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News for issue 005

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

European Union authorities signal a stronger commitment towards furthering the integration of private pension systems across Europe and extending the single market to insurance and pensions. In November 2015, the European Commission highlighted efforts by a number of countries in reforming their first-pillar pension systems, especially in the view of increased longevity. At the same time, it insisted that further steps needed to be taken by member states to

Medical inflation appears to have slowed down in the U.S. in 2015, the average increase of health care rates for mid-size and large employers was 3.2% against 4.4% in 2014 and an expected 4.1% in 2016. Lower utilization levels due to reduced purchasing power of individuals and lower increases in medical prices contribute to this modest and perhaps temporary slow-down. The average total health care cost per employee, including

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