Author Archive
Eric Muller-Borle
French Life Insurance AUM 2017 League Table
Here is the list of the 30 French insurance carriers by assets under management (AUM) as of 31 December 2017, the most recent data available. Numbers include individual and group life; health, life, and pension products; and unit-linked as well as guaranteed savings products. Companies with the “B” marker are bancassurance players, owned by a banking group and mainly distributed through bank agencies. # Name AUM (in m€)
Retire Vitally Conference in Zeist, NL, 24 January 2019
The European Association of Paritarian Institutions (AEIP); pension funds PFZW and PGGM from the Netherlands; the Finnish Pension Alliance TELA from Finland; and social protection group Humanis from France on January 24, 2019 organize a conference on the topic of “Retire Vitally” in the European Union. To kick off forthcoming discussions on “vital retirement”, i.e. retirement in a state of good health, the conference will analyze the current situation; discuss
Apicil Completes Acquisition of OneLife
French insurance group Apicil in January 2019 announced it has completed the acquisition of Luxembourg life insurance company OneLife. Luxembourg regulator CAA has granted its approval. OneLife has more than €5.2 billion in assets under management and employs more than 150 staff across Europe. It focuses on wealth management and asset management services to ultra-high-net-worth (UHNW), high-net-worth (HNW) and highly affluent clients. Apicil, the fourth largest social protection group
Athora Completes Generali Belgium Acquisition
Bermuda-based Athora Holdings in January 2019 completed the acquisition of Generali Belgium, first announced in April 2018. The final consideration paid is approximately €540 million. Generali Belgium has 530,000 customers and sells a range of life and non-life insurance policies through around 1,000 independent brokers. In 2017, total premium income amounted to €640 million and assets to €6.5 billion. The company will be rebranded to Athora Belgium in the
Hong Kong: FTLife Acquired by New World Development
Hong Kong-based property and infrastructure group New World Development (NWD) in January 2019 acquired FTLife Insurance, Hong Kong, from JD Group. NWD, through its subsidiary NWS Holdings, paid HK$21.5 billion (US$2.75 billion) for FTLife. The deal is one of the top five insurance M&As ever in Hong Kong. Beijing-based Chinese financial firm JD Group in November 2018 had put FTLife up for sale. It was reported to be looking for
Covered Agreement Signed Between UK, US
Replicating an earlier deal in 2017 between the European Union (E.U.) and the United States (U.S.), the latter in January 2019 signed a “covered agreement” with the United Kingdom (UK) that protects their respective international insurers and reinsurers when doing business with each other. The new covered agreement basically provides for a limited but very useful form of mutual recognition of reinsurance companies and of (re)insurance regulators. The existing
AIG Acquires UK Group Risk Insurer Ellipse
American International Group (AIG) in December 2018 announced that it has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection carrier in the UK, from Munich Re. Ellipse CEO Lee Lovett reports to Adam Winslow, CEO, International at AIG Life & Retirement. AIG expects Ellipse’s expertise in group protection and its technology to significantly enhance existing AIG Life operations. AIG Life will now distribute
Philip Willcock New CEO AIG Life UK
AIG Life Limited (UK) in December 2018 announced the appointment of Philip Willcock as CEO, effective March 1, 2019. He will be based in London and report to Adam Winslow, CEO, International, Life & Retirement. Willcock spent over 20 years with Aviva holding various senior positions in the UK life & health businesses. Most recently, he was CEO and President of Aviva’s joint venture in Indonesia and CEO of
Appointments at Lloyd’s Brussels
Lloyd’s Brussels in December 2018 announced the appointment of Delphine Marchessaux as chief underwriting officer. Delphine previously was head of underwriting, Cargo at Axa Corporate Solutions (now AXA XL) in France. Earlier, she was head of Marine claims (cargo and hull), having started her career as a Marine claims executive and team leader at AXA Corporate Solutions. She holds a Master of Science degree in Law from IFURTA (Institut
Sonja Rottiers CEO Lloyd’s Brussels Office
