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M&A, Reorganizations and other Corporate News
Global brokers Aon and Willis Towers Watson (WTW) in July 2021 announced they had mutually agreed to terminate their combination agreement after the U.S. Department of Justice (DOJ) filed an antitrust lawsuit against the $30bn deal. Aon also announced the extension of employment agreements for CEO Greg Case and CFO Christa Davies to April 1st, 2026, in a move to reassure financial markets. The merger was announced in early
Multinational pooling network IGP in May 2021 announced a new partner in Cambodia, Sovannaphum Life Assurance. Sovannaphum Life Assurance (SVL) is a joint venture between Canadia Investment Holding, the owner of Canadia Bank, and Muang Thai Life Assurance, IGP’s partner in Thailand. The company was granted full license as a life insurance Company by Ministry of Economy and Finance of Cambodia in December 2015 and started operations in 2016.
Life-insurance startup Ethos in May 2021 raised USD 200 million in a funding round valuing the business at more than 2 billion. The San Francisco, California-based company previously had raised a total of USD 100 million. Ethos is a producer and a third-party administrator (TPA) for life insurance carriers. Its platform allows customers to purchase life insurance policies online. Currently, the company works with a list of carriers that
Nowadays, any discussion around healthcare for your employees will inevitably center around Covid. At a time when the pandemic and its challenges are still making headlines as outbreaks, infection rates and vaccines flood every news bulletin, it’s easy to overlook the impact on other areas of healthcare. Many of these involve complex or life-threatening illnesses, such as cancer. Global Benefits Vision recently spoke to Further Group CEO Frank Ahedo about the impact that Covid is having on the treatment of serious medical conditions, and how this changing landscape will affect the way employees have access to treatment.
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
AXA in April 2020 struck a deal to sell its Life & Savings, Property & Casualty, and Pension business operations in Poland, the Czech Republic, and Slovakia to Austria’s Uniqa Insurance Group for €1bn. Uniqa, which lacked critical mass in major eastern European markets, outbid Generali, and Austria-based AG. Uniqa has core markets in Austria, Central and Eastern Europe, and 20,000 employees serving 10.1 million customers in 18 different
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
To maintain a “stable corporate structure and capital flexibility” within the European Union, Aon has moved its parent company’s domicile to Ireland, effective April 1, 2020. The New York-listed company had announced its intent to move after the UK’s decision to leave the European Union in October 2019 and was awaiting approval from the Central Bank of Ireland, even though the company would not be a regulated entity. Aon
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