Insurers create path for significant link-up

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Shareholders in Cattolica Assicurazioni, an Italian cooperative insurer, approved its conversion into a joint-stock company on Friday, according to a Reuters report. The approval clears the way for a tie-up with Generali. Nearly 71% of shareholders agreed to the conversion, just above the required two-thirds majority.

Last month, Generali agreed to buy 24.4% of Cattolica and signed a multi-year partnership in asset management, healthcare, the internet of things, and reinsurance, Reuters reported. The investment will make Generali the largest shareholder in Cattolica.

Cattolica’s cooperative status gives shareholders one vote each regardless of the size of their stake. Conversion to a

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Hiscox hit by skyrocketing combined ratio

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“Operationally resilient.” That is how Hiscox Ltd described itself as it released it interim 2020 results, which saw a drop in its GWP and a surge in its combined ratio.

The group’s combined ratio shot up from 98.8% at the end of the first half of 2019 to 114.6% in the same period this year. The company’s gross premiums written fell from US$2,337.5 million (around SG$3,217.2 million) to US$2,235.5 million (around SG$3,076 million), leaving it with a loss before tax of US$138.9 million (around SG$191.2 million) compared to H1 2019’s profit of US$168 million (around SG$231.2 million).

The firm, which

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Aon CEO speaks on mega merger

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There’s a long way to go before ‘two become one’ for brokerage giants Aon Plc and Willis Towers Watson, whose courtship was first confirmed in March 2019. In the interim, Aon is trumpeting the benefits of the union which is slated to become official – assuming the mammoth merger doesn’t hit a snag – sometime next year.  

In the company’s earnings conference call following the release of its second quarter results, Aon chief executive Greg Case was quoted by Seeking Alpha as noting: “Our global risk survey highlights one of the top 10 risks our clients face – only one … Read More

HSBC reports second-quarter, first-half 2020 earnings results

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A pedestrian walks past illuminated signage for HSBC Holdings Plc displayed outside a bank branch in the Central district of Hong Kong, China.

Anthony Kwan | Bloomberg | Getty Images

HSBC is expected to report a sharp fall in earnings for the first half of 2020 as a result of the economic hit from the coronavirus pandemic and lower interest rates globally.

The London-headquartered bank, Europe’s largest by assets, is scheduled to release its financial report for the first six months of this year at 12 p.m. HK/SIN time. Its shares, listed in Hong Kong and London, have plunged by

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