Japanese insurer Sompo in November 2017 announced it would set up its new European headquarters in Luxembourg in the wake of Brexit, citing in particular the potential loss of E.U. passporting right and looming uncertainty. The new entity, SI Insurance Europe, is to be owned by Bermuda-based Sompo International Holdings and will offer both insurance and reinsurance. Sompo is mainly a specialty provider of property and casualty insurance. The

AXA Group is simplifying its operating model, empowering its entities to operate closer to their customers. In order to accomplish this, AXA will shift from its current, three-layer model of separate head office, global business lines, and regional headquarters, to a refocused corporate center that will oversee five geographies (France, Europe, the U.S., Asia, and International). Concurrently managed with the five geographies will be key transversal entities AXA Investment

Advocacy organization Cross Border Benefits Alliance-Europe (CBBA-Europe) will hold its inaugural conference to a packed audience on 6 December, 2017 in Brussels, Belgium. Over 100 delegates have registered and the conference no longer accepts applications to attend, due to space restrictions. Focusing on ‘Cross-border and pan-European Pensions, and Why CBBA Supports Them’, the inaugural event is supported by the likes of Mercer, Zurich, Generali’s GEB, Amundi, and Previnet. As

According to early versions of the 2018 U.S. budget that in November 2017 is making its way through the legislative process, a new 20% excise tax is to be introduced. The tax shall apply to almost all payments made by U.S. companies to non-U.S. affiliates of the same group (an “international financial reporting group”: subsidiaries, parents companies, and sister companies). The tax will not be deductible from U.S. corporate

KPMG International has undergone a few changes to its top-tier professionals, the first being the election of Bill Thomas to the position of Chairman, and the second being the appointment of Laura Hay to Head of Global Insurance. Thomas, 49, will lead the KPMG global network of professional services firms for a four-year term. He succeeds John Viehmeyer, who is retiring; he previously served as Chairman of KPMG’s Americas

U.S. employer premiums rose an average of 6.6 percent in the first three fiscal quarters of 2017, according to the 2017 United Benefit Advisors (UBA) Health Plan Survey released on 26 October. This is a significant increase from the five-year average increase of 5.6%. Two states, Connecticut and New York, saw stunning increases of 24% and 14% respectively, while some states, such as Arizona and Washington, saw decreases of

China in November 2017 announced it would lift the current foreign ownership cap for life insurance companies to 51 percent in 2020 and remove the limit altogether two years later. Other segments of the financial industry will see their limits relaxed even earlier. The limits for fund management companies and for securities ventures will be raised this year to 51 percent, then completely removed in three years, whereas banks

Bug Insights’ human resources analytics and rewards optimization offering in November 2017 was acquired by Deloitte Consulting. Viewed as a critical step on the journey to creating a total relationship with employees, the offering allows employers the ability to determine what their employees value most from their rewards programs. It leverages trade-off analysis and employee preference measurements to give companies specific information about their employees’ attitudes, helping to design

The Organisation for Economic Co-operation and Development (OECD) in October 2017 released a white-paper entitled Computers and the Future of Skill Demand. The study provides insights into current computer capabilities with respect to certain human skills, and what this portends for the future workplace. The report is the culmination of an exploratory project that focused on understanding current computer capabilities with respect to the three general cognitive skills needed

Ping An Insurance Company of China in October 2017 announced that it has established two units, the Global Financial and Economic Development Research Center. and the Global Medical and Healthcare Research Center, in association with Tsinghua University, with the aim of creating a global, top-grade think tank supported by the scientific research capabilities and scientists of Tsinghua, and the technology innovation in fintech, healthtech, and smart-city development expertise of

Canadian provider of employee and family assistance programs (EFAP) Morneau Shepell in November 2017 announced that they have acquired Pro Health Group, an EFAP and wellness program provider based in Quebec City, Canada, which focuses on prevention of mental and physical health issues and on supporting employees and their families. The acquisition represents approximately one percent of Morneau Shepell’s revenue and is not expected to have a material impact

Job website Glassdoor in October 2017 released a study that determines that three in four full- or part-time employees get fewer than 8 hours of sleep per night, averaging just 6.9 hours of sleep. This is below the recommended 7-9 hours per night that are understood to be required for people to function at their very best. Conducted by Harris Poll in late March and early April 2017 among

Global consulting and actuarial firm Milliman in October 2017 announced that they have joined with the MicroInsurance Centre (MIC), a consulting firm and micro-insurance thought leader dedicated to generating access to micro-insurance products to 3 billion low-income people across the globe. The transaction accelerates MIC’s progress toward its goals while significantly expanding Milliman’s capabilities in micro-insurance. The joint venture operates under the “MicroInsurance Centre at Milliman” brand and allows

