The Worldwide Broker Network (WBN) in April 2018 announced the election of three Board members, Susan Murphy from Canada, Matteo Scagliarini from Italy, and Markham McKnight from the U.S.A. Susan Murphy is President & CEO of Totten Insurance Group of Canada (a Hub International owned company), a national managing general agent focusing on niche and specialty products. She is a member of the WBN US and Canada Steering Committee.

WBN in April 2018 announced that global mobility specialist Globiana will join the network as its 11th Associate Member. Globiana helps multinational organizations train, guide and support their globally mobile employees and their families.  The company has a global footprint that spans over 140 countries, with offices in San Francisco, California and Stuttgart, Germany. The role of WBN’s Associate Members is to provide WBN Partner Companies with specialized support

Worldwide Broker Network (WBN) in April 2018 added three new members to its 112-strong network. All three firms focus on employee benefits; their addition is consistent with WBN’s strategy of enhancing its capabilities beyond its traditional P/C business. EBCG is based in Illinois and has four field offices across the U.S. It focuses on employee benefits. GBS Benefits is based in Utah, with seven other U.S. offices. It offers

Consulting firm HR Path in May 2018 acquired Ataraxis, headquartered in Belgium and operating in the Netherlands, United Kingdom, Spain and France. Ataraxis is a Workday specialist (Workday is a provider of enterprise cloud software for finance and human resources). Ataraxis will become the dedicated Workday practice of HR Path. The senior management team, Tom Hillen, Wouter Van den Avont and Jan Snyers will become HR Path partners. Ataraxis

Generali in April 2018 sold Generali Belgium to Athora Holding for EUR 540 million. Generali Belgium is primarily focused on the life segment but also offers P/C products. After the sale, Generali will remain present in Belgium through its Global Business Lines and especially Generali’s multinational pooling network GEB as well as through Europ Assistance. Athora is likely to rename the company after completion of the deal; it will

The Blockchain Insurance Industry Initiative (B3i) in March 2018 incorporated B3i Services AG in Zürich, Switzerland. B3i has been a collaborative initiative of 15 global insurers and reinsurers who came together in late 2016 to explore and test the potential of using Distributed Ledger Technologies within the re/insurance industry. B3i Services will provide insurance solutions on a blockchain platform, striving for improved speed, transparency, quality, security, and cost. It

In the wake of Brexit and of the introduction of Solvency II, global actuarial firm Milliman in April 2018 opened an office in Luxembourg. Led by consulting actuary Olivier Mahieux, Milliman Luxembourg is one of the three components of Milliman Benelux. Their offices in Amsterdam, Brussels and Luxembourg cooperate together and consist of around 50 actuarial, quantitative risk and health consultant. As a PSA (Professionnel du Secteur de l’Assurance),

Vistra in April 2018 acquired Radius, a U.S.-based provider of international expansion services. Vistra is a provider of international incorporations, trust, fiduciary, private office and fund administration services, and will be acquiring Radius from the private equity firm Hg. Radius provides managed services, advisory services and OverseasConnect, its integrated cloud-based software platform, to more than 500 clients operating in 80 countries. The firm is headquartered in Boston with offices

Monument Re acquired a run-off portfolio of flexible premium retail life insurance contracts from Ethias in Belgium and will transfer it to its subsidiary Laguna Life DAC, domiciled in Ireland. The transfer will result in the loss of the savings (invested capital) guarantee in Belgium up to a maximum of EUR 100,000; Ireland has no equivalent system. Regarding returns, and according to Ethias CEO Philippe Lallemand, “The payment of

Generali in April 2018 completed the sale of its operations in Panama and Colombia. The Panamean subsidiary was sold to local insurer ASSA and Colombia to German insurer Talanx. Generali Employee Benefits (GEB), Generali’s multinational pooling network, remains unaffected. In addition to GEB, Generali will still be present in both countries through Generali Global Corporate & Commercial and Generali Global Health as well as through Europ Assistance.

Sompo International in April 2018 won regulatory approval in Luxembourg for its E.U. subsidiary, SI Insurance – Europe. The legal entity was set up in January 2018. In the context of Brexit, Sompo intends to write commercial property/ casualty lines in the European Union from Luxembourg, as announced in a November 2017 post.

In the wake of Brexit, AIG in April 2018 announced it has established and received authorization for new insurance companies in the U.K. (American International Group UK Limited) and Luxembourg (AIG Europe S.A.). AIG Europe S.A. will have branches across the European Economic Area and Switzerland. The existing carrier, AIG Europe Limited, will transfer all of its existing insurance business to the new entities well ahead of the U.K.

European digital health insurance company Alan in April 2018 announced it has raised €23 million in Series A funding. Alan has two characteristics that sets it apart from most other insurtechs. First and foremost, it is a real, licensed insurance carrier that actually writes risks and mutualizes them. It is not acting as a broker or a services integrator or a business process outsourcer, like most insurtechs do. Second,

MOVE Guides and Polaris Global Mobility in April 2018 announced that they have come together under a new name and identity–Topia. Over the past six years, MOVE Guide’s Global Mobility Management (GMM) software suite has grown to include all parts of global mobility in a single solution. In the end, relocation comprised only one part of their offering and the name MOVE Guides no longer made sense to many

Global insurance brokerage Hub International in April 2018 announced the acquisition of ES3 Advisory from Vancouver, British Columbia. Founded in 1999 by Darrell Ert, ES3 Advisory is an employee benefits and pension consulting firm. Faizal Mitha, Vice President of Employee Strategies, will join Hub TOS reporting to Dave Terry, President of Hub TOS. Terms of the acquisition were not disclosed.

