltd. (BC) is planning to form a partnership to enter the P/C business on the mainland. BC, China’s fifth...

CIRC Lifts Suspension of Willis China Office in Guangzhou

Aug 12 2005 // Willis Group Holdings Limited announced that the suspension of the license of its Guangzhou, China, branch office to accept new business has now been lifted. Willis said the “suspension related to a misunderstanding...

Zurich Global Energy Appoints Barber

Aug 2 2005 // Zurich Global Energy announced the appointment of Chris Barber as Global Energy onshore property manager for Asia. The appointment follows the creation of the Greater China unit under CEO Johnny Chen at the start of 2005...

Foreign Insurers in China – Risk or Opportunity?

Jul 28 2005 // With only four percent of its 1.3 billion people holding insurance policies, China represents the world’s largest but also perhaps most challenging opportunity for foreign insurers, according to a study published by...

AEGON to Sell Life Insurance Through Banks in China

Jul 25 2005 // AEGON-CNOOC Life Insurance Company Ltd., the 50/50 joint venture of AEGON with China National Offshore Oil Corporation (CNOOC), has signed national cooperation agreements with two leading banks in the People’s...

China’s PICC Uses AIR Model for Earthquake Risk Analysis

Jun 28 2005 // AIR Worldwide Corporation has announced that China’s PICC Property and Casualty Company Limited has completed the first earthquake risk analysis using AIR’s China earthquake model. Guy Carpenter coordinated the...