AIA in October 2017 concluded a new bancassurance partnership with Bangkok Bank in Thailand. Bangkok Bank will distribute AIA Thailand’s retail and group protection and long-term savings products on an exclusive basis. The 15-year agreement will become effective in the first half of 2018. Bangkok Bank is the largest bank in Thailand by total assets; it has more than 16 million customer accounts and around 1,200 branches nationwide. Typical

Allianz Worldwide Care in November 2017 announced it would rebrand itself as Allianz Partners as part of a global strategy which will be implemented across all business lines over 2018 and 2019. International health and life insurance products and services will come under the “Allianz Care” brand. Allianz Partners provides health insurance and services to the staff of multinational organizations as well as private individuals and their families living

Global insurance company XL Catlin issued their Q3 2017 October report, Emerging risks we’re watching and why, which highlights key factors in emerging risks presented by new state medical marijuana laws in the U.S. and the ongoing North American opioid epidemic. Of particular note is the marked reduction of the North American workforce as a result of the opioid epidemic. The Federal Reserve has cited the epidemic as one

Global insurance brokerage Hub International in October 2017 announced it had acquired the assets of employee benefits specialist Graffam Insurance Group. Terms of the acquisition were not disclosed. Based in the state of Maine, USA, Graffam services businesses in Maine and New Hampshire.

Gen Z consumers (i.e., people aged 18-21) are surprisingly more likely than any other age group, including Baby Boomers, to visit a bank branch at least weekly, according to a study from Accenture released in October 2017 – reflecting the heavy cash dependence within their age cohort. The study also found that Gen Z consumers are the most active and engaged group using mobile banking, with all other consumers

Global broker, Marsh in October 2017 appointed Siegmund Fahrig as chief executive officer of its Continental Europe region, succeeding Flavio Piccolomini, who was recently appointed CEO of Marsh’s international division. Based in Düsseldorf, Germany, Fahrig will continue as CEO of Marsh Germany, reporting to Piccolomini. Fahrig previously served as CEO of Marsh’s operations in Germany, Central & Eastern Europe, and CIS. He began his career as an apprentice at

Principal Financial in October 2017 bought MetLife’s pension fund management business in Mexico, MetLife Afore, adding a larger distribution network to Principal Afore’s current business in the country and the fifth largest player in the Mexican mandatory pension, voluntary long-term savings, and mutual funds competitive space. The transaction is expected to complete in early 2018.

Willis Towers Watson (WTW) in October 2017 named Gianmarco Tosti new country leader of Italy, based in Milan. He will also take up the role of Head of Corporate Risk and Broking for Italy. Guido de Spirt, the current Head of Italy, will take on the role of Chairman of Italy. Willis Towers Watson Italy has more than 450 employees in eight offices. At WTW, Tosti has held a

MS&AD Insurance Group Holdings, owners of Japanese insurer Aioi Nissay Dowa, in November 2017 announced they would move their London-based subsidiary Aioi Nissay Dowa Insurance Company of Europe (ADE) to Luxembourg. The move is expected to be implemented in early 2018. ADE today operates an insurance business in Europe centered on automobile insurance. In light of Brexit, Aioi Nissay Dowa has decided to restructure its European business organization. The

Sleep expert Dr. Els van der Helm in October 2017 launched her new website, shleepbetter: www.shleepbetter.com Shleep serves global clients (both businesses and leaders) and helps them improve their performance through better sleep management. Shleep’s mission is to help organizations and people sleep better. To reach this goal, they offer workshops, assessments, coaching, and a unique and scalable sleep coaching app to help you, your workforce and/or coworkers sleep better –

The 9th edition of the annual AEIP Venice Conference will focus on innovative approaches in delivering pensions and healthcare and will bring together representatives of the main actors driving forward the evolution of pensions and healthcare systems in Europe. The conference program focuses on new technologies and more efficient investments in pensions, and on developments in workplace health. AEIP, the European Association of Paritarian Institutions, was founded in 1996

A study released in Octover 2017 by the U.S.-based Center for Talent Innovation (CTI) reports that 30 percent of college-educated employees working full time in white-collar professions in the U.S. have some sort of disability. The report, Disabilities and Inclusion, uses the new (as of 2016), broader U.S. federal definition of disabilities, which includes mental health and chronic conditions, and concludes that employers far too often overlook the enormous

CVS Health, an American drug store chain that also operates walk-in health clinics and a pharmacy benefit business, in October 2017 was reported to be in talks to purchase Aetna Insurance in a deal that could be worth more than $60 billion based on Aetna’s current market value. This would make the purchase one of the largest in the history of the health industry. CVS, with the addition of

Swiss Life in October 2017 entered into a long-term partnership with Swiss business software provider for small businesses, bexio. Swiss Life becomes one of the largest shareholders of bexio and Swiss Life Switzerland CEO Markus Leibundgut joins the Board of Directors. The start-up already has over 10 000 customers and employs a staff of 50 in Switzerland. Bexio focuses on small-to-medium-sized businesses (SMBs) and offers web-based services – including