January 23, 2020

Looking West

Looking West

If acquires Viking

If P&C Insurance Holding Ltd has signed an agreement to buy Viking Redningstjeneste TOPCO A/S. The acquisition price for 100 percent ownership is EUR32 million which is paid in cash. The enterprise is valued at EUR114 million. Viking is a Nordic roadside assistance company headquartered in Norway. It serves its...

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NAIC grants reciprocal jurisdiction status

The National Association of Insurance Commissioners (NAIC) has reaffirmed Bermuda as a qualified jurisdiction, ensuring continued efficiency in the cross-border operations of Bermuda (re)insurers in the US market. It has also designated the island a reciprocal jurisdiction effective from 1 January 2020, giving Bermuda ‘covered agreement’ status with the United...

Capco launches insurance practice

Consultancy and technology provider Capco has launched an insurance practice in two European countries: in France and Switzerland. In two of the European markets the firm serves, Capco has now extended its service portfolio to include insurance services. Commenting on the expansion, Marc Pfeifer, a managing principal at Capco in Switzerland, said,...

New York Life to acquire Cigna group life business

New York Life and Cigna announced recently that they have entered into a definitive agreement whereby New York Life will acquire Cigna’s group life and disability insurance business for USD6.3 billion. The acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other...

Swiss Re to sell subsidiary

Swiss Re has announced that the organisation will sell its subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at GBP3.25 billion, Swiss Re will receive a cash payment of GBP1.2 billion, shares in Phoenix representing a 13 percent  to 17 percent...

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A six-year history of exits

Data from the ministry of finance have shown that almost 250 insurance companies have left the Irish market over the past six years. Since 2014, the licences of 12 life and 42 non-life insurers who had head offices or branches in the country were revoked. A further 194 life and...

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Centricus, EICG form pension venture

British investment company Centricus and European Insurance Consolidation Group have formed a joint venture to purchase European books of life insurance policies closed to new customers, Centricus said to Reuters. Centricus, which has USD26 billion in assets, did not disclose financial terms of the transaction. Private equity firms such as...

Avo gets first virtual general insurance licence

The Insurance Authority of Hong Kong granted its first virtual general licence on to Avo Insurance as it tries to encourage wider use of technology by Hong Kong’s insurers. Avo Insurance is a purely digital company which will sell its products online without the use of agents or brokers, thus...

AIG launches new Lloyd’s syndicate for HNI segment

American International Group, Inc. (AIG) has announced proposals to launch a new syndicate at Lloyd’s serving the specialist US high net worth market that will start writing business effective January 1, 2020, subject to regulatory approval. This specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up...

Lloyd’s to merge Council, Franchise Board in 2020

Today Lloyd’s announced its decision to merge the Council and the Franchise Board effective from 1 June 2020, after receiving widespread support from across the market. This announcement follows five months of consultation across the Lloyd’s market, with an overwhelming majority (over 90 percent) supporting the proposal to merge the...

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