Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
November 5, 2012

Prudential expands in Thailand with partnership and acquisition

by Gill Montia

Story link: Prudential expands in Thailand with partnership and acquisition

Prudential and Thanachart Bank have agreed an exclusive 15-year partnership to develop jointly their bancassurance business in Thailand. In addition, Prudential Thailand will acquire 100% of Thanachart Life Assurance Company, a wholly-owned subsidiary of the bank, for around £358 million. According to Prudential, life insurance penetration in Thailand remains low at only 2.7% and the […]



November 1, 2012

Guy Carpenter unveils Asian industrial park database

by Gill Montia

Story link: Guy Carpenter unveils Asian industrial park database

Guy Carpenter has developed a database of industrial parks across Asia to help clients identify and evaluate potential risks in the region. The new facility, which takes in industrial parks in China, Taiwan, Thailand and Indonesia, uses digitised boundaries and gives access to maps through i-aXs, the firm’s exposure visualisation and portfolio management platform. Using […]



October 30, 2012

L&G appoints head of treasury & investments

by Gill Montia

Story link: L&G appoints head of treasury & investments

Legal & General (L&G) has appointed Paul Stanworth as head of group treasury and investments, reporting to group chief executive officer, Nigel Wilson. Heading a newly created team, Mr Stanworth will be responsible for the overall asset strategy and financing of L&G’s balance sheet which comprises: £40.1 billion of assets across all shareholder interests; £16.4 […]



Aon launches online bulk annuity assessment

by Gill Montia

Story link: Aon launches online bulk annuity assessment

Aon Hewitt has launched an online Settlement Readiness Assessment, open to all UK defined benefit pension schemes. The test is designed to provide an overview of a scheme’s readiness to move to a bulk annuity, with the results analysed to show how close a scheme could be to taking up a de-risking solution. The firm’s […]



Guy Carpenter launches ProfitPoint+

by Gill Montia

Story link: Guy Carpenter launches ProfitPoint+

Guy Carpenter has launched ProfitPoint+, an integrated portfolio management solution designed to help insurance companies improve profitability, enhance underwriting performance and drive growth. The solution claims to deliver powerful portfolio planning and point-of-sale capabilities so insurers can set, calibrate and monitor risk management strategy, while enabling line underwriters and agents to make more informed decisions […]



October 24, 2012

Pension Insurance Corporation secures cash injection

by Gill Montia

Story link: Pension Insurance Corporation secures cash injection

Pension Insurance Corporation (PIC), which provides insurance solutions for defined benefit pension funds, has completed a transaction whereby Luxembourg-based Reinet Fund will invest up to £400 million in the business. The injection of cash will be used to back PIC’s growth in the UK’s pension insurance buyout and buy-in market. At the same time, Sir […]



October 22, 2012

Hiscox appoints head of catastrophe research

by Gill Montia

Story link: Hiscox appoints head of catastrophe research

Hiscox has appointed Dr Richard Dixon as group head of catastrophe research. Dr Dixon obtained a PhD in Meteorology from Reading University in 1999, studying the processes that lead to severe European windstorms. From there, he joined Risk Management Solutions and subsequently worked in the catastrophe modelling teams at Benfield and Renaissance Re, specialising in […]



Partnership appoints CFO

by Gill Montia

Story link: Partnership appoints CFO

Partnership, which specialises in life and pension products for people whose life expectancy is likely to be reduced, has appointed David Richardson as its new chief financial officer. Mr Richardson joins from closed life fund consolidator, Phoenix, where he was group chief actuary and responsible for restructuring a £70 billion balance sheet plus overall capital […]



Retirement saving gender gap hits record high

by Gill Montia

Story link: Retirement saving gender gap hits record high

The gap between the amount men and women are saving for retirement has grown to a record high, according to Scottish Widows, as women continue to be hit disproportionately by the economic downturn. In its latest “Women and Pensions” report, the firm claims that half of Britain’s females are feeling worse off than a year […]



October 20, 2012

AEGON Ireland improves offshore bond pricing

by Gill Montia

Story link: AEGON Ireland improves offshore bond pricing

AEGON Ireland has improved pricing on its Wealth Management Portfolio offshore bond, available on the AEGON Retirement Choices platform. Under the revised terms, the fund-based product charge has being removed completely and the fixed quarterly charge adjusted to £82.40 per quarter. AEGON Ireland chief executive officer, Simon Skinner, comments: “We are seeing offshore bonds become […]



