ANZ Bank New Zealand in June 2018 announced that Cigna will acquire OnePath Life for NZ$700 million. According to ANZ, the transaction is made at a “slight premium to embedded value and is expected to generate a gain on sale of around NZ$50 million.” The agreement also includes a 20-year partnership whereby Cigna will provide insurance policies for ANZ bank customers. ANZ said it intends for all staff involved

WellCare Health Plans in June 2018 announced that it has acquired Meridian Health Plan of Michigan, Meridian Health Plan of Illinois, and MeridianRx, a pharmacy benefit manager (PBM) for $2.5 billion in cash. The transaction is expected to close by the end of 2018. Meridian expects to generate more than $4.3 billion in total revenue in 2018. As a result of this transaction, WellCare will diversify its Medicaid portfolio through the addition of Michigan state, where

The former president of the People’s Insurance Company of China (PICC) in May 2018 was jailed for 11 years for taking bribes. Wang Yincheng, who was also a Communist Party vice-secretary at state-owned PICC, was convicted of receiving 8.7 million yuan ($1.4 million) in bribes from 2006 to 2016, in exchange for helping individuals and firms with project contracts, giving staff promotions, and hiring their children, the official People’s

Gallagher in May 2018 announced several acquisitions in the United States and England to bolster its retail property/casualty brokerage operations and employee benefits consulting services. Simi Valley, California-based Thomas Costello Insurance Agency is a retail property/casualty broker, and employee benefits consultant and broker, offering commercial and personal coverages to clients primarily across Southern California. Tom Costello and his associates will continue to operate from their current location under the direction of Scott