All articles by LII editorial
LII editorial
Another setback for The Phoenix Companies
Negativity continues to pervade US insurer The Phoenix Companies (TPC), with the latest blow coming from rating agency Fitch which has downgraded TPH’s insurer financial strength rating to BBB from BBB+. Fitch has also assigned the 158-year old Hartford, Connecticut-based insurer a negative outlook, indicating a further negative rating action ahead.
Outsourcing dealt a harsh blow by recession
For over a decade insurers have viewed the offshoring of business services as a major part of their cost reduction strategies.
Moody’s still downbeat on European insurers
Though first-half 2009 results from European insurers indicate a recovery in investment market performance in the second quarter after significant losses in the first, the business environment remains “deeply challenging”, cautions David Masters, an analyst at rating agency Moody’s
Major insurance law revamp looms
Implementation of the most significant amendment to China’s insurance law in seven years is days away, and for insurers it will bring increased regulatory challenges and opportunities. However, although expert comment is generally positive there are notable reservations on implementation of the new law.
Merger to advance Conseco’s capital rebuilding
Continuing its rush to rebuild capital, US insurer Conseco is to merge two of its insurance subsidiaries, Conseco Insurance Company and Conseco Health Insurance, into a third subsidiary Washington National Insurance Company (WNIC).
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UK regulator’s future hangs in political balance
The future of the UK’s Financial Services Authority (FSA) will be determined by the outcome of the country’s next general election, which must be held on or before 3 June 2010.
US fixed annuity sales growth
The US fixed annuity market lost momentum in the second quarter of 2009 with sales falling 20 percent compared with the previous quarter to $27.8 billion, reveals data supplied by independent fixed annuity research firm Beacon Research.
Insurers take a M&A back seat
Insurers played a minor role in merger and acquisition (M&A) activity in the asset management market in the first half of 2009, accounting for only 4 out of 73 deals recorded by US securities and investment banking group Jefferies Putnam Lovell (JPL).
Aegon raises electronic communications bar
When it comes to harnessing the internet as an effective means of servicing customers and financial advisers Aegon UK is achieving outstanding success, indicates a series of assessments undertaken by UK-based independent specialist technology consultancy, Financial & Technology Research Centre (F&TRC
Anti-health care fraud organisations join forces
Fraud is a significant problem for insurers and health care providers alike and in the European Union (EU) alone results in losses of between 30 billion ($42 billion) and 100 billion annually, according to Paul Vincke, president of the European Healthcare Fraud and Corruption Network (EHFCN).Based on the higher of the two estimates health care fraud equals about 10 percent of total health care spending in the 27 EU countries.Health care fraud schemes are not confined to single countries and have become what the EHFCN describes as exportable and increasingly complex Against this background, the EHFCN and its counterparts in the US, the American National Health Care Anti-Fraud Association (NHCAA), and in Canada, the Canadian Health Care Anti-Fraud Association (CHCAA), have joined forces to take the fight against fraud global.It is essential that associations such as EHFCN, CHCAA and NHCAA form strong relationships and network in order to deal with potential increases in global cross-border fraud and corruption by exchanging information on current problems and solutions, stressed Vincke.