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M&A, Reorganizations and other Corporate News
Willis in July announced three new members to Willis Network, bringing the total number to 119. The three new members are: Smith England Ltd (Cheshire), Bluestone Insurance Services Ltd (Gloucestershire) and Rankin Risk Solutions Ltd (Perthshire). The news follows the addition earlier in the year to the network of Allianz Business Services Ltd and Clark Thomson Insurance Brokers.
Willis combines with Towers Watson to create a new $18 billion insurance, personnel, and risk company. Willis shareholders will own 50.1% of the new Ireland-based company, Willis Towers Watson. The new $18-billion company has annual revenue of about $8.2 billion and 39,000 staff in 120 countries, and advises more than 80% of the world’s top 1,000 companies.
In another instance of the on-going consolidation of the life insurance sector in Europe and of European banks selling their insurance subsidiaries, Monceau Assurances, a French composite insurer, announced the acquisition of Vitis Life Luxembourg from KBL European Private Bankers on July 7, 2015. KBL is owned by Precision Capital, based in Qatar. Vitis Life specializes in life insurance for high net-worth individuals (HNWI) and sells mostly unit-linked products
Generali announced in June 2015 a reorganization of its corporate structure in the Central & Eastern European (CEE) region. Generali increased its ownership of Generali PPF Holding B.V. (GPH) to 100% by acquiring the remaining 24% minority share held by PPF Group, in line with the agreements signed on January 8, 2013. The holding company operating in Central-Eastern Europe changes its name to Generali CEE Holding B.V. The CEE
AXA has announced in June 2015 the creation of AXA Lab Asia in Shanghai, identical to AXA Lab in the Silicon Valley. Led by Frank Desvignes, it will act as a business-focused center of expertise on data analytics and foster Research & Development. Meanwhile, AXA Strategic Ventures will open a new office in Hong Kong, so as to be in the best position to seize the numerous investment opportunities
Since November 2014, Industrial Alliance is a network partner in Canada for Allianz Global Benefits Network. Industrial Alliance has operations in Canada and in the United States and offers group health, dental, optical, disability and life covers, as well as individual products. Industrial Alliance is listed on the Toronto Stock Exchange.
A new member of the AXA group, Mansard Insurance plc is the new Insurope network member in Nigeria. Mansard is a composite, generalist insurance carrier offering life and non-life insurance to individuals, corporations and institutions. Through subsidiaries, it also offers pensions, asset management and health maintenance solutions.
Mansard Insurance, a leader in the Nigerian employee benefits market, joins the MAXIS Global Benefits Network as a result of the acquisition by AXA of 100% of Assur African holdings, which holds a 77% stake in Mansard Insurance plc. Through this acquisition, AXA has become the #4 insurance player in Nigeria. Interestingly, Mansard announced its joining of the Insurope pooling network on May 29, 2015.
Cigna survey shows Hong Kong trailing, China leading Asia-Pacific in health and wellness perceptions
In a January 2015, Cigna-commissioned “360° Well-Being” survey of motivations, perceptions, and attitudes toward overall “well-being” among the general public in Asia and other international markets, Hong Kong ranked last—and China led the pack. Countries surveyed in the Asia-Pacific region included South Korea, Thailand, and New Zealand. Hong Kongers perceive themselves as performing “poorly” across all health and well-being categories compared to other markets.