This week in insurance: AllianzGI buys UOBAM, Swiss Re expands partnerships, Hong Kong faces tax uncertainty

Swiss Re CorSo is forming exclusive partnerships with Bajaj General Insurance.

The insurance and asset management industry saw several major deals, partnerships and business transitions from 10 to 14 August, whilst insurers faced changing market conditions..

Allianz Global Investors (AllianzGI) has agreed to acquire UOB Asset Management (UOBAM) from Singapore-headquartered UOB Group. 

The deal will increase AllianzGI’s assets under management in the Asia-Pacific region to over $196.4b (€170b).

The acquisition gives AllianzGI access to fast-growing markets, including Thailand, Malaysia, and Vietnam, whilst expanding its existing operations in Singapore, Taiwan, and Indonesia.

The Singaporean business of travel insurance brand Travel Guard has completed its underwriting transition to Zurich Insurance Group. 

The transition follows Zurich’s $600m acquisition of AIG’s personal travel business, including Travel Guard, in December 2024, leading to the creation of Zurich Cover-More as Zurich’s global travel arm.

Swiss Re Corporate Solutions is forming exclusive partnerships with Bajaj General Insurance in India and GNP Seguros in Mexico as it looks to expand its support for large companies in the two markets, including businesses growing their international operations.

In India, the partnership with Bajaj General Insurance will focus on providing underwriting expertise for sectors including high technology and manufacturing.

In the commercial insurance space, buyers continue to benefit from abundant capacity and strong competition, but geopolitical tensions, claims inflation and more detailed risk assessment are creating pressure in some parts of the market.

Aon’s Q2 2026 Global Insurance Market Insights report found that rate reductions, broader coverage and improved terms remain available across many major lines of business.

However, insurers are becoming more selective as they increasingly use data, analytics and artificial intelligence (AI) to assess risks and decide where to deploy capital.

Meanwhile, growing awareness of China’s existing tax rules on overseas investment income is expected to cause short-term volatility for insurers and banks in Hong Kong.

The ratings agency expects sales to mainland Chinese customers to slow temporarily as customers consider the tax implications of buying offshore insurance and investment products, according to S&P Global Ratings.

In a report titled China’s Offshore Tax: Core Demand Cushions Hong Kong Banks And Insurers, S&P Global Ratings said the slowdown is likely to affect both banks and insurers as more mainland customers assess their tax obligations.