All articles by LII editorial
LII editorial
MassMutual joins the great Taiwan exodus
US life insurer Massachusetts Mutual (MassMutual) has agreed to sell its 39.01% stake in MassMutual Mercuries Life (MML) to one of its partners in the joint venture, Taiwanese conglomerate Mercuries Corporation, for TWD3bn ($98m).
An ugly legal battle brews in US health insurance industry
This follows the Los Angeles City Attorneys filing of an enforcement action against three health insurers controlled by investment bank Goldman Sachs and alternative asset management firm Blackstone Group Named in the city attorneys filing are California health insurers Mega Life and Health Insurance Company; health insurer Mid-West National Life Insurance Company of Tennessee; their parent company HealthMarkets; Goldman Sachs, Blackstone and three affiliated non-profit associations
Canadian life industry hails reform proposals
Recommendations to improve Canadas retirement savings landscape, published in a report by the Standing Senate Committee on Banking, has been welcomed by the Canadian Life and Health Insurance Association (CLHIA) There seems to be a Canadian consensus building around the opportunities that MEPPs provide for Canadians to save more effectively in the workplace,” commented CLHIA president Frank Swedlove
Zurich Financial Services backs NCL recapitalisation
A massive capital restructuring by New China Life Insurance (NCLI) has received the backing of its largest foreign shareholder, Swiss insurer Zurich Financial Services (ZFS) In a move that will see it retain its 20% stake in Chinas fourth largest life insurer, it will pump in an additional $420m taking its total capital investment to $551m
NY mutuals merge
In further consolidation of the US life insurance industry, two mutual insurers, Columbian Mutual Life Insurance (CMLI) and Unity Mutual Life Insurance (UMLI) have agreed to merge CMLI, the lead insurer in the merger, said that the combined operation will have assets of about $1.4bn and a surplus exceeding $100m
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Fortis makes a new start as Aegas
Divested of banking operations that brought it to the verge of insolvency two years ago, Fortis has re-emerged as Ageas with a single-minded focus on life and general insurance The name Fortis is fast disappearing from the insurance market as the former European bancassurer rebrands under its new name Ageas
Buffet snaps up Sun Life Re
Taking the view that reinsurance is not its game, Canadian insurer Sun Life Financial (Sun Life) is to sell its life reinsurance business Sun Life Reinsurance (SLR), to US conglomerate holding company Berkshire Hathaway, headed bybnaire Warren Buffet
Rate hikes see US state regulator forced out of office
After holding the position as the US states insurance regulator for over three years, Sullivan resigned amid condemnation of his approval of rate increases by Anthem, a unit of WellPoint, one of the countrys largest health insurers Indicative of the spiralling cost of health insurance in the US, rate increases for new coverage approved by Sullivan average 22.9% and reach as high as 47%
Allianz confirms its faith in Formula One
With over 10 years of experience in Formula One racing, Allianz has reaffirmed its faith in the fast world of motor racing as a marketing platform. An evaluation of various global sponsorship platforms and of Allianzs activities over the past 10 years has shown that this engagement remains the strongest platform for global brand building, and for the communication of key safety messages to a worldwide audience”, the European insurer said in a statement.
Manulife goes wind farming on grand scale
In its latest involvement in the industry, Manulife has completed a financing arrangement for renewable energy specialist International Power Canada, for the construction of a 48.6 megawatt (MW) wind farm in Ontario The arrangement was undertaken by a syndicate of Canadian life insurers led by Manulife, and has provided total funding of C$117m ($225m) for a term of about 21 years