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I-Bytes
Insurance
January Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................28
3. Rewards and Recognition Updates..................................................................................................................32
4. Partnership Ecosystem Updates.......................................................................................................................44
5. Environment & Social Updates........................................................................................................................51
6. Miscellaneous Updates......................................................................................................................................52

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Financial, M & A
Updates Insurance Industry

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Financial, M&A Updates
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Aflac Incorporated (USA) Announces $25 Million Commitment to Invest in LISC's
Black Economic Development Fund
Aflac Incorporated announced its $25 million commitment to invest in the Black
Economic Development Fund introduced by the Local Initiatives Support
Corporation (LISC). The Black Economic Development Fund (the "Fund") is a
mission-oriented investment fund with the primary objective of supporting
Black-led financial institutions, anchor institutions and business transactions to
strengthen the Black community in rural and urban communities. The ultimate
goal is to help close the racial wealth gap. The Fund expects to begin initial
deployment of capital in the first quarter of 2021, taking an industry-agnostic
approach across a diverse set of borrowers and geographies with a variety of
products and investment durations.
Executive Commentary
Chairman and CEO of Aflac Incorporated commented, "The concept of
diversity, equality and inclusion is not new at Aflac; it is a topic about which
we at Aflac have been passionate for decades. Aflac has a long history of
inclusiveness dating back to the U.S. Civil Rights movement when our
principal founder, John Amos, actively worked with leaders engaged in issues
of equality and fairness. We are proud to continue that good work and thrilled
to take part in LISC's Black Economic Development Fund. We view this as
much more than just a financial investment; rather, we see it as an investment
in society to help support schools, housing and small businesses within Black
communities. Aflac's founding principles have evolved into what is now
known internally at Aflac as 'The Aflac Way,' a collection of guiding
principles that reflects Aflac's corporate culture: treating all of its constituents,
both internal and external—with dignity, respect and fairness. Our investment
in the Black Economic Development Fund speaks to that ideology, and it is
our honor to be a part of it."
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Allianz (Germany) agrees to purchase Westpac’s General Insurance business
Allianz announced it has agreed to purchase the general insurance business of
Westpac, and enter into a new 20-year exclusive agreement for the distribution
of general insurance products to Westpac customers. On completion of the
proposed agreement, worth $725 million1, Allianz will expand its existing
general insurance distribution arrangement with Westpac, which will allow
Westpac to provide a wider range of Allianz general insurance products to its
customers. Subject to receipt of required regulatory approvals, the transaction
is expected to complete in mid-2021. This agreement represents an important
step in Allianz growing its consumer insurance portfolio in Australia, building
upon the existing relationship between Allianz and Westpac, which has been in
place since 2015. Under the new distribution agreement, along with the
existing products of motor, caravan and trailer and travel insurance, Allianz
will issue and service a range of personal insurance products, including home
and contents, under Westpac Group’s brands.
“Westpac has been a long-term business partner for Allianz and we are very
pleased to enter into this new agreement,” said Allianz Australia Managing
Director. “Both companies share aligned values, particularly in relation to
a customer-first approach to design and distribution, and using innovation
and technology as key enablers to delivering customer satisfaction, so we
see this as a fantastic opportunity. Allianz is a proven bancassurance
partner, both globally and locally, and we are committed to further
investing in this channel. By combining our insurance and digital expertise
we are able to provide valuable protection to Westpac’s customers.”
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Allstate (USA) Closes Acquisition of National General Holdings Corp.
The Allstate Corporation announced that it closed its $4 billion acquisition
of National General Holdings Corp. National General, headquartered in
New York City, is a specialty personal lines insurance holding company
serving a wide range of customer segments through a network of
approximately 42,300 independent agents for property-casualty products.
National General traces its roots to 1939, has a financial strength rating of
A- (excellent) from A.M. Best, and provides personal and commercial
automobile, homeowners, umbrella, recreational vehicle, motorcycle,
lender-placed, supplemental health and other niche insurance products.
Auto insurance represents approximately 60% of premium with a
significant presence in the non-standard auto market. Its property-casualty
business was built through a combination of organic growth and
opportunistic acquisitions.
“The acquisition of National General advances our strategy of growing
personal lines insurance with an increase of 1 percentage point in market
share. Independent agents will now have more protection offerings for
customers, with a strong technology platform creating growth
opportunities for them and Allstate. National General’s accident and
health business will also further expand Allstate’s circle of protection,”
said chair, president and CEO of The Allstate Corporation.
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American Financial Group, Inc. (USA) Declares Special Dividend
American Financial Group, Inc. announced that it has declared a
special, one-time cash dividend of $2.00 per share of American
Financial Group Common Stock. The dividend is payable on
December 29, 2020 to holders of record on December 21, 2020. The
aggregate amount of the payment to be made in connection with this
special dividend will be approximately $174 million. This special
dividend is in addition to the Company’s regular quarterly cash
dividend of $0.50 per share that was last paid on October 26, 2020.
