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Aetna, Humana merger ruled against in U.S.
The U.S. District Court for the District of Columbia in January 2017 found that Aetna’s proposed merger with Humana fell afoul of antitrust laws and ordered it to stop. According to Judge John Bates, the efficiencies generated by the merger will not be sufficient to mitigate the anti-competitive effects for consumers, specifically in respect of individual Medicare Advantage plans and of individual commercial insurance on the public exchanges in
Marsh & McLennan to expand its U.S. operations in the Southeast with acquisition of J. Smith Lanier
Marsh & McLennan Agency LLC (MMA) has acquired J. Smith Lanier (JSL), a group of middle market insurance agencies. JSL will operate as MMA’s Southeast Region hub with D. Gaines Lanier, JSL’s chief executive, and Gary Ivey of MMA at the helm. MMA will absorb all of JSL’s over 600 employees. JSL, founded in 1868 and which has annual revenues of approximately $130 million, is a provider of insurance,
Death of Reno woman from septic shock after all antibiotics fail
The Centers for Disease Control (CDC) in the U.S. has reported the death of a Reno, Nevada, woman in her 70s from septic shock, after contracting an infection that was resistant to all antibiotics. This comes on the heel of warnings about carbapenem-resistant Enterbacteriaceae (CRE) bacteria that is resistant to all currently available antibiotics. The strain of bacteria that caused the Reno woman’s death is known as Klebsiella pneumoniae.
MAXIS Pooling Network Opens New HQ in London
The MAXIS GBN pooling network on February 7, 2017, officially opened its new headquarters in London, U.K., located at 11 Monument Street in the City. Since its launch in 1998, MAXIS, an AXA-MetLife partnership, had been managed from Paris and New York City. According to CEO Mauro Dugulin, in the present context of diminishing returns on multinational pooling; increasing interest in the use of captives; a greater thirst for
Arthur J. Gallagher acquires Chicago’s Gruppo Marcucci
Global broker Arthur J. Gallagher in January 2017 announced its acquisition of Chicago’s Gruppo Marcucci. Gruppo Marcucci specializes in human resource and benefits technology solutions for benefit brokers and consultants, employers, insurance carriers, and service providers as well as the investment community. The acquisition compliments Gallagher’s growing employee benefits and consulting operations. Partners Rhonda Marcucci and Ed Barry, leaders of Gruppo Marcucci, will continue to operate from their Chicago
CEPI: new global coalition to fight epidemics officially launched
In response to the urgent call for new vaccines to treat emerging infectious diseases, the World Economic Forum in Davos, Switzerland, established a global coalition in January 2017 that is committed to developing safe and effective vaccines against known infectious disease threats. Buoyed by an initial investment of US$460m from the governments of Germany, Japan, and Norway, plus investments from the Bill and Melinda Gates Foundation and the Wellcome
UnitedHealth’s Optum and Surgical Care Affiliates to merge.
Optum, a health services company and part of UnitedHealth Group is merging with Surgical Care Affiliates (SCA). The primary and urgent care delivery services business works with over 80 health plans, and will acquire SCA, enabling the company to create expanded capabilities in outpatient surgical procedures. Surgical Care Affiliates is an ambulatory surgery center and surgical hospital provider. The combination of OptumCare and SCI will create a comprehensive ambulatory
Brexit – Britons rush to transfer U.K. pensions ahead of Article 50 deadline
The March 31, 2017 imposition of Article 50 has nervous Britons rushing to transfer their final salary pensions into overseas schemes. According to deVere Group, a large independent financial advisory organization, the percentage of inquiries about transferring pensions has risen 21% since the beginning of December. While there has been interest since the Brexit vote in June 2016, the surge to transfer pensions overseas intensified during December and promises
Luigi Lubelli new Group CFO at Generali
Generali in January 2017 promoted its Group Head of Corporate Finance Luigi Lubelli to Group CFO, replacing Alberto Minali who leaves the group. Mr. Lubelli will join the Group Management Committee and Minali will not immediately be replaced in his role as General Manager as defined by the articles of incorporation. All the first-level business functions previously reporting to Minali now report directly to the Group CEO, Philippe Donnet.
Anthem, Cigna extend merger deadline to April 30, 2017
After Aetna and Humana in December 2016 extended the deadline of their proposed merger to mid-February 2017 ( see here ), Anthem in January 2017 extended to April 30, 2017 its own deadline for completing its proposed merger with Cigna. All four healthcare providers await U.S. federal court rulings to decide the legality of their respective deals.
Successful conclusion of E.U.-U.S. bilateral agreement on insurance and reinsurance
Following the successful conclusion in January 2017 of the bilateral agreement on insurance and reinsurance between the European Union and the U.S., industry body Insurance Europe welcomed the deal, supporting in particular the removal of the discriminatory collateral requirements that E.U. reinsurers were subject to when placing business in the U.S.. This change is expected to support bilateral trade in insurance and reinsurance. However, the National Conference of Insurance