International & Reinsurance News

FWD Taps Union Life’s Lau as MD of Greater China, CEO of Hong Kong & Macau

FWD Group announced the appointment of Ken Lau as managing director, Greater China, and chief executive officer, Hong Kong & Macau, effective March 29, 2018. With more than 27 years’ insurance industry experience across the region, Lau “will lead FWD’s …

Class Action Suit Filed Against S. Africa’s Tiger Brands After Deadly Listeria Outbreak

A class action lawsuit was filed on Thursday [March 29] against South Africa’s Tiger Brands, after one of the company’s food factories was linked to a listeria outbreak that has killed 180 people since early 2017, the lawyer running the …

China’s Largest Courier Firm, SF Holding, Wins License to Deliver Parcels by Drone

Chinese courier company SF Holding Co. says it’s won a license to operate drones, opening up a new potential frontier for package delivery in the world’s second-largest economy. SF, the nation’s largest listed courier provider by market value, said late …

Ukraine’s Largest Bank, PrivatBank, Files $3B Lawsuit Against PwC Subsidiaries

Ukraine’s largest bank, PrivatBank, said on Monday [April 1] it had filed a $3 billion lawsuit against the Ukrainian and Cypriot subsidiaries of international accounting firm PwC for alleged breaches during audits of the lender in 2013-2015. It is the …

China’s New Insurance & Banking Watchdog to Continue Opening Financial Sector

China’s new banking and insurance regulator said on Thursday [March 29] it will deepen the reform and opening up of the banking and insurance systems and will crack down on financial risk. In a statement, the regulator also said it …

Boornazian to Retire as Chairman of Aspen Re and CEO of Aspen Re, Americas

Aspen Insurance Holdings Ltd. announced that Brian Boornazian has decided to retire as chairman of its reinsurance segment, Aspen Re, and as chief executive officer of Aspen Re, Americas, with effect from the end of April. “I would like to …

Ex-Chairman of China’s Anbang ‘Doesn’t Deserve Leniency,’ Say Prosecutors

Chinese prosecutors said Wu Xiaohui, the former chairman of Anbang Insurance Group Co., doesn’t deserve leniency as the one-day hearing of a fundraising fraud and embezzlement case against him wrapped up. Wu didn’t make confessions that could justify reduced penalties, …

Integro to Buy Lloyd’s Broker Tysers; Integro’s UK Wholesale Unit to Use Tysers’ Brand

Integro Insurance Brokers, the New York-based insurance brokerage and specialty risk management firm, announced it will acquire 100 percent of Hawkes Bay Holdings Ltd. (HBH), the privately owned parent company of Tysers & Co. Ltd., a specialist Lloyd’s broker. Further, …

Specialty Insurer Fortegra Financial Corp. Launches EU Subsidiary in Malta

Fortegra Financial Corp., a Jacksonville-based international specialty insurer and subsidiary of Tiptree Financial, announced the creation of a wholly owned European subsidiary in Malta. The unit, called Fortegra Europe Insurance Co. Ltd. (FEIC), has received authorization from the Malta Financial …

UK Regulators Seek to Reassure Insurers, Banks About Brexit Transition Period

U.K. financial regulators sought to reassure banks and insurers that they can rely on a transition period to ease their adjustment to Brexit, putting pressure on the European Union to do the same. The statements on Wednesday from the Bank …

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