General Electric (GE) in September 2016 has had its European pension fund approved by FSMA, Belgium’s financial supervisory authority and the regulatory body for pension funds. GE is encouraging its existing European-based pension plans to join the fund, which takes the legal form of an Organisme de Financement de Pensions (OFP), Belgium’s IORP-compliant vehicle for pensions provisions. At this early stage, a management committee has been appointed. An IORP

Auto manufacturer BMW in September 2016 decided to end both of its UK final salary-defined benefit (DB) pension plans. Both plans will cease future accrual as of June 2017, affecting around 5,000 members total. Citing significant pension fund shortfalls and the cost risks associated with DB plans, BMW explained that their plans are increasingly unsustainable and unaffordable for both the company and the pension plans members. Unite, the union

Swiss Life (SL) Market Unit International in May 2016 has begun implementing a new operating model for its Corporate Clients business line with a new leadership and a new organizational structure centralized in Luxembourg. Swiss Life Luxembourg will take a more significant role as the hub for the cross-border insurance business. Theo Iaponas has taken the lead for Corporate Clients, managing and developing both SL Luxembourg’s activities and the

The Alternative Investment Management Association (AIMA) in September 2016 announced that Simon Lorne, Vice Chairman and Chief Legal Officer of alternative investment management firm Millennium Management, would become its next Chairperson. In addition to Lorne, there are four new additions to the Council: Robin Grew, Chief Administrative Officer and GC of Man Group; Han Ming Ho, a partner at Sidley Austin; Ryan Taylor, Partner and Global Head of Compliance

Tokio Marine Life Insurance Singapore (TMLS) and Henner Group in June 2016 announced that they have joined forces to launch an international medical coverage solution for globally mobile employees based in Singapore. Henner is a French firm specialized in employee benefits and one of the largest and best-known TPAs in the international private medical insurance market where it was previously known as GMC. The partnership allows TMLS and Henner

A leading player in the French benefits industry, life and health insurance carrier Malakoff Médéric (MM), which operates as a non-profit, jointly-managed mutual group, in September 2016 announced it would combine its teams with those of its wholly-owned subsidiary Quatrem. Reasons cited include the “impact of Solvency 2” as well as operational and commercial synergies. Quatrem was essentially Malakoff Médéric’s brokerage unit and wrote group business only, representing approximately

Zenefits in June 2016 announced it will cut 106 jobs, or about 9% of its workforce, and close an Arizona sales operation as it addresses licensing and governance issues. GBV in February 2016 had published another report on Zenefits, Zenefits hits more turbulence. In total, Zenefits has now announced about 350 layoffs or approximately one quarter of its workforce, mostly in sales; including resignations, there remain fewer than 1,100

In an unexpected move, French teachers’ mutual insurance company MGEN (Mutuelle Générale de l’Education Nationale) in October 2016 launched its MGEN International Benefits (MGEN IB) unit, dedicated to expatriates. MGEN IB will develop a range of insured life and health products for globally mobile people originating from any country. It will address both individual and corporate markets in France and abroad, dealing with stays of any duration, from a

Employee benefits in France are provided by several types of insurance carriers, some of which are particular to that country—and that results in some confusion. Here is a brief overview of the main types of players. French English Translation Coverage Offered Applicable Laws and Regulations Institutions de Prévoyance (IP) Provident Institutions Paritarian Institutions Group health, life, pensions Social Security Code Groupe de Protection Sociale (GPS) Social Protection Group (grouping

The Health Insurance Group in September 2016 introduced a global and expatriate Employee Assistance Program (EAP) that provides help and support to people working abroad who are in crisis or need. Partnering with Morneau Shepell, the leading provider of integrated health and productivity solutions in Canada, The Health Insurance Group, located in the United Kingdom, offers a comprehensive suite of international assistance programs, including worldwide EAP, to help employees

Travel insurance and assistance services are quickly gaining favor among travel professionals who work for companies that provide them. A new study, “Assessing the Prevalence and Value of Travel Insurance and Assistance Services”, published in September 2016 by the Global Business Travel Association (GBTA) and AIG Travel, reveals that 95 percent of travel professionals feel that providing insurance or assistance services to employees is a valuable benefit for those

HealthMine, a healthcare technology company based in Dallas, Texas, in August 2016 released the results of a study revealing that the majority (62%) believe that all health care plan participants should join a wellness program to help them lower their health care costs. 32% responded that wellness programs helped them reduce the number of sick days logged, and 33% said their wellness program helped them be more productive at

Connecture, an IT company that provides web-based solutions to the health insurance industry, in June 2016 acquired its Chicago-based competitor ConnectedHealth, a benefits technology company that offers an e-commerce platform that helps businesses control costs and ease the process of shopping for personalized insurance benefits online. ConnectedHealth is a private company and was founded in 2009. Based in Brookfield, Wisconsin, Connecture is a provider of a web-based consumer shopping,