Lloyd’s in December 2018 appointed Sonja Rottiers as CEO of Lloyd’s Brussels and regional director for Europe, Middle East and Africa (EMEA). She reports to Lloyd’s CEO John Neal. Lloyd’s Brussels was launched in November 2018 to ensure that Lloyd’s syndicates can continue to write policies in the E.U. after Brexit. Before joining Lloyd’s, Rottiers was a non-executive board member for ING Belgium; Belgian cinema chain Kinepolis; and Leasinvest
OECD Pensions Outlook 2018
Published in December 2018, the OECD Pensions Outlook 2018 report examines how national pension systems are adapting to improve retirement outcomes. This has direct implications for the design and implementation of occupational pension plans. The report focuses on funded pensions and discusses how different pension tools can be combined to meet certain goals. It also considers how countries can improve financial, i.e. tax, incentives. This edition draws lessons from
Pam Enright to lead WTW’s Expat Benefits Solutions
Willis Towers Watson (WTW) in December 2018 announced the appointment of Pam Enright as Senior Director and leader of its Expat Benefits Solutions business. She will report to Francis Coleman, managing director, Global Services and Solutions, and be based in Chicago. Pam has been in the employee benefit industry for over 25 years. Prior to joining WTW, she was a senior vice president and director of global benefits at
Apicil Launches InsurTech Fund with OAV
French insurer Apicil in December 2018 launched an EUR 10 million insurtech fund along with private equity firm Odysseus Alternative Ventures (OAV). The fund will invest in European startups “seeking to develop new technologies, new business models and new forms of delivery for the insurance sector”. APICIL Group is France’s 4th largest provider of occupational health, life, and retirement plans. OAV is the private equity and venture capital arm
Andrew Stocker Head of MetLife Employee Benefits, Gulf Region
Andrew Stocker in December 2018 became Head of Employee Benefits Gulf at MetLife, based in Dubai. He has spent his entire career at MetLife, where he previously was Head of distribution, MetLife Global Employee Benefits and Maxis GBN; Vice President and head of distribution for MetLife Global Employee Benefits; head of Global Relationship Management; and Regional director of Employee Benefit sales, based in Dallas, Texas. He holds a Bachelor
Paul Murray Head of Life and Health for Swiss Re
Swiss Re in December 2018 appointed Paul Murray as Global Head of Life and Health, based in London, UK. He succeeds Swiss Re’s CEO of reinsurance for the EMEA region, Russell Higginbotham. Murray previously was global chief pricing officer for the L&H business; head of Swiss Re’s global L&H Products Center; managing director, Life & Health Products, Asia; managing director, Life & Health Products, UK, Ireland and Africa; director,
New Leadership After Malakoff Médéric – Humanis Merger
French regulator ACPR in November 2018 gave its final approval to the merger between Malakoff Médéric and Humanis, effective January 1, 2019. Both companies are paritarian institutions and offer supplementary pensions and life and health insurance. The new leadership team announced in December 2018 includes: Thomas Saunier, CEO Michel Estimbre, Deputy CEO, in charge of supplementary pensions, Human Resources, IT, underwriting, and operations; Christophe Scherrer, Deputy CEO, in charge
Employee Mental Health Issues – Study
Aon in December 2018 released a paper, The Contemporary Drivers of Mental Health, detailing factors driving poor employee mental health in the UK. Debt, separation and bullying are the personal issues of most concern to employers when it comes to employee mental health, according to a poll of employers. Of the 92 employers surveyed, 39 stated that money and debt were their biggest concerns for employee mental health, 27
IBN Expands into Africa with RCL
Global employee benefits network IBN (International Benefits Network) in December 2018 expanded its network of independent employee benefit consulting firms into Africa by adding RCL as member for Kenya, Tanzania and Uganda. Founded in 2014 and based in Kenya, RCL is an actuarial consultancy firm which provides actuarial, financial modeling and risk management advice to governments and governmental organizations, public and private pension scheme trustees and sponsors, (re)insurance companies, not-for-profit
OECD 2018 Report Outlines State of Health in EU