AFG Co-CEOs stated: “Returning excess capital to shareholders
in the form of this $2.00 special dividend is an important and
effective component of our capital management strategy; it
reflects AFG’s strong financial position and our confidence in the
Company’s financial future. Following the payment of this
special dividend, our excess capital remains at a level which
affords us the financial flexibility to grow our business
organically and through acquisitions and start-ups that meet our
target return thresholds, and to make opportunistic repurchases
of AFG’s stock.”
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Assurant (USA) Acquires EPG Insurance, Inc.
Assurant, Inc. a leading global provider of lifestyle and housing solutions
that support, protect and connect major consumer purchases, announced the
acquisition of EPG Insurance, Inc. (EPG) for $43 million in cash. EPG is a
leading provider of service contracts and insurance sold through heavy
equipment dealers and manufacturers. EPG provides and administers
service contract programs for products and services sold through its global
network of OEMs and OEM-branded dealer partners. Since 2018, Assurant
has been the primary underwriter of EPG’s protection products for
customers renting, leasing and purchasing equipment in the construction,
agriculture, forestry and trucking industries. EPG’s product offerings
include extended service contracts, physical damage insurance, guaranteed
asset protection, rental tracking, and loss damage waivers, and EPG has
seen a 40 percent growth in policies since 2018 as the result of enhanced
and refocused sales efforts.
“This acquisition provides us with a unique opportunity to expand our
service contract offerings and continue to strengthen and grow our
market leading presence in the automotive service contract space,
globally,” said President of Assurant Global Automotive. “We are
excited to gain the valuable experience and expertise of the EPG
management team and employees.”
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Athene (Bermuda) Announces Significant Pension Buyout Agreement with GE
Athene Holding Ltd. ("Athene") a leading retirement services company,
announced a significant pension buyout agreement with GE a global
pioneer of technologies that help the world work more efficiently, reliably,
and safely. Under the terms of the transaction, Athene's wholly-owned
Iowa-domiciled life insurance subsidiary, Athene Annuity and Life
Company ("AAIA"), and Athene's wholly-owned New York-domiciled life
insurance subsidiary, Athene Annuity & Life Assurance Company of New
York ("AANY"), have agreed to provide annuity benefits for approximately
70,000 retirees who are currently receiving benefits from GE's pension
plan. In aggregate, GE is transferring approximately $1.7 billion in pension
obligations to Athene. Under the agreement, AAIA and AANY will each
issue a group annuity contract to GE and individual annuity certificates to
applicable retirees. AAIA and AANY will have direct payment
responsibility for all the liabilities covered in this transaction.
"We are pleased to serve as a trusted partner to GE in helping reduce the
company's pension risk through this transaction," said SVP Head of
Pension Risk Transfer at Athene. "Athene deeply values the
relationships it has with its customers and has a strong commitment to
service excellence. Retirees covered by this transaction can be confident
they receive the same pension benefit, on the same schedule, as what
they currently receive."
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AXA (France) to sell its insurance operations in Greece
AXA announced that it has entered into an agreement with Generali to sell its insurance operations in Greece. Under the terms
of the agreement, AXA will sell its Life & Savings and Property & Casualty businesses in Greece for a total cash consideration
of Euro 165 million, representing an implied 12.2x FY 2019 P/E multiple*. This transaction represents a continuation of AXA’s
simplification journey, in line with the Group’s strategy. Completion of the transaction is subject to customary closing
conditions, including the receipt of regulatory approvals, and is expected to be finalized by the end of 2Q 2021. AXA Greece
was ranked 7th in the non-life insurance market and 8th in the life insurance market* in 2019, offering a broad suite of products
to more than 600,000 customers. The company has 249 employees and distributes its products through a diversified distribution
mix consisting of an exclusive bancassurance partnership with Alpha Bank, agents, brokers as well as direct distribution
channels. The gross revenues and underlying earnings of AXA’s operations in Greece recorded in the Group’s FY19
consolidated financial statements were Euro 168 million and Euro 15 million respectively.
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Baloise Insurance (Switzerland) invests in digital rental process of "Rentio"
Baloise Insurance is investing 1.3 million euros in Rentio, an innovative
Flemish start-up of the founders behind the real estate site Zimmo. The
company digitalises, centralises and automates everything having to do with
the rental process. Real estate firms, lessors and lessees smoothly conclude
contracts via an online platform or app, monitor payments, share documents
and deal with practical rental problems such as a broken radiator or an
inspection of the boiler. Rentio is already the third start-up from the real estate
sector in which Baloise Insurance has taken a participating interest this year.
Baloise Insurance is continuing to deepen its involvement in the real estate
sector: in 2020 the insurer has invested almost three million euros in start-ups
from the sector. At the beginning of this year, it took a participating interest in
Keypoint and its digital assistant for property managers. In June followed a
participating interest in ImmoPass, an innovative Walloon start-up that has
developed a technical inspection system for real estate.
"The recent investment in Rentio fits perfectly in the strategy of Baloise
Insurance to build up an ecosystem of innovative partners that make
everything having to do with property easier and more digital. As an
insurer, we see our role as being broader than just compensating damage.
