All articles by LII editorial
LII editorial
Rothesay Life piles on the deals in UK risk transfer market
With the closing of three deals worth a total of £2.28bn ($3.56bn) December 2011 proved to be a highly successful one for Rothesay Life, a UK defined benefit (DB) pension scheme risk transfer specialist owned by US investment bank Goldman Sachs In the largest of the three deals, Rothesay Life concluded a £1.3bn longevity insurance solution involving pension liabilities of the Airways Pension Scheme (APS), one of two DB pension schemes sponsored by British Airways (BA) The solution was the second of its kind executed for BA by Rothesay Life which in June 2010 provided longevity insurance for some 20% of APS pensions in payment
Big changes at the top at Allianz
The honour of being the first female appointee in the insurers 121-year history has gone to Helga Jung, since 2000 head of group mergers and acquisitions (M&A).
Talanx, Meiji Yasuda Life join forces
Using the platform of an alliance forged in November 2010, German insurer Talanx and Japanese insurer Meiji Yasuda Life are to jointly acquire control of Polish insurance holding company Europa Group
VA writers head for the exit door
Hit by losses in the wake of the global financial crisis and ongoing equity market volatility, a number of major variable annuity writers in the US have exited the market
Reluctant UK Treasury consults on premium gender equality
Making no secret of its dislike of the concept, the UK Treasury has opened a consultation on the implementation of the European Court of Justices ruling banning the use of gender as a risk factor by insurers as from 21 December 2012 (see EU insurers gender headache)
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Aviva makes going mobile for advisers
In the first development of its kind in the UK, Aviva has launched a version of its dedicated adviser website that can be accessed through mobile phones.
Korea Life takes the plunge into China
Undaunted by the poor showing of foreign insurers in China, Korea Life Insurance (KLI) is to forge ahead with the establishment of a joint venture (JV) life insurance company in the country, reports Xinhua, Chinas official news agency KLI, Koreas second-largest life insurer, received the go-ahead in November 2011 from the China Insurance Regulatory Commission to proceed with the establishment of the 50:50 JV in partnership with Zhejiang International Business Group (ZIBG)
Non-payment catches up with New York Life insurers
It has been a long wait for many beneficiaries of policies issued by life insurers in the state of New York but after what have in some cases been decades they are finally receiving what is due to them
Changing of the guard at Bharti Axa Investment Managers
Indian conglomerate Bharti Enterprises desire to exit the countrys financial services industry has been partly realised with the announcement that state-controlled Bank of India (BoI) is to buy its 25% stake in Bharti Axa Investment Managers (BAIM)
Tokio Marine enters US life market
As a significant extension of this strategy, the Japanese insurer is to acquire Delphi Financial Group, a move that will provide its first exposure to the US life market.