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M&A, Reorganizations and other Corporate News

Swiss Re report advises employers reopening public spaces on reducing the risk of exposure to the COVID-19 virus.

Direct primary care provider Paladina Health in November 2020 changed its name to Everside Health

On GEB’s Response To Covid-19 And The Steps Being Undertaken To Ensure Cover For All

U.S. direct health insurer Oscar in June 2020 raised another USD 225 million in a late-stage round of funding. Led by co-founder and CEO Mario Schlosser, Oscar now is active in 15 U.S. states and has more than 420,000 members in individual, Medicare Advantage and small group products. Certainly helped by the coronavirus crisis, most U.S. healthcare providers today offer virtual consultations and ever more patients make use of

In a reversal of strategy, AIG in mid-June 2020 announced it had decided to wind down its AIG Global Benefits Network (AIG GBN) multinational pooling network. According to the company, “AIG has realigned its strategy with regard to AIG’s Global Benefits Network business and as a consequence, [it] has decided to wind down its activities.” All existing pools will be cancelled effective December 31, 2020. AIG pooling clients now

AXA XL in April 2020 announced a new leadership team and a new organization following a strategic review. Changes include the creation of a single global insurance underwriting function and the establishment of three geographical business units across the Americas, Eurasia, and the UK & Lloyd’s market. Underwriting will be led by a global Chief Underwriting Officer (CUO), responsible for underwriting governance, pricing, P&L and the management of the

MAXIS Global Benefits Network (MAXIS GBN) in May 2020 announced that AXA COLPATRIA had joined the London-based global employee benefits network. AXA COLPATRIA provides medical coverage in Colombia as prepaid and health insurance. It is headed by Bernardo Rafael Serrano López, General Director and CEO. The company claims to be the sixth largest carrier in the Colombian PHI sector (pre-hospital and insurance) with a 6% market share and 220,000

New York Life Insurance and Cigna in December 2019 reached a deal for New York Life to acquire Cigna’s group life and disability insurance business for US$6.3 billion. The acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions. The group life and disability insurance business will operate within New York Life’s portfolio of strategic businesses and support

Aon in January 2020 announced the completion of its acquisition of SMB insurtech broker CoverWallet. Aon aims to increase its presence in the rapidly growing commercial insurance market for smaller businesses. The acquisition will allow Aon to utilise CoverWallet’s technology and data & analytics capabilities. CoverWallet joins the portfolio of Aon’s New Ventures Group, which functions as a growth-stage capability focused on delivering new sources of value to clients

One year after having announced, then cancelled plans to merge with Willis Towers Watson (WTW), Aon in March 2020 announced an agreement to acquire WTW in what will be the industry’s largest ever merger. The purchase price is $30bn, paid in Aon shares, and the combined firm is valued at around $80b. Regulatory requirements may make a comprehensive takeover of WTW by Aon difficult, given that Aon and WTW

Brazilian insurance carrier SulAmerica in January 2020 joined Generali Employee Benefits (GEB) as a new partner for health and related coverage. Generali Brazil continues to provide life, accident, and disability coverage in Brazil for GEB clients.    

Hong Kong-listed Ping An Good Doctor (PAGD), along with the Hurun Research Institute, in early 2019 released a “Good Doctors Guide” covering both traditional Chinese medicine and Western medicine to “help 1.4 billion people find the doctors they need”. In 2019, Good Doctor intended to develop its Hospital Cloud, Clinic Cloud, Pharmacy Cloud, Village Medical Cloud and increase the pace of its international strategy. According to Wang Tao, chairman

MAXIS Global Benefits Network (MAXIS GBN), the global network of locally licensed insurance companies founded by AXA and MetLife, in December 2019 announced it had teamed up with Peru’s largest insurance provider, RIMAC (Rimac Seguros y Reaseguros) to provide life and medical cover to MAXIS’s multinational clients. Prior to this, MAXIS GBN had Pacifico Compania de Seguros y Reaseguros as it’s Peruvian partner – alongside Insurope. RIMAC’s leading position

Cancer can change a person’s world beyond recognition. During this often highly stressful time, work can provide an oasis of normality and routine. However, the experiences of those working through a cancer diagnosis can vary widely. Employee benefits specialist Unum recently conducted a survey of 300 U.K. workers diagnosed with cancer in the last five years. Published in November 2019, the survey explored workers’ attitudes and challenges, as well

Zego, the Swiss RE-backed UK insuretech, in November 2019 awarded an insurance licence to operate as an insurer in Gibraltar. This step allows Zego to act as a carrier and build and sell its own products under Gibraltar domicile and regulations. Zego was launched in 2016 in order to provide flexible insurance for the gig economy and has since expanded its B2B offering to cater to the fast-growing market