U.S. human capital data analytics company PredictiveHR (PHR), in March 2018 announced an alliance with TrenData, a developer of A.I.-driven people analytics software. This alliance includes a technology license agreement, an infusion of operating capital and a collaborative go-to-market strategy, and comes on the heels of a number of key client wins by PHR in 2017 extending into 2018. Headquartered in Boston, Massachusetts, PredictiveHR provides Human Resources and C-Level

Cigna in March 2018 announced it will acquire pharmacy benefit manager Express Scripts in a $67 billion cash and stock deal.  According to Cigna CEO David Cordani, the merger “will drive health care costs down while improving the quality of care.” The proposed merger would allow Cigna to lower its costs by in-sourcing pharmacy benefit management (PBM) services, and to absorb Express Scripts’ profits. How can Cigna lower its

Ascensus, a U.S. third-party administrator (TPA) of savings products, in March 2018 entered into an agreement to acquire Chard Snyder, which will serve as the anchor business for Ascensus’ newly formed Health division. Chard Snyder is a TPA that services consumer-directed health (CDH) plans including health savings accounts, health reimbursement arrangements, and flexible spending accounts. It also offers benefit continuation services like COBRA and FMLA leave administration along with

The Financial Wellness Think Tank at Financial Finesse, a U.S. provider of workplace financial wellness programs, in March 2018 released research that studies the relationship between an employee’s financial well-being and how they manage key life events. The report looked at the concept of life planning: the idea that the events which take place in our lives have certain financial implications that can be planned for, and even sequenced

U.S. health insurance start-up Oscar Health in March 2018 raised $165 million in a funding round led by Founders Fund to finance its expansion plans in four to five cities a year. This funding round was led by Brian Singerman and Founders Fund and includes 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, Thrive Capital, and others. Oscar Health claims it has generated an underwriting profit

Zurich Insurance Group in March 2018 accelerated the growth of Cover-More Group, its specialist global travel insurance and assistance solutions business, by entering into agreements to acquire providers of traveler assistance in Latin America. These acquired businesses operate under the Travel Ace and Universal Assistance brands. The transaction incorporates 19 legal entities operating throughout Latin America, most notably in Argentina, Brazil, Chile, Colombia and Mexico. Under Zurich’s ownership, the

Global health care benefits provider Aetna International in March 2018 announced that it has acquired Canadian Insurance in Hong Kong, and is now licensed to offer health insurance in Hong Kong. The license allows Aetna International to market its products and services solely under the Aetna brand. Aetna’s history in Asia started in 2007 as a specialist health insurer in Hong Kong, via its acquisition of Goodhealth. Hong Kong

Global insurance brokerage Hub International in March 2018 announced that it has acquired the assets of Spectra Management. Headquartered in Sandy, Utah, Spectra specializes in helping companies create employee benefits packages that ‘achieve the delicate balance between financial goals and company culture’. Through its retirement division, Spectra provides 401(k) retirement services, fiduciary risk management services, investment due diligence, plan and compliance review, provider services and benchmarking, and wealth management.

Three months after the December 2017 announcement that CVS Health had purchased Aetna, their respective shareholders on March 13, 2018 voted to approve the proposed $69 billion merger of the companies at special meetings. As discussed in an earlier post, the acquisition sets the stage for a new type of company that will include a health insurer, a retail pharmacy, and a pharmacy benefits manager that negotiates prescription drug

Massachusetts Mutual Life Insurance Company’s (MassMutual) international insurance holding company MassMutual International in March 2018 sold 85% of its wholly owned subsidiary MassMutual Japan to Nippon Life. MassMutual Japan, formerly known as Heiwa Life, was acquired by MassMutual in 2001. MassMutual will receive approximately USD 935 million in cash (JPY 104 billion) and retain approximately 15 percent ownership in MassMutual Japan. The transaction is expected to close in the first

Global insurance brokerage Hub International in March 2018 announced that it has acquired the shares of GMS Insurance. Based in Kitchener, Ontario (Canada), GMS Insurance is an independent benefit consulting firm that services clients in Southwestern Ontario and the greater Toronto area. GMS’s consultants address companies ranging from small start-ups to large national or international corporations. GMS Insurance will join Hub Ontario and Jonathan Shantz, President of GMS Insurance,

Global insurance brokerage Hub International in February 2018 announced that it has acquired the shares of Pointbreak Consulting Group. Headquartered in Burnaby, British Columbia – Canada, Pointbreak provides employee benefits and pension consulting services. Kevin Jeffrey, Principal and CEO of Pointbreak, will join Hub TOS and report to Dave Terry, President of Hub TOS. Terms of the acquisition were not disclosed.