Posts In Category
Internal, identifying news published in the magazine
In the U.S., benefits practitioners are busy implementing strategies to avoid the Cadillac tax — a 40% tax on health plan premiums exceeding USD 10,200 for single coverage and USD 27,500 for family coverage; the tax is to be effective in 2018. They are making plan design changes such as increasing cost-sharing, reducing subsidies and eliminating plans with extensive coverage. They are also stepping up wellness activities, increasing consumerism
The maximum pretax contribution U.S. employees can make to their 401(k) plans in 2016 will remain at USD 18,000, unchanged from 2015. Other parameters such as the maximum catch-up contribution older employees can make to a plan (USD 6,000), the amount of employee compensation that can be considered in calculating pension benefits and contributions to DC plans (USD 265,000), the definition of a highly compensated employee for nondiscrimination testing (USD
According to a June 2015 International Foundation of Employee Benefit Plans (IFEBP) survey of its members, U.S. employers, of the 83% of organizations that do offer a form of education assistance or tuition reimbursement to their employees, 75% reported the program as successful despite the fact that in many organizations, less than 5% of eligible employees participate in the programs. Education assistance programs provide an employee with a fixed
Swan Insurance is the new IGP partner in Mauritius, providing employee benefits: health, life and retirement as well as P&C coverage. Mauritius has thriving BPO and textile sectors in addition to tourism. The partnership with Swan gives IGP the possibility to pursue fronting arrangements in several East African countries.
Allianz Worldwide Care announced in October 2015 the appointment of Alexis Obligi as Director of Sales and Marketing and member of the Executive Committee, joining from Henner where he was Deputy Managing Director of International & Corporate Business Development. Obligi’s appointment follows that of Ida Luka-Lognoné as CEO in July 2015, succeeding Ron Buchan who retired and became chairman of the board. Obligi reports to the CEO and replaces
AIG in the UK have announced in September 2015 the launch of their “Expatriate Care” product, aimed at UK-headquartered organizations with expatriate employees. Interestingly, AIG has partnered with Paris, France – based broker and TPA Henner. One of Henner’s division is a medical plan administrator with a network of 35,000+ medical providers in 160 countries, with discounts and direct billing arrangements. The AIG UK product includes a medical second
Rick Jelinek joined Aetna in October 2015 as executive vice president in charge of the Aetna-Humana integration, as well as of Aetna’s enterprise strategy. In July 2015, Aetna announced plans to acquire Humana, which would approximately double its size. Jelinek reports to Aetna’s Chairman and CEO Mark T. Bertolini and joins Aetna’s Executive Committee. Prior to Aetna, Jelinek was an operating partner with Advent International, a private equity firm.
Aon Benfield in September 2015 announced the appointment of Colin Dutkiewicz as Director of its Accident, Health and Life team, based in London and reporting to Roger Smith, Head of Aon Benfield’s Accident, Health and Life team. Colin joins Aon from Swiss Re, where he spent five years as head of pricing for Africa, client markets director for UK & Ireland, and most recently as global corporate actuary. Prior
Most Western Europeans underestimate their personal risk of becoming unable to work, according to an August 2015 survey by Zurich covering six European countries. Respondents generally tend to overestimate accidents as a leading cause of disability. But at the same time, they are unaware that the probability of becoming work-disabled during one’s working lifetime – whether due to an accident or other causes – may be as high as
The announcement of the impending replacement of Kristof Terryn as CEO of Zurich’s Global Life business unit is apparently the first step in a wider reshuffle. Being promoted to CEO of Zurich’s General Insurance unit is an indication that Terryn was successful in implementing Zurich Group’s strategy in life insurance. Current rumors have it that an external search for a new Global Life leader has been initiated; this does
Zurich announced in September 2015 that Kristof Terryn, currently CEO of Global Life, will take over as CEO of General Insurance, effective October 1, 2015. He replaces Mike Kerner, who held the job since September 2012. Kristof Terryn will continue to run the Global Life business until a replacement is announced. A 48 year old Belgian, Kristof Terryn has been CEO of Global Life since August 2013, and a
Lockton in August 2015 appointed former Allianz Group executive Guilherme Perondi Neto as deputy CEO of its Brazilian subsidiary, Lockton Brazil. His career included stints at credit insurer Euler-Hermes, a member of Allianz group, and at several corporates as credit manager. He holds an MA in strategic management from Universidad Europea del Atlantico, Spain, and an Executive MBA from IBMEC in Brazil.
Chubb do Brasil joined the AIG Global Benefits Network in July 2015. Chubb has been present in Brazil since 1845 and has been developing an Employee Benefits desk since the 1970’s. Chubb will pool Group Life and its riders in Brazil. With this addition, AIG GBN continues its expansion in Latin America.
