United States Archives - InsuranceAsia News https://insuranceasianews.com/country/united-states/ Thu, 12 Sep 2024 10:53:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Taiwan specialty market on edge as US presidential election rolls closer  https://insuranceasianews.com/taiwan-specialty-market-on-edge-as-us-presidential-election-rolls-closer/ Thu, 12 Sep 2024 23:30:09 +0000 https://insuranceasianews.com/?p=162106 Following the the recent presidential election debate and the sparring over regional policy, attention is once again focused on the island nation due to the potential risk of disruption posed to its semiconductor sector and supply chains.

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With the US presidential elections day coming closer, the marine and specialty (re)insurance markets in Asia are becoming increasingly anxious because of potential contingent business interruption los...

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]]> Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m https://insuranceasianews.com/aons-white-rock-sues-china-construction-bank-over-vesttoo-fraud-claims-us140m/ Fri, 30 Aug 2024 10:09:27 +0000 https://insuranceasianews.com/?p=161752 The lawsuit is another step to maximise recoveries for clients impacted by the Vesttoo fraud and make the bank accountable for the harm it has caused, Aon spokesperson told IAN.

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Aon's company White Rock Insurance has filed a lawsuit in New York against China Construction Bank over the Vesttoo fraud and claiming a minimum of US$140 million from the bank, Aon spokesperson told ...

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The post Aon’s White Rock sues China Construction Bank over Vesttoo fraud, claims US$140m appeared first on InsuranceAsia News.

]]> QBE strikes US$1.6bn loss portfolio transfer deal with Enstar, RiverStone https://insuranceasianews.com/qbe-strikes-us1-6bn-loss-portfolio-transfer-deal-with-enstar-riverstone/ Fri, 09 Aug 2024 03:25:43 +0000 https://insuranceasianews.com/?p=160099 Enstar’s subsidiary will assume US$376m out of total net loss reserves for US commercial liability and workers' compensation risks, effective July 1, and will provide approximately US$175m of cover in excess of the ceded reserves.

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QBE has entered a US$1.6 billion loss portfolio transfer transaction with legacy specialists Enstar Group and RiverStone International to de-risk the group’s reserves, the insurer said in its half-yea...

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]]> QBE to wind down North American middle-market business https://insuranceasianews.com/qbe-to-exit-north-american-middle-market-business/ Wed, 19 Jun 2024 11:57:53 +0000 https://insuranceasianews.com/?p=156386 The shuttering of the underperforming unit will not affect core specialty, crop and commercial business, the Australian carrier said.

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Following an extensive strategic review, QBE has determined it will commence an orderly closure of its North America middle-market segment.
The segment represented gross written premium of US$500M in ...

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]]> Property cat rates decline 5% at 1.6 renewals: Howden Re https://insuranceasianews.com/property-cat-rates-decline-5-at-1-6-renewals-howden-re/ Thu, 30 May 2024 16:05:30 +0000 https://insuranceasianews.com/?p=154913 Reinsurers remain vigilant as an active Atlantic hurricane season could present challenges.

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The property-catastrophe reinsurance market pricing at the 1.6 renewals is moderating, with average risk-adjusted property-catastrophe reinsurance rates-on-line are 5% lower within a typical range of ...

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The post Property cat rates decline 5% at 1.6 renewals: Howden Re appeared first on InsuranceAsia News.

]]> Hannover Re books US$40m losses from Japan’s Noto earthquake, plane crash https://insuranceasianews.com/hannover-re-books-us40m-losses-from-japans-noto-earthquake-plane-crash/ Tue, 14 May 2024 09:48:02 +0000 https://insuranceasianews.com/?p=153894 The twin events in Japan accounted for 10% of the reinsurer's large loss budget for the first quarter.

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Hannover Re said losses from the earthquake that hit Japan’s Noto Peninsula in January and the plane collision that ensued totalled EUR37 million  (US$40 million), accounting for nearly 10% of its lar...

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The post Hannover Re books US$40m losses from Japan’s Noto earthquake, plane crash appeared first on InsuranceAsia News.

]]> China Construction Bank sued over Vesttoo fraud charges in US court https://insuranceasianews.com/china-construction-bank-hit-by-us-lawsuit-over-vesttoo-fraud-charges/ Fri, 10 May 2024 10:29:06 +0000 https://insuranceasianews.com/?p=153730 US company Porch accused the Chinese bank of enabling a “massive fraud” that caused “monumental losses” for the company, in a complaint filed to a New York court.

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China Construction Bank (CCB) is being sued over its role in the Vesttoo fake letters of credit scandal, according to a report by Reuters.
US insurance and home inspection software provider Porch Grou...

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]]> US carbon credit carrier Oka expands to Australia through partnership with Clima https://insuranceasianews.com/us-carbon-credit-carrier-oka-expands-to-australia-through-partnership-with-clima/ Fri, 10 May 2024 05:13:06 +0000 https://insuranceasianews.com/?p=153702 The partnership will be brokered by PSC Paragon and will support clients' efforts to meet net zero targets and enter voluntary carbon market through climate disclosure and decarbonisation.

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US carbon insurer Oka has expanded to Australia through a partnership with New South Wales-based carbon solutions platform Clima brokered by PSC Paragon, according to a press release.
Oka and Clima wi...

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]]> Lexasure-owned Front Street Re appoints Edison Fong as CEO https://insuranceasianews.com/insurtech-front-street-re-appoints-edison-fong-as-ceo/ Thu, 09 May 2024 08:28:25 +0000 https://insuranceasianews.com/?p=153636 New York-based Fong joins from reinsurer Converge Re, where he was a director focusing on reinsurance in life and annuities markets in the US.

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South-East Asian reinsurance and digital insurance solutions provider Lexasure Financial Group's subsidiary Front Street Re has appointed Edison Fong as its new chief executive officer.
New York-based...

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]]> Chubb set to pay US$350m in claims from collapsed Baltimore bridge: reports https://insuranceasianews.com/chubb-set-to-pay-us350m-in-claims-from-collapsed-baltimore-bridge-reports/ Fri, 03 May 2024 02:46:03 +0000 https://insuranceasianews.com/?p=153260 The payment is expected to be authorised within weeks, the reports said quoting an executive from WTW, who was the broker on the policy.

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Chubb, the insurer to the collapsed Baltimore Francis Scott Key Bridge, is set to pay US$350 million to the state of Maryland, according to multiple media reports.
A CNN report noted that the payment ...

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The post Chubb set to pay US$350m in claims from collapsed Baltimore bridge: reports appeared first on InsuranceAsia News.

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