Manulife, RSA Extend Nonlife Insurance Partnership in Hong Kong

Manulife (International) Ltd. said it will continue to jointly distribute individual and corporate general insurance covering travel, critical illness and special occasions with Royal Sun & Alliance Insurance plc in Hong Kong for an additional five years.

The insurers had developed a partnership over 18 years, and Manulife is currently offering general insurance products underwritten by RSA, including terrorism and passive war cover for travel, critical illness cover for domestic helpers and medical care for pets; in addition to covering small and medium-sized companies for losses caused by property damage, burglary and fire, according to Manulife.

RSA expects the extension of the partnership to further enhance the distribution of general insurance products and services to both individual and corporate customers, said Chris Colahan, chief executive officer of RSA Hong Kong, in a statement.

Manulife (International) is part of the Canada-based Manulife Financial group of companies, which has managed funds amounting to C$492 billion (US$484 billion) as at Sept. 30, 2011.

U.K.-based RSA's net written premiums in 2010 were 7.5 billion pounds (US$11.5 billion), while its Hong Kong unit generated premiums reaching HK$547 million (US$70.4 million) in 2010 through the underwriting of personal and commercial lines.

Royal Sun & Alliance Insurance plc currently has a Best's Financial Strength Rating of A (Excellent).

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)