Taiwan News

China, Taiwan Sign Landmark Financial Services Agreements

Taiwan and China signed a series of landmark agreements on Sunday laying the groundwork for a flood of investment in financial services to flow across the Taiwan Strait for the first time in six decades. The agreements are the latest …

Business Moves

Progressive Progressive said it will begin offering motorcycle and RV insurance in Massachusetts. The Mayfield Village, Ohio-based insurer said it will offer the coverage through its Web site as well as through independent insurance agents. The addition of these coverage …

Business Moves

Munich Re German reinsurer Munich Re has successfully concluded the acquisition of specialty insurer HSB Group from American International Group for $739 million. The deal was originally announced last December. The purchase price in cash was financed by Munich Re …

Somali Pirates Strike Again; Hijack British, Taiwan Vessels

Pirates seized a British-owned ship and a Taiwan-registered fishing boat after taking three vessels last weekend, officials said on Tuesday, marking a jump in the number of hijackings in the waters off Somalia this year. In the first three months …

New York Signs Regulatory Agreement with Macau

New York Insurance Superintendent Eric Dinallo signed a cooperation agreement earlier this week with his counterpart in Macau, a move signaling the increasingly international approach to regulation for the country’s highest profile state commissioner. The agreement, signed Monday by António …

Bank of East Asia to Buy AIG’s Taiwan Securities Unit

The Bank of East Asia said on Thursday that it has signed a deal to buy the Taiwan securities arm of American International Group as the ailing U.S. insurance giant sells assets to raise cash. “The deal is subject to …

AIG’s Top Asia Executive Tse Retires

Edmund Tse, the top American International Group Inc. executive in Asia, is retiring, the troubled insurer said on Friday. Tse, who is in his early 70s, has worked at AIG since 1961, and was once considered a top candidate to …

Florida Homeowners’ Lawsuit Alleges Defective Chinese Drywall

A group of Florida homeowners sued German drywall maker Knauf Gips KG, its Chinese plasterboard units and several U.S. homebuilders on Monday, alleging contaminated drywall is sickening U.S. homeowners. The lawsuit said defective Chinese-made drywall was used during a building …

UK’s Prudential Sells Taiwan Insurance Units

Taiwan’s China Life will buy most of Prudential Plc’s local insurance business, with the UK firm taking around a 10 percent stake in China Life, valued at T$2.18 billion ($64 million), the companies said. The sale by the UK’s No.2 …

Markel International Appoints Lu as Senior Casualty Underwriter

Markel International Limited has appointed Louisa Lu as senior casualty underwriter in the product liability division of Markel International Singapore. Louisa will report to Peter Phillips, managing director of Markel International Singapore. Before joining Markel, Louisa worked for the Taiwan …