The Worldwide Broker Network (WBN) Board of Directors in June 2016 elected to name Francie Starnes as Chief Executive Officer of the world’s largest fully integrated international network of independent property & casualty insurance brokers and employee benefits consultants, effective in July 2016. Appointed WBN President and Chief Operating Officer a year ago, Starnes succeeds 40-year insurance industry veteran Bruce Basso, who becomes Chairman Emeritus. Founded in 1989 and

The Generali Employee Benefits network (GEB), as part of its 50th anniversary celebration, has launched a redesigned website that offers a new look and feel, with a bold design and many powerful graphics to guide users to available resources. The launch features dynamic content, starting with the GEB history carousel, which gives an overview of how GEB and society have evolved side by side since Generali and Aetna founded

AIG Global Benefits Network (AIG GBN) on 11 October 2016 organizes a technical-commercial information session on pooling and on its network of insurance carriers across the world, that is specifically designed for brokers and financial advisors. Intended both for commercial and technical individuals, the workshop includes live examples and an actual case study at the end to put all the theory immediately into practice. The workshop is free of

China Life in July 2016 joined the AIG Global Benefits Network (AIG GBN) pooling network. AIG GBN landed a big fish in China Life Insurance Company Ltd., headquartered in Beijing and the largest life insurance company in China. China Life has a well-known brand name, as well as of the most extensive distribution networks nationwide, with 979,000 exclusive agents, 45,000 direct sales representatives and 131,000 account managers in combination

Jayesh Patel since January 2016 has assumed the role of Head of International Risk Management Programs. In his new position he is responsible for the Captive, Pooling and Consolidated Underwriting programs of Allianz Global Benefits while also leading the global tender and implementation team and reports to François Jacquemin, Head of Products & Solutions. Jayesh Patel has been with the Allianz Group in various roles before joining Allianz Global

Engineers at the Institute of Bioengineering and Nanotechnology (IBN) , a member of the A*STAR’s group of biomedical sciences institutes in Singapore have developed a new material that claims to kill E. coli bacteria quickly and without the adverse health effects of triclosan, a common antibacterial agent that has been restricted in the European Union. IBN Group Leader Yugen Zhang, PhD, and his team, synthesized a chemical compound made

CareAllies, a new subsidiary of Cigna, was established in June 2016 to help health service providers transition away from fee-for-service business models to those that encourage greater risk-sharing by establishing their own care organizations or even their own health plans. These goals – value-based reimbursement schemes – are similar to those of UnitedHealth Care’s subsidiary Optum. CareAllies will work with private and public providers to provide the technology and

A non-invasive treatment for diabetes monitoring and drug delivery has been developed by South Korean researchers at The Institute for Basic Science (IBS) Center for Nanoparticle Research located in Seoul, South Korea. The device, a graphene-based patch, uses a hybrid of gold-doped graphene and a serpentine gold mesh to measure pH (blood acidity level) and temperature by measuring the amount of glucose in sweat. If abnormally high levels of

Expatriates and Emiratis in the United Arab Emirates have seen changes to their health insurance programs as of July 1, 2016. These changes will affect only those under the Abu Dhabi Basic Plan who seek treatment at a private hospital under the Thiqa plan for Emiratis, expatriates, and their families. Procedures at government hospitals are unaffected. Thiqa, the Arabic word for “trust,” is a UAE national insurance initiative delivered

The MAXIS Global Benefits Network on September 15, 2016 organizes a webcast, “MAXIS Global Risk Solution: Moving Beyond Traditional”. While traditional multinational pooling arrangements continue to generate value for multinationals, the employee benefits environment is also continuing to evolve. Among key drivers of change, ever more complicated regulations, especially when cross-border considerations are included; and corporate pressure to better budget and forecast benefit spending are driving employers to explore

Corporate pension plan buyouts reached $1.084 billion in the first quarter of 2016 according to a LIMRA Secure Retirement Institute sales survey. This is interpreted as a clear sign that companies are eager to limit the amount of risk in their pension plans. The US Group Annuity Risk Transfer Survey, released in May of this year, notes that this is the first time sales have topped $1 billion in

Forget the United States; Taiwan, Malta and Ecuador head the list of countries where expats most want to live this year, a new survey reports. More than 14,000 expats ranked their preferred countries in the InterNations Expat Insider 2016 survey, released in August. In addition to the best overall rating, Taiwan also won first place for personal finance and quality of life, and second place for its working conditions. More than

In September 2016, Zurich appointed Jack Howell as regional chief executive officer for Asia Pacific, based in Hong Kong and reporting directly to Mario Greco, group chief executive officer. In April 2015, Generali, then still led by Greco, had appointed Howell as regional chief executive officer for Asia. Jack Howell, 46, a U.S. citizen, holds a B.S. in Quantitative Economics from Tufts University and an MBA from the University

AXA in July 2016 announced the appointment of Matthieu André as CEO of AXA Global Life & Savings, reporting to Paul Evans who is in charge of AXA’s life, savings, protection and health activities on a global basis. Matthieu André joined AXA in 1995 as a financial controller after a spell as an auditor and consultant with Ernst & Young. His career path included positions as VP, Corporate Finance