The Organization for Economic Co-operation and Development (OECD) in November 2018 released the 2018 edition of Health at a Glance: Europe. This report is led by the European Commission and designed to assist member states in improving the health of their citizens and the performance of their health systems. The report cites “two overarching trends [that] warrant special mention”: [T]he steady increase in life expectancy has slowed considerably in
Generali launches Generali Global Pension business unit
Generali in November 2018 launched Generali Global Pension (GGP), a global business unit dedicated to pensions. The initiative is in line with Generali’s strategic targets of “consolidating its global leadership in Employee Benefits, and accelerating the growth of its asset management business.” GGP will provide multinational corporations with pensions de-risking solutions and cross-border plans. It will also create an additional distribution channel for Generali’s multi-boutique asset-management platform and develop
IFRS17 Implementation Delayed to 2022
Accounting standard setting body IASB (International Accounting Standards Board) in November 2018 decided to defer the effective date for International Financial Reporting Standard (IFRS) 17 – Insurance Contracts – to January 1, 2022. IFRS 17 deals with the recognition of income arising from insurance contracts and its presentation in annual accounts. At the same time, the temporary exemption to IFRS 9 that was included in IFRS 4 also was
Health care benefit costs to increase by 7.6% globally in 2019: WTW
Employer-provided health care benefits costs are expected to increase modestly around the globe in 2019, according to the 2019 Global Medical Trends Survey of medical insurers published in November 2018 by Willis Towers Watson (WTW). Insurers blame the high cost of medical technology and the overuse and overprescribing of services as major factors in escalating costs and caution that soaring pharmacy costs will become a significant factor over the
UK employers advised to improve staff absence management
Aon has identified that many UK employees do not accurately record sickness absence. Published in November 2018, this insight was obtained by conducting group risk market reviews for employers. Group risk insurers require information on who is absent, the reason for their absence, duration, and more information such as prognosis. Aon, through its market review activity, has seen that some employers either do not record their employees’ absences or
CBBA-Europe Yearly Conference, 27 & 28 November 2018, Brussels
The 2018 edition of the annual event of the Cross Border Benefits Alliance-Europe (CBBA-Europe) will deal with both pensions (November 27) and healthcare (November 28 in the morning) at cross-border and pan-European level. High-level speakers including representatives of the European Parliament, European Commission, multinational companies, social partners, pension funds, insurance companies, national and international trade associations and academic experts will discuss these topics, against a backdrop of the most
AIG creates position of global head, specialty, appoints Peter Bilsby
AIG in November 2018 appointed Peter Bilsby to the newly created position of global head of specialty, reporting to Christopher Townsend, chief executive officer of AIG General Insurance. Bilsby will have responsibility for the global energy, marine, aviation and credit insurance lines businesses – which includes trade credit. Previously, Bilsby was CEO of Talbot Group, acquired by AIG in July 2018 as part of Validus. Before serving as CEO,
OECD Pension Assets Hit Record Level in 2017
Pension assets continued to rise in 2017, to the tune of USD 43.4 trillion in the OECD area for the first time, with almost all countries showing positive investment results according to the new Pension Markets in Focus 2018 report published in October 2018 by the Organization for Economic Cooperation and Development (OECD). This annual report, which now covers 87 countries, gives an overview of private pension systems worldwide
OECD 50-Country Report on Insurance Regulation and Supervision
OECD, the Organization for Economic Cooperation and Development, in November 2018 issued a new report, The Institutional Structure of Insurance Regulation and Supervision, which presents the results of a stocktaking of the institutional structure of insurance regulation and supervision practices in 50 OECD and non-OECD countries. The report is based on responses to a questionnaire circulated to OECD and non-OECD countries, with cooperation from the International Association of Insurance