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Generali in July 2018 sold Generali Worldwide Insurance Company and Generali Link to Life Company Consolidation Group (LCCG). LCCG is based in London and owns Utmost Wealth Solutions and Reliance Life. Utmost, a provider of international savings, protection and investment solutions into the UK, Continental Europe and Asia, operates from Ireland and the Isle of Man. It manages over £22bn of assets. Reliance Life is a London-based run-off manager
Assicurazioni Generali in July 2018 sold an 89.9% stake in Generali Leben life insurance to a partnership which includes Viridium Gruppe and Hannover Re. Viridium is owned by London-based private equity firm Cinven (80%) and global German reinsurer Hannover Re (20%). Generali Leben is valued at up to € 1 billion, including €125 million as earn-out in case of changes in the rules regulating the allocation to ZZR1 technical
Fueled by large life deals, the U.K. insurance sector saw more mergers and acquisitions activity in the first half of 2018 than in either the full year of 2017 and 2016, according to consultant Ernst & Young (EY). U.S. Tax Reform One of Many Drivers Telecommunications, automotive and healthcare top the list of sectors for deals with the highest value, with strong levels of UK/U.S. M&A expected to continue,
Allianz Global Benefits, Allianz’s global employee benefits network, in July 2018 announced a new network partner in Canada, SSQ Insurance. SSQ Insurance’s Canadian prospects and existing clients will have access to a worldwide benefits network offering optimization tools, including Multinational Pooling, Captive Fronting and Global Underwriting. Based in Quebec, SSQ Insurance, a mutual insurance carrier, offers health and dental care, EAP, disability and life insurance. Key figures : gross
AIA Group in July 2018 completed the acquisition of Commonwealth Bank of Australia’s life insurance businesses in Australia and New Zealand. According to AIA Group regional chief executive Bill Lisle, the acquisition will significantly transform and expand the company’s presence in New Zealand. The combined business, according to Lisle, will transform AIA’s scale and reach to become the market leader in New Zealand’s life insurance market. In September 2017,
Manulife Hong Kong in July 2018 announced the promotions of Raymond Ng to Vice President and Head of Employee Benefits of Manulife (International), and Ellen Leung to Vice President and Chief Executive Officer of Manulife Provident Funds Trust Company.. Raymond Ng heads the strategic development and operation of both the pensions (MPF and ORSO) and group benefits (Life & Health) business of Manulife Hong Kong. He is responsible for
Global broker Gallagher in July 2018 announced the acquisitions of three firms: Chicago-based Reassurance Holdings, including its subsidiaries Coverdell and Carefree Marketing. Founded in 1963, Coverdell is a licensed insurance broker, discount medical plan organization and third-party administrator, providing direct marketing of insurance and membership programs to many of the largest financial services institutions in the U.S. and Canada. Vince Di Benedetto and his associates will continue to work
Next Insurance in July 2018 raised $83 million in new financing, money it said will fuel its continued U.S. expansion as a full-service digital insurance carrier focused on the small business market. A California-based startup, Next Insurance debuted in 2016 as a digital insurance agency for small to midsize businesses. The new financing will allow Next to add more lines of insurance. The firm changed its agency status in
The OECD in July 2018 released its Annual Survey of Investment Regulations of Pension Funds 2018, which describes the main quantitative investment regulations that pension funds are subject to in OECD and a selection of IOPS member countries. It covers all types of pension plans, and concerns all forms of quantitative portfolio restrictions applied to pension funds at different legal levels. The 356-page survey’s findings conclude, in part, that:
Preliminary data, released in July 2018 by the OECD, shows an increase in life and/or non-life gross premiums of domestic insurance companies for 2017, with 40 out of 43 countries reporting. Gross premiums of domestic insurance companies rose in real terms in 15 countries in both the life and non-life sectors, and in 10 other countries in the life sector only, while another 15 reported rises in the non-life
The number of studies that have found a link between a disease and a specific gut microbiome composition seems to be ever increasing. Until recently, though, almost all these studies have looked at single diseases in isolation. But most people tend to have more than one health complaint at a time – “comorbidities”, in medical parlance.
Gallagher President, Chairman, and CEO J. Patrick “Pat” Gallagher, Jr., and Vice President – International, Gallagher Benefits & HR Consulting, Leslie Lemenager, sat down with GBV during the 2018 IBIS Academy. They discussed Gallagher’s history and values as well as client needs and market trends in global employee benefits and global mobility. Gallagher’s long history and family connections result in unique, long-term, and people-oriented perspectives. Read on.
The 48th IBIS Academy Conference was held from 7 – 11 May 2018, in conjunction with the IBIS Institute, a “boot camp” for practitioners, and the IBIS Mobility and Partner Program. It included a three-day series of cutting-edge presentations and panels for more experienced colleagues. The overarching theme was “Your Future, Your Workforce” and focused on what it takes to be an employer of choice for the future.
