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.

New Zealand’s prudential supervisor, the Reserve Bank of New Zealand, in February 2018 placed CBL Insurance under “interim liquidation”. CBL is a P/C insurer specializing in credit surety and financial risk, such as builders risks, sureties, guarantees and contractor bonds. It operates worldwide and in particular in Europe and Scandinavia through an Irish subsidiary, CBL Insurance Europe Designated Activity Company (DAC). It does not underwrite employee benefits or workers’

China’s insurance regulator, the China Insurance Regulatory Commission (CIRC), in February 2018 “temporarily” took over Anbang Insurance Group. Its chairman Wu Xiaohui in June 2017 was detained by authorities and is now facing prosecution on charges including fundraising fraud and embezzlement. Anbang’s growth was driven by high-yield, investment-type insurance products, many of which allowed redemption after as little as two years with little or no penalties. The growth helped fund

Arthur J. Gallagher in February 2018 acquired Sioux Falls, South Dakota-based Williams Insurance Agency. Founded in 1967, Williams Insurance Agency offers property/casualty, life, health and voluntary benefits coverages to businesses and individuals primarily across South Dakota. Greg Heineman, Timothy Donohue, Dwight Vondra and their associates will continue to operate from their current location. They will report to Patrick M. Gallagher, head of Gallagher’s Midwest retail property/casualty brokerage operations, and

Global insurance brokerage Hub International (Hub) in February 2018 announced that it has acquired the shares of Kindersley Insurance. Headquartered in Kindersley, Saskatchewan (Canada), with an office in Dodsland, Kindersley Insurance Ltd. is a full-service, independent personal and commercial insurance brokerage that specializes in insurance solutions for the agriculture, oil field and trucking industries. Principals Mark Stockford and Barry Andrew will join Hub Manitoba and report to Doug Trapp,

Alera Group, a U.S. employee benefits, property/casualty, risk management and wealth management firm, in February 2018 announced that they have acquired three more firms, bringing the grand total of their acquisitions since their January 2017 launch to 20. The February 1, 2018 transaction includes Aisling Partners Insurance Brokerage of Worcester, Massachusetts; Davidson Benefits Planning (DBP) of Tigard, Oregon; and HR Benefits Advisors headquartered in Rochester, New York. Aisling is

Alera Group, a U.S. employee benefits, property/casualty, risk management and wealth management firm, in February 2018 announced that they have acquired Spring Consulting Group, located in Boston, Massachusetts. This acquisition expands the national presence of Alera Group to 17 U.S. states. Spring Consulting Group is a multidisciplinary employee benefits and risk management consulting firm that is well known in the employee benefits captive market. Their expertise covers the full

After raising $48 million in 2017 to tap into the growing needs of businesses to handle their global workforces, MOVE Guides in February 2018 announced the acquisition of Polaris Global Mobility, in order to expand its footprint in the market and the services it offers to customers. Polaris works with large enterprises to build software to manage expat programs and payroll. With the acquisition, MOVE Guides will now be

Swiss Re in February 2018 announced it was in preliminary talks with Japanese conglomerate SoftBank, which could end up owning up to one-third of the global reinsurer. The deal is valued at around USD 10 billion. Other $10+ bn investments by SoftBank include Sprint (telecoms), ARM Holdings (microprocessors), Vodafone Japan (telecom), Didi Chuxing, Uber Technologies (both transportation); smaller investments in insurance include Lemonade. As to the rationale behind the

Allianz in January 2018 invested $59.2 million in Boston, Massachussets-headquartered U.S. telehealth platform American Well. Allianz carried out the investment through its digital investment unit, Allianz X, supported by the Health Innovation Center of Allianz Partners. Furthermore, Allianz will join American Well’s Board of Directors. American Well’s telehealth platform, called The Exchange, handles clinical, administration, and security requirements according to U.S. healthcare regulations and best practices. In addition to

Aviva, the UK’s largest general insurer and a leading life and pensions provider, in January 2018 announced its intention to withdraw from the international private medical insurance (iPMI) market, following a strategic review which found that iPMI “is not central” to the company’s focus on growing its health business in the UK. As of 1 May 2018, existing iPMI customers will be able to continue coverage by accepting a

Mid-2018 will see German insurer Allianz sell part of its Taiwan business’s traditional life insurance portfolio to China Life Insurance in a move by Allianz to actively manage its Taiwan life portfolio for more capital-efficient solutions. The deal includes a portfolio of around 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined policy reserves of 1.2 billion euros (on a IFRS basis, $1.42 billion