The Netherlands ING Groep N.V. announced that it has appointed Jacques Kemp as chief executive for the Asia-Pacific region, succeeding Phil Shirriff who is retiring from the post at the end of March. “Kemp joined the executive committee of ING …
A.M. Best Co. made several ratings announcements yesterday. It confirmed the A (Excellent) financial strength ratings of ING Comercial America (ING-CA) and its wholly owned subsidiary, ING Comercial America Fianzas, and the B+ (Very Good) rating of Tugu Insurance Co. …
London-based Hong Kong & Shanghai Bank Holdings Plc (HSBC) has agreed to acquire Singapore-based Keppel Insurance for around $86 million in cash. The group is currently owned by the Belgian-Dutch Fortis Group and Keppel Capital Holdings Ltd., each with a …
A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) of Hong Kong- based Hang Seng Insurance Company Limited with a “stable” outlook. “The current rating reflects the company’s prudent capitalization, solid operating performance and superior distribution capabilities. …
Standard & Poor’s Ratings Services announced that it has revised its insurer financial strength and long-term counterparty credit ratings on Hong Kong-based China International Reinsurance Co. Ltd. (CIRe) to ‘A-‘ from ‘BBB+’ with a stable outlook. “The rating action reflects …
Boston-based Liberty Mutual Group announced that its subsidiary, Liberty International, has signed an agreement to acquire Winterthur’s Portuguese business units and branch offices, including its subsidiary companies Companhia Europeia de Seguros and Winterthur Pensoes. The terms of the deal were …
AIR Worldwide Corporation (AIR), one of the leading providers in catastrophe modeling and weather risk management, announced the release of new typhoon and earthquake models for the Asia-Pacific region. “The new typhoon models include Taiwan, Hong Kong and the Philippines. …
The Hong Kong and Shanghai Bank (HSBC) has agreed to take a 10 percent stake in Ping An Insurance, China’s second largest insurer for $600 million. U.S. investment banks Goldman Sachs and Morgan Stanley already have a combined 14 percent …
CIGNA Corporation announced that it has received formal approval to enter the Chinese life insurance market from the China Insurance Regulatory Commission, the first new license issued to a foreign insurer by the Chinese since the country’s accession to the …
American International Underwriters (AIU), the international property-casualty insurance organization of American International Group, Inc. (AIG), has named Julio Portalatin president of its Accident & Health Division and Raymond Lee president of its Personal Lines Division. Portalatin was previously president of …