Next Insurance, a digital insurance company that focuses on small businesses, in October 2019 raised USD 250m from Munich Re. The Palo Alto, California-based, 3-year old startup became a licensed insurance carrier, shedding its brokerage business model, in August 2018. The capital raise will fund the development of new products and of customer initiatives. Next Insurance offers a wide range of insurance products, including including general liability; professional liability;

Aon in August 2019 issued a white paper entitled Prevention is Better Than Cure, which addresses the growing awareness of employee wellbeing. The paper encourages employers to understand the business rationale behind employee wellbeing in order to help gain best outcomes. The Aon white paper shows that 95% of employers see a correlation between employee health and performance, and believe they have a role in trying to educate and

Part of the Generali Group, Generali Employee Benefits (GEB) is a leading business line focused on providing solutions in the space of employee benefits for multinational corporations. With a network presence in more than 130 countries and around 25% market share, GEB offers an broad range of services and products that multinational employers may need for their workforce and their families, from locally admitted policies to cross border arrangements for mobile employees and expatriates, as well as the most sophisticated employee benefit solutions at a local level including multinational pooling and Reinsurance to a captive.

Sleep tech company Shleep in August 2019 raised €1.4M to further develop its digital B2B sleep coaching platform. The VCs include Global Founders Capital, and Health Innovations. Shleep’s clients include The Huffington Post, Deloitte and Spotify. Shleep is the first science-based sleep coaching platform for companies, created by Dr. Els van der Helm and Jöran Albers, and their team of sleep PhDs, health experts and software engineers. According to

MAXIS Global Benefits Network in August 2019 launched a new analytics-led report that is the first of its type in the market. The Population Health and Risk Stratification report is meant for global and multinational organizations that want to significantly improve the impact of their employee health and wellness initiatives. The report also helps companies mitigate the cost drivers of medical claims and employee benefits programs. The report allows

Swiss Re in August 2019 announced it had acquired the UK closed book business of Quilter. The acquisition was made through Swiss Re’s specialized subsidiary ReAssure and includes Old Mutual Wealth Life Assurance and Old Mutual Wealth Pensions Trustees. Quilter is mostly comprised of companies belonging to the former Old Mutual group. It is active in investment consulting and asset management (GBP 45 billion in assets under management –

Non-life reinsurer TransRe in July 2019 completed the redomiciliation of its Swiss subsidiary, TransRe Zurich, to Luxembourg. Owner Transatlantic Holdings had announced the move in September 2018. TransRe Zurich changes its name to TransRe Europe in the process. In addition to P/C, the company also reinsures Accident & Health risks. The continental European offices in Munich, Paris and Zurich, as well as Dubai, become branch offices of Luxembourg. TransRe

AM Best’s Review in July 2019 released the 2019 edition of its list of the top 20 global insurance brokers, with Marsh & McLennan Companies leading the pack. The list ranks global insurance brokers by total yearly revenue. With $14.95 billion in total revenue, Marsh & McLennan (MMC) maintained the lead it held in 2017 thanks to the acquisition of Jardine Lloyd Thompson (JLT) in September 2018 for $5.6

Gallagher in July 2019 announced the purchase of a minority interest (29.7%) in Czech based insurance broker Renomia. Founded in 1993 and headquartered in Prague, Renomia is the largest independent broker based in the Central and Eastern Europe (CEE) region, and has achieved double digit growth over the past five years. This growth is credited to a combination of organic growth and strategic acquisitions. With more than 1,500 associates,

Generali Belgium in June 2019 became Athora Belgium. The name change is the final stage in the January 2019 acquisition of Generali Belgium by Athora Holding. Since the acquisition, the company is led by CEO Dorsan van Hecke. The Athora brand came into existence at the beginning of 2018 following the spin-off from former parent company Athene Holding. Athora now is an insurance and reinsurance group that focuses on

Bermuda-based Athora Holding in June 2019 announced plans to acquire Netherlands-based Vivat from Anbang Group Holdings along with NN Group of The Netherlands. NN will become the new owner of Vivat Schadeverzekeringen (Vivat Non-Life). Athora will retain Vivat’s life and asset management businesses. The acquisition in the Netherlands comes soon after Athora’s January 2019 acquisition of Generali’s operations in Belgium. It is in line with the company’s external growth

Independent captive management firm USA Risk Group‘s senior management team in May 2019 completed a management buyout from Spencer Capital Holdings. The buyout includes operations from all jurisdictions USA Risk Group operates in. The senior management team includes Paul Macey as President; Rob Leadbetter, Senior Vice President and Charmain Aggarwal, Vice President. Jeanne Crawford leads the Barbados office; John Tortell, the Malta office; and Steven Lill, the Cayman Islands