News Briefs

CSC joins forces with LOMA in
India…
Hanover Insurance exits
life industry…
ING closes Mexican
sale…
Old Mutual puts unit up for
auction…
LIC links with Doha
Bank…

DEVELOPING MARKETS

CSC joins forces with LOMA in India

US financial services technology and outsourcing specialist
Computer Science Corporation (CSC) has been selected by financial
services trade organisation LOMA to conduct examinations for
insurers and other financial service providers in India. CSC is the
only company selected by LOMA, which provides education and
training programmes in India. 

COMPANIES

Hanover Insurance exits life industry

US investment bank Goldman Sachs’ Commonwealth Annuity and Life
Insurance Company unit is to acquire US general insurer Hanover
Insurance Group’s remaining life insurance unit, First Allmerica
Financial Life Insurance Company which has been in run-off since
2002. Including a $160 million pre-closure dividend, Hanover
anticipates to net $220 million from the deal. 

BANCASSURANCE

LIC links with Doha Bank

Doha Bank, Qatar’s largest private commercial bank, and the
international unit of Indian state-owned Life Insurance Corporation
(LIC) have entered into a distribution agreement. Doha Bank will
distribute LIC education, retirement, term insurance and
unit-linked products. 

MERGERS AND ACQUISITIONS

ING closes Mexican sale

The Netherland’s bancassurer ING has received regulatory approval
for the sale of what it terms “non-core” Mexican businesses to
French insurer AXA. The businesses include life insurance, general
insurance and health insurance units. The total consideration paid
by AXA is €950 million ($1.5 billion). ING anticipates it will
realise a capital gain on the sale of between €150 million and €200
million. 

BANCASSURANCE

AIG Life selected by St Georges

AIG Life, the Australian unit of American International Group, has
been appointed by Australia’s fifth-largest bank St George as its
new life insurance partner. AIG replaces Australian insurer
Tower.

COMPANIES

Old Mutual puts unit up for auction

UK insurer Old Mutual has announced it is to sell its 75 percent
owned South African general insurance unit, Mutual & Federal
(M&F). The sale of the country’s second largest general insurer
is to be conducted on an auction basis.