Carrier

The licence makes it the first Shanghai-based reinsurance subsidiary and the first foreign-owned reinsurance subsidiary in China.

Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.

The partnership includes a reinsurance pact and the sale of a near-one quarter stake.

Carrier will not publish profit target for 2020 after March withdrawal.

The carrier follows Convex into the distressed market, where rates are expected to soar after damaging Covid-19 losses.

Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.

The carrier’s decision to withdraw comes just over a year after the partnership was announced.

Almost half the companies surveyed fail to confirm they expect to continue to meet the rules.

The regulator also discovers a “patchy ability” to assess cyber risk in the 2019 exercise.

The success of remote working is prompting businesses to rethink how the London market will operate post lockdown.

The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.

The Irish central bank finds Rory O'Connor "knowingly and actively" under-reserved and gave false information to the supervisor.