Startupbootcamp InsurTech’s VanderLinden: Insurers must implement incremental innovation and disruptive innovation at the same time.
March 01, 2019 Full StoryThe European Commission has approved the acquisition of Jardine Lloyd Thompson Group plc by Marsh & McLennan Cos. Inc. — making it possible for the two brokers to close on their tie-up in about a week.
March 25, 2019 Full Story
John Neal
John Neal, chief executive officer of Lloyd’s, has responded to published accounts of ongoing sexual harassment in the workplace in the London insurance market.
March 25, 2019 Full Story
Agent/Broker
Suncorp Sells Australian Nonlife Insurance Broking Business
Suncorp Group Ltd. has divested its general insurance broking business in Australia as part of the group’s efforts to further simplify its business.
Full Story
Asia/Pacific
PICC Property & Casualty Co. Net Falls 21.8% in 2018
PICC Property & Casualty Co. Ltd. reported a 21.8% drop in net profit to 15.5 billion yuan (US$2.35 billion) in 2018, amid intense market competition and significant catastrophe impact, according to China’s largest nonlife insurer.
Full Story
Captive Market
Michael Meehan
Milliman Consultant: Captive Board Members Need Crash Courses in Risk
Michael Meehan, a consultant at Milliman, said board members of captive insurance organizations often know more about the sponsoring organization’s activities than they do about risk and insurance, putting the onus on them to educate themselves. Meehan spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
Full Story
Commercial Coverage
Swiss Re Confirms Coverage Participation in Crashed Ethiopian Airlines Plane
Swiss Re confirmed it participated in manufacturer liability cover and was a co-insurer of Ethiopian Airlines, which lost a Boeing 737 in a crash.
Full Story
Conference
Paul Ranis
Gregory Cobb
Sage VP: Captives, Reinsurers Aligning Investments With ESG Principles
Gregory Cobb, vice president, investment strategy, Sage Advisory, said insurers of all types are showing greater interest in aligning their investment portfolios with sustainability, environmental, social, governance and similar standards. Cobb spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
Full Story
Health
Marlene Caride
Study Says Reinsurance Plan Would Cut Colorado Health Care Costs 23%
A study commissioned by the Colorado Division of Insurance has found a state reinsurance program could save consumers on the individual health insurance market $250 million by cutting payments to providers.
Full Story
Lloyd's
Hilary Weaver
Mergers & Acquisitions
FWD Confirms Talks to Acquire Thailand’s SCB Life Business, Completes Takaful Acquisition in Malaysia
Hong Kong-based FWD Group has confirmed it is in negotiations with Thailand’s Siam Commercial Bank about a potential acquisition of the bank’s life insurance operations.
Full Story
Middle East/Africa
Wasef Jabsheh
Regulation
PICC Group’s Investment Chief Under Disciplinary Investigation
PICC Investment Holding Co. Ltd.’s senior executive Hong Liu is under disciplinary investigation, according to a statement from the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission
Full Story
Reinsurance
Kevin O"Donnell
Steve Robson
Technology
Ryan Rugg
United Kingdom
Richard Rowney
Washington
US Senate to Question PBMs, Including Cigna and UnitedHealth, Over Drug Pricing
A U.S. Senate committee has invited five of the country’s largest pharmacy benefits managers — including units from Cigna Corp., and UnitedHealth Group — to testify April 3 on how they arrive at the prices for drugs delivered through their PBM networks.
Full Story