All articles by LII editorial
LII editorial
Allianz and Standard Chartered join forces in Qatar’s takaful market
Distribution of Allianzs Islamic law-based takaful products in Qatar has received a boost with the singing of a five-year exclusive agreement with Standard Chartered Bank. Under the agreement, Standard Chartered will sell Allianz Takafuls life insurance products which encompass protection, savings, investment and child education Allianz was granted a licence by the Qatar Financial Centre Regulatory Authority (QFCRA) to commence operations in August 2009
US insurers failing at online service
Four out of five Americans (83%) are likely to resolve any issues they experience in purchasing or processing a health insurance claim online by reaching for the phone This emerges from a study conducted by research firm Ipsos Public Affairs (IPA) for business transaction management technology specialist OpTier. IPA stressed that online customers looking to resolve claims and other issues using the phone are an expensive proposition in terms of potential lost customers or a customer service representatives time for insurance companies
Lincoln Financial repays US government
Lincoln Financial Group (LFG), one of the US life insurers hardest-hit by the financial crisis, has taken a key step towards normalising its balance sheet with the repayment in full of a $950m support package extended to it by the US Treasury under its Capital Purchase Program
More consolidation in Australian market
Bank of Queensland Group (BOQ) has completed the acquisition of the life and general insurance units of St Andrews Insurance (SAI) from Commonwealth Bank Group (CBG). The A$45m ($40m) deal excluded SAIs investment, superannuation, retirement income and financial planning business units.
Pulse insures the uninsurable
Indicating a change in attitude towards insuring HIV-positive people, UK insurer Pulse Insurance has launched Harbour, a product which it claims is a first-of-its-kind in the country Harbour offers customers either £10,000 ($15,000) or £25,000 life cover and up to £200,000 of accidental death cover
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Resolution snaps up Axa UK life operations
Entrepreneur Clive Cowdery has moved to exploit consolidation opportunities in the UKs life market, announcing his Resolution Group is to acquire the bulk of French insurer Axas UK life operations Excluded from the deal are Axas UK wealth management operations comprising the Elevate wrap platform, Architas Multi-Manager, Axa Wealth International, Axa Winterthur Wealth specialist operations and Axa Direct Protection.
Prudential Financial going for growth in European commercial property financing market
A dearth of bank finance in Europes commercial property market represents a significant opportunity for non-bank financial institutions to fill the void, believes Prudential Financial, the US second-largest life insurer. To exploit this potential the insurers property unit, Prudential Real Estate Investors (PREI), has initial secured capital of £150m ($220m) from institutional investors including APG which manages the 240bn ($290bn) Netherlands government pension fund. The dramatic shortage of debt capital in the commercial real estate markets has created significant borrower demand in the short-term, which we expect will increase and endure as the markets evolve in the face of looming capital shortfalls, said Jack Taylor, MD and head of PREIs global high yield debt initiative.
Deal boosts Mitsui Sumitomo in Malaysia
Japanese insurer Mitsui Sumitomo Insurance Company (MSI) is to gain entry into Malaysias life insurance market and expand its presence in the countrys general insurance market through a deal with Malaysian conglomerate Hong Leong Financial Group (HLFG).
Conseco pays up
An unpleasant situation involving Conseco Life has been resolved, with the US insurer agreeing to reimburse aggrieved holders of its Lifetrend universal life product. Under the settlement, Conseco Life will establish a $10m fund for aggrieved policyholders and pay a $1m penalty to states participating in the settlement.
Californian insurers toe the Poizner line
Despite strong opposition from some quarters, Californian insurers appear to be heeding California insurance commissioner Steve Poizners order that they sell Iran-related shares in their portfolios. The order targets 50 companies the California Department of Insurance (CDI) has identified as doing business with Irans nuclear, energy and defence sectors in the first quarter of 2010. According to the CDI, a detailed analysis revealed that, at the end of 2009, insurers licensed to do business in California held $2bn of investments in the 50 companies.