The Cigna Foundation, a private foundation founded in 1962 and funded with contributions from Cigna, in April 2016 announced that it is seeking grant, sponsorship, and “thought leadership” opportunities related to workplace health in Middle East, Africa, India, China, and Europe. This Prioritizing Workplace Wellness campaign emphasizes Cigna’s commitment to health equity and improving wellness via the global workplace and builds on Cigna’s vision of the workplace as being

Allianz in November 2015 established a new dedicated unit focusing on Employee Benefits and on Group Life, Health & Pension solutions in Asia. This has a strong impact on Allianz Global Benefits‘ footprint in Asia. Tony Hore, Regional Di­rector Asia Pacific, will continue to be the main interface into Asia for the Allianz Global Benefits (AGB) business in the large corporate segment. In addition to his AGB responsibilities, Tony

Michael Hansen in March 2016 took up the position of CEO of the Swiss Life pooling network. He succeeds Theo Iaponas, head of corporate clients, who held the interim after Margrit Schmid’s departure in May 2015. Michael is based in Luxembourg, where Swiss Life relocated its Zurich, Switzerland-based global employee benefits operations in 2015 and early 2016. A graduate from the Danish Insurance Academy, Michael began his career with

Modern Survey, a Minneapolis, U.S.A.-based employee survey and talent analytics solutions provider, has been acquired by Aon Hewitt in February 2016. In search of new sources of revenues, large employee benefits consulting firms are diversifying into and/or expanding employee engagement services. Modern Survey is responsible for software solutions in the areas of talent analytics, onboarding, 360o feedback, engagement, retention, performance, and measurement. Modern Survey’s current offerings are visible at

Generali Employee Benefits in February 2016 released a special issue of its newsletter entirely devoted to the African continent, available for download here. The 28-page PDF booklet covers the region’s macroeconomic outlook (good despite multiple challenges), provides an overview of the African employee benefits industry (still in infancy but with positive trends emerging – and already some degree of complexity and regulations that one needs to be aware of)

Only a few weeks after Dutch telecommunications firm Vimpel and U.S.-based engineering software editor PTC in February 2016 entered into settlements with U.S. authorities in relation to allegations of corruption, telecommunication hardware provider Qualcomm in early March 2016 agreed to pay $ 7.5 million to settle charges under the U.S. Foreign Corrupt Practices Act (FCPA). Both PTC’s and Qualcomm’s illegal dealings were with corrupt Chinese government officials, whereas Vimpel got

After its acquisition and renaming in April 2015 of the ING global benefits network, AIG launches in February 2016 its new AIG Global Benefits Network website . The new website describes AIG GBN’s product offering: multinational pooling and employee benefits captive arrangements. The list of local insurance carriers, members of AIG GBN, as well as rather detailed definitions of all components of the international dividend calculation are also provided

Only one day after PTC announced at $28 million settlement with U.S. authorities in a bribery case involving China, Dutch telecom operator of Russian origin VimpelCom announced settlements with the U.S. Securities and Exchange Commission , the U.S. Department of Justice, and the Dutch Public Prosecution Service (Openbaar Ministerie) following investigations under the U.S. Foreign Corrupt Practices Act and relevant Dutch laws, pertaining to VimpelCom’s business in Uzbekistan, where

Two units of U.S.-based engineering software company PTC will pay a total of $28 million (USD) to resolve probes into whether they gave more than $1 million in recreational travel to foreign government officials from China, in a probable violation of the Foreign Corrupt Practices Act, the U.S. Department of Justice and the Securities and Exchange Commission said in February 2016. NASDAQ-listed PTC has 6,000 employees in 30 countries

Zenefits, a San Francisco-based software startup recently valued at a whopping USD 4.5 billion, then revalued down to USD 2.3 billion, said in February 2016 it had replaced founder and CEO Parker Conrad with its former chief operating officer David Sacks, previously an executive at Yammer and PayPal. The company provides software for small and medium-sized businesses that automates some of their human resources services, including healthcare benefits, stock

GBV magazine published this candid interview of Guy Abbiss, the managing partner of London-based lawyers Abbiss Cadres and one of the founding members of the CELIA Alliance, a global network of law firms, in the December 2015 issue, now available as a free downloadable PDF here. Abbiss Cadres LLP specializes in tax and social security, employment law, and employee incentives as well as broader HR consulting and communications services.

