Press Release - JANUARY 07, 2019

AM BestTV: Asia Emerging as Center for Insurance-Linked Securities, Says AM Best Managing Director


CONTACTS:
 Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK - JANUARY 07, 2019
In this episode of AM BestTV, Jose Ribeiro, managing director, Asia-Pacific, AM Best, said Asia is poised to become a significant growth opportunity for the insurance-linked securities (ILS) market. Ribeiro also pointed to captive insurance in multiple regions and foreign ownership of insurance companies in China as emerging growth areas. Click on http://www.ambest.com/v.asp?v=ribeiro1218 to view the entire program.

Ribeiro spoke about the growth in ILS in the Asian market.

“Singapore and Hong Kong are trying to establish themselves as centers for ILS vehicles,” said Ribeiro. “There is a bit of rivalry between Hong Kong and Singapore. Singapore is seen as the center for insurance and reinsurance, while Hong Kong is seen as the center for banking and financial services, as well as for insurance more connected with greater China. … To date, there’s nothing yet concrete, but it will happen, hopefully within the next 12 months.”

Ribeiro also discussed the development of the captive market in Asia.

“In Asia, there are three domiciles that have been quite active in terms of attracting new captive ventures. Probably the most important one is Singapore, which now boasts around 80 captives. The second one is Labuan in Malaysia. They currently have around 50 to 60 captives. The third one is in Micronesia, which is being mainly chosen by Japanese companies, and it has 25 captives. All of these captives are steadily growing,” he said.

Recent episodes of AM BestTV include:


  • Bank Troubles Cast Shadow Over Surplus Notes Market, Says Stonybrook Managing Director: Ravi Arps, managing director, Stonybrook Capital, said the financing tool available to mutual insurance companies faces a fragmented market, but has demonstrated it can be an attractive option for insurers and investors: http://www.ambest.com/v.asp?v=arps1118 .

  • China Opens New Chapter in Insurance Mergers and Acquisitions, Says Enhance President and CEO: Sam Radwan, president and chief executive officer, Enhance International, said recent moves by China’s insurance regulator are stirring cautious interest by foreign firms looking to increase their footprint in the growing market there: http://www.ambest.com/v.asp?v=radwan119 .

  • Risk Meets Capital: Inside the Creation of a Reinsurance Company: Executives from Harrington Re, Blackstone Insurance Solutions and Axis examine the strategy and steps that led to the launch of Harrington Re: http://www.ambest.com/v.asp?v=harrington119 .

  • Regulatory Expansion Drives Cyber Market, Says AIR Assistant Vice President and Director: Scott Stransky, assistant vice president and director of emerging risk modeling, AIR Worldwide, said evolving cyber-risk models cannot predict the next breach, but are better at identifying environments in which cyber breaches are more likely: http://www.ambest.com/v.asp?v=stransky119 .

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View AM BestTV episodes at http://www.ambest.tv .

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.