All articles by LII editorial
LII editorial
Nippon Life takes ?500m bet on Allianz
Extending its quest for international investment opportunities, Nippon Life, Japans largest life insurer, has announced that it is to invest 500m ($710m) in European insurer Allianz.
Problems loom for auto-enrolment in the UK
Auto-enrolment of employees into pension schemes in the UK due to commence in 2012 is heading for a “car crash”, warns Lee Hollingworth, head of defined contribution services at Hymans Robertson His warning follows a survey undertaken by the pensions and benefits consulting firm of finance and human resources directors at the UKs largest employers those with more than 5,000 employees. The new pension regime requires all employers to auto-enrol employees and make contributions to a pension scheme on their behalf
Allianz turns its attention to gas
Silex Gas Norway, a wholly-owned unit of Allianz, has agreed to purchase a 6.4% stake in Norways gas transportation network Gassled from French oil company Total for a consideration of NOK4.64bn ($850m).
Munich Re America goes green
Setting a good environmental example can also yield significant financial benefits indicates Munich Re Americas decision to install a 2.5 megawatt solar power system at its Plainsboro facility in New Jersey
UNIQA unveils bold expansion plans
Formed out of a merger of two of Austrias oldest insurers a decade ago, UNIQA has set a cracking growth pace, spearheaded by its international expansion
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MetLife strengthens its position in Turkey
Strengthening its position in Turkey, US insurer MetLife is to acquire a 99.86% stake in DenizEmeklilik, the life insurance and pension subsidiary of Belgian bank Dexias Turkish unit DenizBank, in a cash deal worth 162m ($245m)
Zurich Financial enters Malaysia
Zurich has agreed to pay around $115m for 100% of Malaysian Assurance Alliance Berhad (MAAB), the only significant operating unit of Malaysian company MAA Holdings Berhad.
Aetna and Genworth agree Medicare deal
Continental Life is the unit through which Genworth supplies Medicare supplement insurance and will bring with it more than 145,000 Medicare supplement members
Hong Kong readies for new insurance regulatory body
Following the conclusion of a public consultation, Hong Kongs government has put forward detailed plans for the establishment of a new insurance regulatory body, the Independent Insurance Authority (IIA) The proposed new authority will be independent of the government and will replace the existing Office of the Commissioner of Insurance which is a government body. Among proposals are that the IIA will have the powers to initiate investigations, search and seize materials upon the issue of a warrant, prosecute offences summarily and impose a range of regulatory sanctions in cases of misconduct.
Munich Re hands back Russian life licence
After six years, the German reinsurer has decided to cease direct operations in the country and return the licence of its Moscow-based life reinsurance unit MR Life EECA. In a statement, Munich Re explained that the reason for returning the licence is the restrained development of personal insurances markets which has resulted in a change in demand for life reinsurance