The insurance and reinsurance industry should expect further disruption as financial sectors with inefficient cost structures and high capital usage face threats from new entrants, business models, technology and alternative sources of risk capital, according to Oliver Wyman. The financial services industry is becoming “modular” and sector participants and value...
The Rockefeller Foundation, Veolia, and Swiss Re Corporate Solutions Ltd, have joined forces to launch an innovative infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe. The partnership, designed to support cities worldwide in the areas of climate change adaptation,...
The UK industry is well prepared for the reforms to capital rules, the Association of British Insurers has said. After ten years of preparation and a GBP3 billion investment from the UK industry, insurers and reinsurers will be ready to implement from the beginning of 2016. More than 400 UK...
Consultancy Mercer, insurance firm Zurich and reinsurance firm Pacific Life Re have assisted an unnamed UK pension plan to offload the longevity exposure associated with a “named life” group of pensioners in a streamlined longevity hedge, according to research by Artemis. Mercer has acted as lead advisor to the trustees...
Zurich American Insurance Company (ZAIC), a subsidiary of Zurich Insurance Group, has entered into an agreement with Wells Fargo & Company under which it will acquire 100 percent of Rural Community Insurance Agency, Inc. (RCIA) and its subsidiary Rural Community Insurance Company (RCIC). The two are collectively known as Rural...
Lockton Brazil has announced the acquisition of VIS Corretora de Seguros e Beneficios Ltda (VIS), a specialist insurance and employee benefits broker in Sao Paulo with 27 staff members. Terms of the agreement were not disclosed. It is anticipated that by early January, VIS´staff will be fully integrated into Lockton...
Canada’s minister of Environment and Climate Change, Catherine McKenna, announced recently that the country would contribute USD50 million to the G7 Initiative on Climate Risk Insurance to help people in developing countries protect themselves against the economic consequences of more intense and increasingly frequent natural catastrophes. “The risks and costs...
A division of Liberty Mutual Holding Co. Inc. has started to write property insurance business from Madrid. London-based Tokio Marine Kiln Group Ltd. confirmed in a statement that it has appointed London-based Liberty Specialty Markets of Liberty Mutual Insurance Group to provide renewal terms on all expiring policies in its...
Sompo Japan Nipponkoa Holdings has established a reinsurance company under British unit Canopius. Headquartered in Zurich, the company will begin operations as early as this year. It is capitalised at USD97.6 million, with Canopius holding a 100 percent stake. A US branch will also be set up to target the North...
Manulife Financial Corp is interested in a range of insurance and asset management acquisition opportunities across several markets in Asia, a top executive said recently. The company is looking to strengthen its position in Japan and Hong Kong, its two biggest markets in Asia, as well as add capabilities in...