In late June 2015, GBV learned that AIG Benefit Solutions President and CEO Curt Olson was about to leave AIG. Only a few weeks earlier, Olson had led AIG’s comeback in the global employee benefits market, five years after the sale of the “old” AIG network along with other ALICO assets to MetLife. In late April 2015, AIG acquired a majority stake in ING’s ING Employee Benefits – Global
LaLux insurance company has acquired a further 75% stake in health insurance carrier DKV Luxembourg which it nows wholly owns. LaLux will implement a full operational integration of DKV Luxembourg in the coming months. The second-largest domestic insurer in Luxembourg behind Le Foyer, LaLux is the AIG Global Benefits Network partner for Luxembourg and offers a full range of group life, health and pension benefits as well as other
Sören Schulze joined Allianz Global Benefits in June 2015 as Senior Network Manager based in Munich. In his new position, he is responsible for the operational and day-to-day management of the network insurers within the Allianz Global Benefits network and reports to Dr. Reinhardt Schink, Head of Market Management. Sören Schulze started his professional career at Generali Employee Benefits in Frankfurt, Germany as an account executive. He continued his
David Myers was appointed head of Global Broker Life & Health Development in January 2015, based in Munich. In his new role he is responsible for strategic engagement with global brokers. He directly reports to Dirk Hellmuth, CEO and Head of Sales & Distribution of Allianz Global Benefits. Earlier, he was part of the Allianz Group broker distribution team where he has been for four years, the last two
Adam King was appointed Regional Director for the Americas in June 2015, based in Chicago. He is responsible for Employee Benefits sales and distribution to multinational companies in North and South America. In this role he directly reports to Dirk Hellmuth, CEO and Head of Sales & Distribution of Allianz Global Benefits. Before joining Allianz Global Benefits, he was with MetLife/Maxis and in charge of business development in the
Sheldon Kenton reports to Robert Lang, Managing Director for Bupa Global, and is a member of the Bupa Global executive team. The newly created role of Global Commercial Director focuses on sales to corporate clients, on health benefits, as well as on institutional distribution partnerships. Kendon had been with Cigna since 1997, lastly as global head for sales of international employee benefits, and relocates from Philadelphia, PA. He holds
Americans are living longer. What if that’s a disaster?
Source: Politico — August 1, 2015 | Michael Grunwald
Human beings are living longer than ever, which can be a wonderful thing. As the T-shirts say, life is good. But human longevity has big consequences for society, which is one reason President Obama is hosting today’s White House Conference on Aging. It’s great that we can get new hips when our old ones wear out, but someone has to pay for them. It’s great that Baby Boomers will
As of June 2015, Candriam – BIL Pension Fund is still the Luxembourg representative at AEIP (Association Européenne des Institutions Paritaires, or European Association of Paritarian Institutions), even after its former owner, leading Luxembourg bank Banque Internationale à Luxembourg (BIL) separated from Dexia group and was acquired by Precision Capital of Qatar and Candriam was sold in February 2014 to New York Life Insurance Company, the largest U.S. mutual
IGP hosts its annual international employee benefits seminar in Boston, Massachusetts on September 29 and October 1st, 2015. The seminar includes a choice of up to 12 country panel presentations about local social security programs and customary private employee benefits practice, including legislative updates and recent trends and new products. An optional training program on multinational pooling and related issues is offered on September 28 pm. Registration fees start
In a August 5, 2015 press release, New York-based insurance brokerage Integro said it has reached an agreement to be acquired by PE firm Odyssey Investment Partners. Odyssey re-enters the insurance industry after previous investments in Montpelier Re, OneCall Medical and York Insurance Services.
Two years after joining AON France as its Global Benefits practice leader, Bruno Valette joins Mercer France as Client Relationship Director and Principal. Or, rather, rejoins, as Valette had spent 14 years with Mercer in Paris right before AON. Mercer was his first employer in the insurance sector from 1989 to 1997, to be followed by leading French broker Gras Savoye, soon to be a division of Willis –
After leaving Allianz Deutschland, Dr. Markus Riess has joined Ergo as CEO and Munich Re’s management board. Ergo is a wholly-owned subsidiary of Munich Re, which operates under the brand names Ergo, Victoria, DKV and others. Munich Re’s CEO Nikolaus von Bomhard has no known successor and has not announced any plans to retire, despite the fact that he will reach the mandatory retirement age of 60 in 2016.
Willis announced the acquisition of PMI Health Group, an independent healthcare adviser and broker in the U.K. The deal will raise Willis’s presence in the U.K. employee benefits and healthcare market, and enhance its product offerings and skills base.
Willis announced the appointment of Brian Shea as Head of Europe for Willis Capital Markets & Advisory, its insurance investment banking division, based in London, effective August 24, 2015. Brian joins from reinsurer SCOR, where he was Chief Corporate Strategy Officer after 20 years as an investment banker with Salomon Brothers and Merrill Lynch.