b'Insurance Corporate Finance | Equity Capital Markets COVID-19-related claims and opportunities pre- Despite of the initial impact of COVID-19 and the sented by an expected hardening of rates acrosssubsequent economic slowdown, the PRC govern-certain classes of business. First out of the blocksment continued its efforts to, and accelerated its was Aim listed Randall & Quilter Investmentprocess of, opening its financial sector. Initially Holdings Ltd. which in April 2020 raised $100 millionplanned for January 2021, the opening timetable to deploy in the legacy arena. Then followed Beazleywas later accelerated to January 2020 following and Hiscox raising 250 million and 375 millionPremier Li Keqiangs announcement at the 2019 respectively in May 2020 and then Lancashire inSummer Davos Forum. In December 2019, foreign June 2020 tapping up investors for 270 million. Allownership restrictions were removed by the China three main market players utilized a relaxation of theBanking and Insurance Regulatory Committee (the UK Pre-Emption Groups guidelines on raising newCBIRC) with effect from January 1, 2020. money on a non-preemptive basis announced inFollowing this regulatory change, foreign equity April 2020 which raised the limit to 20% of a com- investments into any life and non-life insurance panys existing issued share capital. This was a directsectors, reinsurance sector or insurance intermediary result of the upheaval in markets experienced in thesectors are no longer subject to foreign ownership early days of the COVID-19 pandemic outbreak. restrictions. However, the relevant regulatory approval and filing requirements remain.AsiaIn another regulatory development, the CBIRC In 2020, equity capital activity from the insuranceannounced in July 2020 that it would raise the capital sector slowed compared to 2019. Notable transac- cap on limits of total assets PRC insurers are allowed tions included: China Pacific Insurance (Group) Co.,to invest in equity assets. Since the announcement in Ltd.s June 2020 announcement of its $1.8 billionJuly 2020, the insurers can invest up to 45% of total offering and listing of its global depositary receiptsassets recorded at the end of the previous quarter in on the Shanghai-London Stock Connect Segment ofequity investments, which was increased from the the London Stock Exchange; PT Bhakti Multi Arthaprevious limit of 30% of total assets. The Insurance Tbks public offering of 2 billion shares at Rp$103Authority will have similar powers of inspection, per share on the Indonesia Stock Exchange in Aprilinvestigation and disciplinary powers in connection 2020; and A Plus Asset Advisor Company Ltd.s issuewith a designated insurance holding company as with of 2,798,086 shares at 7,500 per share on theauthorized insurers. These amendments establish the Korean Stock Exchange in November 2020.basic regulatory framework upon which additional insurance-linked securities (ILS) regulations can be promulgated, and additional regulatory activity is expected in 2021. g40 GLOBAL INSURANCE INDUSTRY|YEAR IN REVIEW 2020'