Global Benefits Vision: Why has MAXIS GBN decided to launch its new wellness solution now? What were the key drivers behind the launch? Dr. Leena Johns MD: Over the past few years we have worked with clients to identify the cost drivers of their health claims data across disparate geographies, through our sophisticated data reporting tools. While some markets offer solutions to mitigate these drivers, often, in reality, there is an absence of data-based recommendations and a lack of cohesive, centralised solutions that can be rolled out globally.
In the 1950s, scholars worried that, thanks to technological innovations, Americans wouldn’t know what to do with all of their leisure time. Yet today, as sociologist Juliet Schor notes, Americans are overworked, putting in more hours than at any time since the Depression and more than in any other in Western society.
The new health care venture formed by Amazon, Berkshire Hathaway and JPMorgan Chase announced June 20 that Harvard professor and well-known author Atul Gawande would be the company’s CEO. The idea for the new company is to innovate by cutting costs from the health care system, starting with the more than 1 million employees of the three companies behind the venture.
AXA in July 2018 announced its business insurance operations would trade under the new AXA XL brand once the acquisition of XL Group is completed. The master brand AXA remains untouched. AXA XL will combine existing P&C commercial lines and specialty risks into a new entity. It will include four main business units: XL Insurance, XL Reinsurance, XL Art & Lifestyle, and XL Risk Consulting. The new entity will
Digital insurance company ONE in July 2018 entered into a new joint venture with Swiss geolocation experts Axon Vibe, and Munich Re. The joint venture, called “ONE Coach,” is poised to use encryption technology, a novel approach, within the insurance domain. ONE is based in Vaduz, Liechtenstein, and operates in the German market. After launching in February 2018, ONE has become the fastest-growing digital insurance company in Europe. Using
The setup of a business in Luxembourg will result in the migration of employees from the United Kingdom. This will be cause for changes in their professional and personal lives, such as new remuneration packages, changes in employment contracts, tax and social security, family assistance plans for housing, school, etc. Using the Brexit model as an example, we can explain what happens in terms of social security and occupational pension schemes for employees (not all of whom are from the UK) who are migrating to Luxembourg.
Swiss Re’s annual sigma report on premium volumes and growth trends for 2018 reveals that global life premiums increased to roughly USD 2.7 trillion in 2017, while global non-life premiums rose to about USD 2.2 trillion, while growth in both the life and non-life sectors slowed, partly due to falling life premiums in advanced markets such as the U.S. or Western Europe. Nevertheless, emerging markets remain an important driver
Poor quality health services are holding back progress on improving health in countries at all income levels, according to Delivering Quality Health Services – a Global Imperative for Universal Health Coverage, a joint report published in July 2018 by the OECD, World Health Organization (WHO) and the World Bank. Factors that hinder progress include inaccurate diagnoses, medication errors, inappropriate or unnecessary treatments, inadequate or unsafe clinical facilities or practices,
Chris Burns in April 2018 joined EBCG as a Partner. With over 35 years of diverse experience in the employee benefits, healthcare, digital health and retirement industry in the U.S. as well as globally, he contributes expertise and depth to EBCG’s suite of professional services. For 25 years, EBCG’s team has helped clients unlock the hidden value in their employee benefit programs. EBCG is a member of the Worldwide
A new OECD Health Statistics 2018 report, released in June 2018, shows that health spending in 2016 grew by its fastest rate in seven years, with further growth expected in 2017. OECD countries spending on health care increased by 3.4% on average in 2016, its highest rate since 2009. That percentage is still below pre-global financial crisis levels, when average health expenditures rose by around 4-6% per year (in
Realogy Holdings, a full-service residential real estate services company in the United States, in June 2018 appointed Katrina L. Helmkamp as CEO of its relocation services subsidiary, Cartus Corporation. She reports to Realogy CEO and President Ryan Schneider. Helmkamp has more than 27 years of leadership experience in business strategy, operations, product development, technology and innovation across multiple sectors. Most recently, she has been CEO of Lenox Corporation, a
U.S. virtual care provider Teladoc in June 2018 acquired Advance Medical, a virtual care provider with strong presence outside of the United States, creating a global virtual care platform. Advance Medical adds its suite of international clinical capabilities to Teladoc’s technology and scale. The new company is now equipped to meet the needs of U.S. multinational employers, for whom one-third of all employees live abroad. Advance Medical is present
Privately held broker Lockton in July 2018 announced posted record revenue of $1.57 billion in its recently completed fiscal 2018, a 9.9 percent increase above fiscal 2017. This is the 52nd consecutive year of revenue growth for Lockton. The company posted organic growth in the U.S. of $84 million, or 7.7%, with the employee benefits business leading the way with 14.1% year-over-year revenue growth. Lockton’s international operations grew 10.9