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Yahoo
4 minutes ago
- Yahoo
Best's Market Segment Report: A Two-Way Street for Reinsurance Diversification in Asia
HONG KONG, August 21, 2025--(BUSINESS WIRE)--Asia's reinsurers are actively expanding to mature overseas markets as part of a move to diversity and be more agile with underwriting cycle management, according to a new report from AM Best. The Best's Market Segment Report, "Asia in Focus: A Two-Way Street for Reinsurance Diversification," is part of AM Best's overall look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reinsurance-related reports, including AM Best's ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd's, life/annuity, health and regional reinsurance markets, will be available during August and September. AM Best views the move to diversity as credit positive. The report also notes that the majority of reinsurers within AM Best's Asia Reinsurance Composite posted higher levels of net income in 2024, with China's reinsurers experiencing the most notable gains. Over the past decade, the major European reinsurers have identified the Asia-Pacific region as a key source for diversification and growth. "Asia-Pacific reinsurers are following a similar strategy, significantly expanding abroad," said Christie Lee, senior director, AM Best. "With economic momentum slowing in China, and mature markets like Japan and South Korea facing demographic and economic headwinds, North Asian major reinsurers have increasingly turned to international markets to sustain growth and diversify risk." Among some of the report's other highlights: The composite's weighted average return on equity ratio improved to 11.3% for 2024, supported by stronger underwriting results and higher investment income, thus extending the improving trend from 2023. Reinsurers based in Singapore and throughout South/Southeast Asia reported strong earnings for 2024 that were broadly flat year-on-year, but still near historic highs. Reinsurance capacity rebuilds occurred amid pricing adequacy, leading to increased competition and treaty oversubscription. In Japan, April renewal revenue was reduced owing to increased retention and rate reductions; this may further fuel Asia-Pacific 2026 January renewal softening. To access the full copy of this market segment report, please visit For global reinsurance reports ahead of Rendez-Vous de Septembre, as well as video coverage of the event, please visit AM Best's Reinsurance Information center. Lastly, AM Best will host its annual reinsurance market briefing at Rendez-Vous de Septembre on 7 September 2025, at 10:15 a.m. (CEST) in Monte Carlo. For more information, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Christie Lee Senior Director, Head of Analytics +852 92827 3413 Chris Lim Associate Director, Analytics +65 6503 5018 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Cynthia Ang Senior Industry Research Analyst +65 6303 5026
The Hill
5 minutes ago
- The Hill
Work begins in Finland on a new Canadian icebreaker for Arctic defense
HELSINKI, Finland (AP) — Dignitaries at a steel-cutting ceremony Wednesday in Finland marked the start of work on a new Canadian icebreaker to be named the Polar Max and aimed at bolstering Arctic defense. The event marked the concrete beginning of a trilateral partnership of the United States, Canada and Finland announced by the White House in July 2024 to bolster defenses in a region where Russia has been increasingly active. Russia has vastly more icebreaker ships than the U.S. and Canada at a time when climate change has made the remote but strategically important Arctic more accessible. The Icebreaker Collaboration Effort, or ICE Pact, aims to leverage Finland's advanced shipbuilding expertise and technologies to help meet U.S. and Canadian demand for new icebreakers. Canada's minister for defense procurement, Stephen Fuhr, said his country is bringing its coast guard into the military and that investing in the Arctic is important for the future. 'The North is opening up, there are many reasons to be up there,' Fuhr said. 'There's security issues, resource development.' The hull will be built at Helsinki Shipyard before being transported to Canada where it's expected to be completed in Levis, Quebec by 2030. Quebec's Economy Minister Christopher Skeete highlighted the benefits of cooperating on the building of the new icebreaker. 'It's a partnership and we have a shared responsibility for the North, so this is a unique and very opportune partnership that allows us to leverage the strengths of both our countries in terms of maritime Arctic protection,' he said. 'The North is becoming more and more accessible, there are more and more rivalries in the North, and so we have to be prepared to assert our sovereignty out there,' Skeete added. During a NATO summit in June, U.S. President Donald Trump said Finland was the 'king of icebreakers' and suggested the U.S. might be willing to buy as many as 15 of them, including the used icebreaker that Trump said might be immediately available. 'We're trying to make a good deal,' Trump said. According to a U.S. Government Accountability Office report, the U.S. hasn't built a heavy polar icebreaker in almost 50 years. The last remaining one in service is the 399-foot Coast Guard Cutter Polar Star commissioned in 1976. During a talk in February at the RAND research organization, U.S. Coast Guard Vice Admiral Peter Gautier said the agency has determined it needs eight to nine icebreakers — a mix of heavy polar security cutters and medium Arctic security cutters. Building an icebreaker can be challenging because it has to be able to withstand the brutal crashing through ice that can be as thick as 21 feet (6.4 meters) and wildly varying sea and air temperatures, the report said.
Bloomberg
7 minutes ago
- Bloomberg
Bloomberg Daybreak Asia: Stocks Stall on Fed Caution; HKEX CEO Bonnie Chan
Asian markets looked set for a cautious open Thursday, as US stocks pulled back and bond prices climbed ahead of a key Fed gathering in Jackson Hole. The Nasdaq and S&P 500 slipped, while Treasuries rallied on tempered inflation concerns. Meanwhile, Chinese shares listed in the US bucked the trend with gains. All eyes now turn to Fed Chair Jerome Powell's upcoming remarks for clues on the September rate path. For more on the markets, we check in with Tim Pagliara, Chairman and Chief Investment Officer at CapWealth. Plus - Hong Kong Exchanges and Clearing CEO Bonnie Chan is upbeat that the return of international investors will help sustain momentum amid a boom in listings and trading. Hong Kong's stock market has boomed this year, with its benchmark index surging and share sales posting a strong recovery as Chinese firms flock to raise capital. That in turn has boosted trading volumes, one of the main drivers of earnings for the exchange. We bring you part of Chan's conversation with Bloomberg's Yvonne Man.
