Tag Archives: Insurance (TRBC)

UK watchdog to clamp down on insurance loyalty penalties


LONDON, Feb 18 (Reuters) – Britain’s Financial Conduct Authority said on Tuesday it was finalising “remedies” to stop home and car insurance companies penalising loyal customers.

The watchdog said the “loyalty penalty” cost longstanding customers an extra 1.2 billion pounds ($1.56 billion) in 2018.

More than four in five adults in Britain have one or more insurance products, and consumers who stay with their existing insurer at renewal almost always pay higher premiums than those who switch or negotiate, the FCA said in Sector Views, its annual review of key concerns for the year ahead.

The FCA also said high-risk retail investment products were exposing consumers to more risk than they can absorb, the FCA said.

“Some of the highest-risk products are often marketed directly to retail consumers with poor communication of the risks involved and implications that the investments are regulated, when this is not the case,” it added.

Many new payments firms had been able to enter the market and grow quickly, and some of their products had offered no protection for consumers.

Sector Views are used by the FCA to shape its business plan for the coming financial year and determine whether to open new market investigations and use its powers to intervene.

$1 = 0.7696 pounds
Reporting by Huw Jones; editing by John Stonestreet

Our Standards:The Thomson Reuters Trust Principles.


Source link

China’s indebted HNA group names chairman’s son as president: Caixin


A HNA Group emblem is seen on the constructing of HNA Plaza in Beijing, China February 9, 2018. REUTERS/Jason Lee

SHANGHAI (Reuters) – China’s indebted HNA Group has appointed its chairman’s son as president as a part of enterprise restructuring on the finance-to-aviation conglomerate, Chinese language monetary journal Caixin reported on its web site on Saturday.

Chen Xiaofeng, son of HNA Chairman Chen Feng, has been appointed president of the group, changing Zhang Ling, in accordance with Caixin.

HNA’s official web site named Chen Xiaofeng as president, in addition to a member of the board. Chen, a graduate of the College of Washington, can be chairman and CEO of HNA’s North American unit, in accordance with the web site.

Chen Feng has been HNA’s sole chairman after Wang Jian, the group’s co-chairman, died throughout a enterprise journey in France in July, 2018.

Since final 12 months, HNA has been ramping up gross sales of its property to stave off an intensifying money crunch as Beijing curbs abroad enlargement by personal corporations. By way of asset disposals, HNA is paring again an empire that when unfold from Deutsche Financial institution (DBKGn.DE) to Hilton Worldwide (HLT.N).

Reporting by Samuel Shen and John Ruwitch

Our Requirements:The Thomson Reuters Belief Ideas.


Supply hyperlink

Italy’s Cattolica says submitted provide for UBI’s insurance coverage arm


MILAN, Aug 9 (Reuters) – Italy’s Cattolica Assicurazioni has offered a non-binding provide for the life insurance coverage companies of UBI Banca, Chief Govt Alberto Minali stated on Friday.

Minali stated the provide was offered in June and that Cattolica was vying with different bidders for the division.

“We’re working to current a binding provide within the subsequent few weeks,” Minali stated.

Italy’s fifth-largest financial institution is trying to promote roughly 60-70% of the unit which incorporates stakes in a collection of three way partnership platforms with the likes of British insurer Aviva, sources have advised Reuters.

Primarily based in Verona, Cattolica Assicurazioni focuses on bancassurance merchandise and is hoping to take management of its current life insurance coverage partnership with UBI in addition to the opposite belongings on the market, the sources stated.

UBI has employed KPMG to public sale off the belongings and desires to obtain binding bids in direction of the top of September, one of many sources stated.

Minali stated any deal must be “worth accretive” for Cattolica and primarily based on an inexpensive monetary valuation of UBI’s enterprise enterprise. (Reporting by Silvia Aloisi, enhancing by Isla Binnie)

Our Requirements:The Thomson Reuters Belief Rules.


Supply hyperlink

China’s Anbang to offload health insurance unit as government speeds up asset sales


BEIJING (Reuters) – China’s Anbang Insurance Group said it will sell its entire stake in a health insurance unit as Beijing speeds up asset disposals at the troubled government-controlled insurance conglomerate.

FILE PHOTO – A general view shows the headquarters of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter

Anbang said it would sell 77.7% of its stake in Hexie Health Insurance through its property and casualty insurance subsidiary, and the remaining portion to five companies including Fujia Group, a private commerce company.

Fujia Group will take a 51% controlling stake after the deal, the statement said.

Anbang did not reveal the size of the deal, which requires approval from the China Banking and Insurance Regulatory Commission (CBIRC).

The move comes as regulators seek to speed up the process of selling Anbang’s assets to minimize financial risks. Anbang was one of the most aggressive Chinese buyers of foreign assets a few years ago, using leveraged loans and risky short-term financing tools.

More than 1 trillion yuan ($145.4 billion) worth of Anbang assets had been or were in the process of being disposed, CBIRC Vice Chairman Liang Tao told reporters on Thursday.

The regulator also would cut the portion of Anbang’s risky short-term insurance products to under 15% of its total insurance products by 2019, Liang said.

The Chinese government took control of Anbang in February last year, part of a sweeping campaign to reduce financial risk. The company’s former chairman, Wu Xiaohui, was later sentenced to 18 years in prison for fraud and embezzlement.

“For the next step, the takeover team will steadily introduce strategic investors to Anbang and push forward its restructuring,” Liang said, without elaboration.

China has formed a new company called Dajia Insurance Group to take over the assets of Anbang, according to sources familiar with the matter and a government document. The new group was led by He Xiaofeng, the head of Anbang’s takeover team.

($1 = 6.8763 Chinese yuan renminbi)

Reporting by Cheng Leng and Ryan Woo; Editing by Stephen Coates


Source link