FSA fines Sun Life of Canada £600k for governance failings

by Gill Montia

Story link: FSA fines Sun Life of Canada £600k for governance failings

The Financial Services Authority (FSA) has fined Sun Life Assurance Company of Canada (UK) Limited (SLOC UK) £600,000 for failings in the governance of its with-profits business. According to the regulator, the design and operation of SLOC UK’s governance arrangements were “unclear and inadequate”, resulting in a high risk that policyholders’ interests weren’t protected properly. […]



October 18, 2012

Munich Re: new evidence for human-made climate change

by Gill Montia

Story link: Munich Re: new evidence for human-made climate change

A new study from Munich Re shows that North America has been most affected by weather-related extreme events in recent decades – the continent being exposed to every type of hazardous weather peril, partly because there is no mountain range running east to west to separate hot from cold air. According to the research, nowhere […]



October 10, 2012

L&G Investment Management appoints chief compliance officer

by Gill Montia

Story link: L&G Investment Management appoints chief compliance officer

Legal & General Investment Management has appointed Teresa Poy as chief compliance officer, reporting to Paul Sweeney, head of legal and regulatory affairs. Ms Poy joins from TT International where she was head of compliance for Europe and North America. Prior to this she worked for Barclays Global Investors, where she was deputy head of […]



October 8, 2012

FSCS steps in over Lemma Europe default

by Gill Montia

Story link: FSCS steps in over Lemma Europe default

The Financial Services Compensation Scheme (FSCS) is stepping in to help customers of Lemma Europe Insurance Company, which has failed. The scheme is working closely with the provisional liquidator in Gibraltar, Grant Thornton, to protect the firm’s UK customers after declaring it in default. Up to 7,000 UK policyholders may be affected by the collapse […]



October 7, 2012

L&G Property appoints development manager

by Gill Montia

Story link: L&G Property appoints development manager

Legal & General Property (LGP) has appointed Neil Crawford as retail development manager, in a move aimed at strengthening its in-house development and asset management expertise. The unit is also recruiting for a second role, head of retail, reporting directly to Mike Barrie, director of fund management. Mr Crawford joins from Hammerson where he has […]



October 5, 2012

Hiscox and Third Point Re to create new cat fund

by Gill Montia

Story link: Hiscox and Third Point Re to create new cat fund

Hiscox Bermuda has agreed in principle to partner Third Point Reinsurance in the creation of a new catastrophe fund management business. Hiscox will become a shareholder of Third Point Reinsurance Investment Management, which has been set up for the purpose, and says it intends to make a significant investment in the Third Point Reinsurance Opportunities […]



October 1, 2012

Kiln appoints chief operating officer

by Gill Montia

Story link: Kiln appoints chief operating officer

Specialist insurer and reinsurer, Kiln, has appointed Denise Garland as chief operating officer. Ms Garland is a chartered financial analyst and qualified accountant with more than 12 years’ experience of leading major projects in complex professional and financial services environments. She has held a number of senior posts at Ernst & Young, Willis and Man […]



CVC acquires majority stake in Cunningham Lindsay

by Gill Montia

Story link: CVC acquires majority stake in Cunningham Lindsay

Claims management firm and loss adjuster, Cunningham Lindsey, has received an injection of cash from a group of investors led by CVC Capital Partners. The move means that CVC has acquired majority ownership of the company, which employs around 7,000 staff operating across 61 countries. Following the recapitalisation, the existing Cunningham Lindsey management team, led […]



September 24, 2012

Arthur J. Gallagher acquires Acumus

by Richard Kilner

Story link: Arthur J. Gallagher acquires Acumus

Arthur J. Gallagher International has announced that it has acquired specialist insurance advisor Acumus. Acumus caters to the needs of the housing association sector through the provision of risk consulting and insurance services. The firm offers a broad range of risk services, such as detailed assessments of key risk areas to firm-wide ‘health checks’. The […]



September 21, 2012

XL expands French operations

by Gill Montia

Story link: XL expands French operations

XL Group has opened a new office in Lyon with a team that will serve middle-market companies with annual turnover of €30 million to €300 million. The insurer has appointed Auberi Etienne and Clotilde Bartok to respond to the needs of companies and broking houses across France’s south-east region. Mr Etienne, who has been appointed […]