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M&A, Reorganizations and other Corporate News
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
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
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 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.
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.
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
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
Zenefits Insurance Services and co-founder and former CEO Parker Conrad will pay a combined $980,000 in fines after a settlement with the U.S. Securities and Exchange Commission (SEC), the latter said in October 2017. The SEC alleged Zenefits had misled investors when raising capital through private offerings, by making false statements about their compliance with state insurance laws, specifically whether its business and employees were licensed to sell insurance. The
Zenefits in October 2017 announced a major change in its strategy. It now intends to become the technology backbone for the employee benefits industry by linking carriers, brokers, companies, and employees with its Zenefits Certified Broker Partner Program and Zenefits Ben Connect. This will allow Zenefits to cooperate with brokers rather than compete against them. The Zenefits Broker Partner Program was launched with the announcement of a partnership with
Generali Group in October 2017 announced the global launch of the Human Safety Net, an initiative to help the world’s most vulnerable communities. The Human Safety Net is based on the idea of communities of “people helping people” creating sustainable change and that these changes will create a positive ripple effect. The three programs selected and detailed below target key social issues affecting the communities where we live and
Arthur J. Gallagher in October 2017 acquired DiBrina Group, a Sudbury, Ontario, Canada HR insurance firm. The terms of the sale were not disclosed. Founded by Michael DiBrina in 1989 and incorporated in 1997, DiBrina Group provides human resources, employee benefits, wealth management, and life insurance consulting and brokerage services. The team, which includes Mr. DiBrina, as well as Tim Lychy, Diego Favero, Aurel Malo, Ehren Baldauf, Jeff St.
MSH International, a wholly-owned subsidiary of Paris-based broker SIACI SAINT HONORE Group and supplier of expatriate insurance services worldwide, in September 2017 announced the acquisition of Imagine Financial and its travel medical assistance group, Intrepid 24/7. Both Imagine Financial and Intrepid 24/7 are housed under the umbrella of Ingle International, a provider of plug and play solutions that drive revenue and enhance customer engagement for the insurance, healthcare, special
AIA Group has reached an agreement with the Commonwealth Bank of Australia (CBA) to acquire CommInsure Life and Sovereign, CBA’s life insurance business in Australia and life and health insurance businesses in New Zealand. In addition, AIA will enter into 20-year strategic bancassurance partnerships with CBA in Australia and ASB Bank in New Zealand. The gross consideration to be paid with respect to the transaction is AUD3,800 million (which
Tokio Marine HCC in October 2017 acquired the medical stop-loss operations of AIG through its wholly owned U.S. subsidiary, HCC Life. The deal includes renewal rights, inforce business and employees. The acquired operations produce gross written premium of approximately $350 million and increase Tokio Marine HCC’s medical stop-loss business to over $1.3 billion of premium, making it one of the top three largest players in the medical stop-loss industry,
Canada Life Reinsurance, a provider of innovative reinsurance solutions worldwide, has entered into a long-term reinsurance agreement to cover the longevity risk on £1.7 billion in liabilities for approximately 7,500 pensioner members of the Marsh & McLennan Companies (MMC) UK Pension Fund. The transaction was written by the Barbados branch of Canada Life via a reinsurance agreement with captive insurance cells managed by Marsh Guernsey. Canada Life is part
Manulife Financial Corporation in September 2017 announced a number of structural and leadership changes that are meant to drive better alignment with the company’s strategic priorities, accelerate growth, optimize legacy blocks of business in North America, and leverage its talent across geographies. The company will focus on creating stronger global alignment and direct accountability for its wealth and asset management businesses by bringing them together under the umbrella of
Aon in October 2017 announced it had purchased Portus Consulting, an independent U.K.-based employee benefits firm. Portus has a leading position in the U.K. professional services market, particularly the legal sector and among SMEs with 50 to 750 employees. It will join Aon Employee Benefits, which says it has 2,500 large and SME corporate clients, covering over 1 million lives in the U.K.