China News

Hoehne Joins Lockton Benefit Group in Minneapolis

Christine Hoehne has joined Lockton Benefit Group as an account executive in Lockton’s International Benefit Services practice in Minneapolis, Minn. Prior to joining Lockton, Hoehne spent eight years as an account executive for the Americas region of All Net, the …

XL Receives China License

XL Capital Ltd. announced that it has received approval from the China Insurance Regulatory Commission (CIRC) to start preparation work to set up a P/C company in the country. Following the approval, XL has a year to prepare to establish …

Chubb Encourages Chinese Firms to Adopt Risk Management Practices

Chubb Group recently co-hosted a seminar near Shanghai, which focused on the “increasing number of Chinese exports exposed to product liability claims and litigation in the United States and Europe.” As a result presenters called for Chinese companies to make …

Ratings Recap: Dongbu, China Taiping, Malaysian Re

A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of South Korea’s Dongbu Insurance Company, Ltd., both with stable outlooks. “The ratings reflect Dongbu’s solid market profile, sound underwriting performance and …

Bill Would Protect Insureds With Defective Drywall Complaints

U.S. Congressman Charlie Melancon of Louisiana has introduced federal legislation that would prevent insurance companies from cancelling or failing to renew homeowners’ policies as the result of Chinese drywall in their homes. Aimed at the problem of defective Chinese drywall …

IMF Head Eyes Global Currency Change; Presses China on Yuan

The imperative of greater global currency stability means the world can no longer rely, as it has done since the end of the gold standard, on a currency issued by a single country, the head of the IMF said on …

World Leaders Back Delay for Final Climate Change Agreement

U.S. President Barack Obama and other world leaders on Sunday supported delaying a legally binding climate pact until 2010 or even later, but European negotiators said the move did not imply weaker action. Some argued that legal technicalities might otherwise …

New York Signs Regulatory Agreement with El Salvador

The New York Insurance Department has signed a cooperation agreement with its counterpart in El Salvador, the latest in a string of similar agreements with insurance regulators in foreign countries. The agreement calls for increased cooperation on insurance-related issues between …

Agencies Outsourcing to China to Reduce Backlogs, Free Up Resources

ReSource Pro Gains by Offering Half-Price, Off-Hours, Highly-Efficient Back Office As more insurance agencies look for new ways to improve productivity and lower expenses, more owners and managers are investigating the potential of outsourcing operations. The trend has helped power …

Agencies Outsourcing to China to Reduce Backlogs, Free Up Resources

ReSource Pro Gains By Offering Half-Price, Off-Hours, Highly-Efficient Back Office As more insurance agencies look for new ways to improve productivity and lower expenses, more owners and managers are investigating the potential of outsourcing operations. The trend has helped power …