Willis and Towers Watson completed their merger in early January 2016 and became Willis Towers Watson (WTW). The go-ahead decision on the USD 18 billion deal was made by shareholders in an early December 2015 vote, after the terms were changed in several increments during the preceding five months as Towers Watson shareholders were unhappy with the terms offered. Driven by both firms’ management, the deal had been announced

Ludovic Bayard, formerly Chief commercial officer of Generali’s GEB unit, is promoted to the position of general manager, effective December 1, 2015. This is one of the outcomes of a comprehensive strategic review of GEB’s operations conducted in the second half of 2015, involving Generali’s top executives up to and including the group’s Group management committee. Other decisions pertaining to GEB’s strategy will be announced in early 2016. At

Global composite insurer Zurich in December 2015 announced the appointment of Gary Shaughnessy as CEO Global Life as well as to the Group Executive Committee. He succeeds Kristof Terryn who was appointed CEO of Zurich General Insurance in October 2015 and still acted as interim CEO for the Global Life unit (see here). Mr. Shaughnessy has been CEO of Zurich U.K. Life since June 2012; in 2014 he assumed

Frank A. Schmid is the new Head of AIG’s Group Benefits business and of the Disability Product Center of Excellence, GBV learned in December 2015. Frank holds a PhD in economics and a post-doc in finance from the University of Lüneburg, Germany. Dr. Schmid published numerous scholarly papers in finance and economics and was affiliated with the University of Pennsylvania, the University of Vienna, Free University of Berlin, CERGE-EI

In a  major restructuring effort, financially challenged Zurich Group in December 2015 said it will eliminate or move as many as 1,800 jobs, and announced the resignation of CEO Martin Senn. Tom de Swaan, the Chairman of the Board of Directors since 2013, has been appointed CEO ad interim. Zurich cited the August explosions at the port in Tianjin, China, and a poorly performing U.S. auto book of business

Human-resources startup Zenefits may be falling short of its revenue targets and has apparently started to curb expenses, as it struggles to meet investor expectations. Zenefits had announced a target of USD 100m in annualized revenues to be reached by January 2016 but may fall short as August 2015 actuals are understood to be slightly under USD 45m, still a large increase compared to USD 20m in January 2015.

According to traditional financial theory, a firm’s value is a function of its existing net worth and of its future profits. The way in which stock markets value large, traditional, listed brokers appears to be consistent with this. The table below includes some of the largest brokerages / consulting firms in the world and was compiled on November 23, 2015. As of late November 2015, the five firms exhibit

Signaling an increased commitment to the global employee benefits industry, global insurance powerhouses MetLife and AXA in late October 2015 announced they will combine their existing MAXIS Global Benefits Network (MAXIS GBN) operations in a new co-owned joint venture company based in London. Mauro Dugulin, formerly CEO of Generali Employee Benefits Network (GEB), will serve as CEO. MAXIS has been headquartered in Paris and New York since its inception

From the October 2015 Baden-Baden Reinsurance Meeting. The consolidation of the reinsurance industry that is being observed in 2015 apparently is driven by capacity overload, successive years of rate declines and persistently falling profitability. But are mergers and acquisitions (M&As) the right answer? Of course, sheer scale matters but the upside of better mutualization hits its limits fairly quickly and unmanaged diversification is fraught with dangers. In fact, new

Shareholders of Aetna and Humana in October 2015 voted separately and approved overwhelmingly the health insurers’ proposed $37 billion merger. Aetna shareholders approved the issuance of up to 127 million common shares to Humana stockholders, who agreed to the terms of the July 2015 merger agreement with Aetna as finalized in July. The deal is expected to close in the second half of 2016 after the approval of state

Health benefits startup Collective Health, a third-party administrator (TPA), in October 2015 raised USD 81 million in additional private investments for a total of 119 million since 2013 to support its plans to begin offering group health care products to self-insured employers in the U.S.A.. Principal investors in Collective Health include Google Ventures, Maverick Capital, Redpoint Ventures, RPE Ventures, New Enterprise Associates and Founders Fund. Based in California, Collective

Swan Insurance is the new IGP partner in Mauritius, providing employee benefits: health, life and retirement as well as P&C coverage. Mauritius has thriving BPO and textile sectors in addition to tourism. The partnership with Swan gives IGP the possibility to pursue fronting arrangements in several East African countries.

Most Western Europeans underestimate their personal risk of becoming unable to work, according to an August 2015 survey by Zurich covering six European countries. Respondents generally tend to overestimate accidents as a leading cause of disability. But at the same time, they are unaware that the probability of becoming work-disabled during one’s working lifetime – whether due to an accident or other causes – may be as high as

As of January 1, 2016, American International Group (AIG) will freeze defined benefit (DB) pension plans for its U.S. employees and enhance its offering of 401(k) defined contribution (DC) plans. In so doing, AIG ceases incurring additional pension liabilities and transfers risk onto the shoulders of its employees. De-risking pensions by reducing DB exposure is a common course of action since the mid-2000s, recommended by insurers and consultants alike.

Chubb do Brasil joined the AIG Global Benefits Network in July 2015. Chubb has been present in Brazil since 1845 and has been developing an Employee Benefits desk since the 1970’s. Chubb will pool Group Life and its riders in Brazil. With this addition, AIG GBN continues its expansion in Latin America.

LaLux insurance company has acquired a further 75% stake in health insurance carrier DKV Luxembourg which it nows wholly owns. LaLux will implement a full operational integration of DKV Luxembourg in the coming months. The second-largest domestic insurer in Luxembourg behind Le Foyer, LaLux is the AIG Global Benefits Network partner for Luxembourg and offers a full range of group life, health and pension benefits as well as other