All articles by LII editorial
LII editorial
UK risk transfer market shines
Having recovered well from depressed levels in late-2008 and the first half of 2009, the UKs defined benefit pension scheme risk transfer market is just getting into its stride, believes actuarial consultancy Hymans Robertson Based on the level of activity we are currently observing in the market, we expect one in four FTSE 100 companies (largest 100 UK listed companies) to have completed a material pension scheme risk transfer deal by the end of 2012,” said Mullins
MMI Holdings sees opportunity in Africa
South Africas life insurance industry marked another major step in its consolidation on 1 December 2010 with the listing on the Johannesburg Stock Exchange of MMI Holdings MMI is the product of a merger between two mid-size life insurers, Momentum and Metropolitan, and creates the countrys third-largest life insurer after Old Mutual and Sanlam Following the merger, shareholders of banking group FirstRand, Momentums former parent company, now own 59.3% of MMI and Metropolitan shareholders 40.7%
Life settlements market gets legal structure in New York State
New York State Insurance Department has licensed the first two life settlements providers, FairMarket Life Settlements and Magna Life Settlements, under the states new life settlement law, the New Yorks Life Settlement Act Under the law, licensed life settlement providers must provide an owner of a policy entering into a life settlement with a consumer information booklet and other disclosures providing key information the consumer needs to make a decision to sell the policy
Dai-ichi wants 100% of Tower Australia
This follows acceptance of an offer by Dai-ichi to acquire the 71.04% of Tower it does not already own by Towers independent directors who have recommended Tower shareholders to vote in favour of the offer
Sale of Old Mutual’s US unit delayed
In a statement providing minimal detail, UK insurer Old Mutual has announced that the sale of its troublesome US unit OM Financial Life Insurance Company (OMFLIC) to US private equity firm Harbinger Capital Partners has been delayed In the statement, the insurer noted: “Old Mutual and Harbinger are continuing discussions with state regulators to obtain the approvals that are required prior to the consummation of the transaction
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Alico puts the wind in MetLife’s sails
Speaking at an investors conference held in December 2010, MetLifes chairman, president and CEO A Robert Henrikson painted an optimistic picture of the USs largest life insurers progress in 2010 and prospects for 2011 and beyond
Aetna takes $500m bet on technology
Medicity provides products and services that enable health systems, hospitals, physician practices and health information exchanges to securely access and exchange health care information
Transamerica life reinsurance solution awarded US patent
Indicating that it has developed something out of the ordinary, Transamerica Reinsurance has been awarded a patent in the US for its Velogica underwriting technology for non-medically underwritten life insurance.
UK annuity rates slide
Based on MGM Advantages Annuity Index, which tracks the income paid on enhanced and conventional annuities on a quarterly basis, between September and December 2010 the average conventional annuity rate fell by 1.04% while the average enhanced annuity rate fell by 2.12%
Voice identification comes of age
For financial services companies, the essence of security is verification of customer identities a task that has become more onerous with increasing use of remote communications, such as call centres, in an era when identity theft is rife