We want to respond to new needs in society and so we are continuing to
invest in real estate start-ups. Moreover, by investing in these new digital
markets we are not only further defending our market share, but we can
also offer extra services via our distribution model of independent brokers.
Rentio helps them take a burden off the shoulders of both lessees and
lessors", says Managing Director Non-Life Retail and Corporate
Marketing at Baloise Insurance.
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CNPAssurances (France) is investing in a complex of benchmark offices
in terms of respect for the environment
CNP Assurances is acquiring from Invesco Real Estate an office building of more
than 11,000 sq. m in the heart of the Etoile district in Paris. Fully leased to a major
international investment bank, whose head office it houses, the complex was
completely restructured between 2017 and 2019 and has been awarded a quadruple
environmental label.
The office complex located at 173-175 boulevard Haussmann in the 8th
arrondissement of Paris has all the features of a prime asset:
• An excellent location right in the heart of the Etoile district, in a dense and
dynamic tertiary environment hosting numerous national and international
companies,
• Excellent public transport (5 metro lines and the RER A line nearby) and road
links (proximity to major Parisian routes),
• A restructured asset offering a level of technical services and facilities that meet
the highest international standards,
• A building awarded a quadruple certification / environmental label: HQE
“Exceptional”, BREEAM “Excellent”, BBC Renovation and WiredScore “Gold”.
Director of Real Estate Investment and Infrastructure of CNP Assurances, says:
“Located in the heart of the Etoile district in Paris, this completely restructured
office complex, leased to a major international investment bank, represents an
attractive investment for CNP Assurances and its policyholders, to whom we
offer to boost their savings with real estate unit-linked accounts. The complex
has also obtained four environmental certifications and labels, making it a
benchmark in its market.”
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Key Financial Highlights

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Fairfax (Canada) Announces Sale of RiverStone Europe to CVC
Fairfax Financial Holdings Limited announces that it has entered into a
binding agreement with CVC Capital Partners (“CVC”) to sell all of its
interests in RiverStone Europe to CVC Strategic Opportunities Fund II.
OMERS, the pension plan for Ontario’s municipal employees, has also agreed
to sell all of its interests in RiverStone Europe as part of the transaction. The
purchase price to be received by Fairfax on closing of the transaction is
approximately US$750 million. Fairfax will also be entitled to receive up to
US$235.7 million post-closing under a contingent value instrument. Luke
Tanzer will remain the Managing Director of RiverStone Europe and Nick
Bentley, the Chief Executive Officer of the RiverStone Group, will remain on
the board of RiverStone Europe post-closing. After closing, RiverStone
Europe will also operate under the name RiverStone International and will
seek to continue its successful track record of acquisitions and growth led by
its existing management team.
“We are very pleased to enter into this transaction with CVC,” said
Chairman and Chief Executive Officer of Fairfax. “RiverStone Europe is
an industry leader in run-off insurance services, and CVC’s scale and
vision will give RiverStone Europe, under the continued leadership of
Luke and his management team, the opportunity to further grow the
business. Nick and Luke are also fully supportive of this transaction, based
on their strong beliefs that it was the best way for RiverStone Europe to
continue to grow and pursue run-off transactions. We wish Luke and all of
the employees at RiverStone Europe much success in the future. Fairfax
remains committed to continuing to grow its other European businesses,
including its Lloyd’s of London activities.”
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Fidelity National Financial (USA) and F&G Complete the Sale of F&G Re
to Aspida Holdings Ltd.
Fidelity National Financial, Inc. and F&G, a leading provider of annuities and life insurance, announced the completed sale of F&G
Reinsurance Ltd to Aspida Holdings Ltd. an indirect subsidiary of Ares Management Corporation. Proceeds from the sale of F&G
Re will be used for general corporate purposes, including funding growth opportunities at F&G. Financial terms of the deal were not
disclosed, and the transaction is expected to have no material impact to FNF's GAAP financial results. As previously announced,
F&G and Aspida (via F&G Re) will enter into a flow reinsurance agreement with respect to F&G's MYGA products on a
coinsurance fund withheld basis subsequent to the closing of the transaction. RBC Capital Markets served as financial advisor and
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to F&G in connection with this transaction. Fidelity National
Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the
nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title,
Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than
any other title company in the United States.
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Generali (Italy) Consolidates Its Presence In Greece With The Acquisition Of Axa’s Greek
Operations And Extension Of A Bancassurance Agreement With Alpha Bank Until 2040
Generali has signed an agreement for the acquisition of all of the shares currently owned by AXA Group in its
Greek subsidiary AXA Insurance S.A. (“AXA Greece”) for a consideration of € 165 million, representing a
multiple of 12.2 times 2019 earnings, subject to closing adjustments. Furthermore, Generali has renegotiated the
distribution agreement currently in place between AXA Greece and Alpha Bank expiring in March 2027 by
extending it for twenty years from the closing of the acquisition, which entails certain future payments by the
Greek Generali companies to Alpha Bank, the amount of which will vary based on the performance of the
partnership. The acquisition is in line with Generali’s strategy of strengthening its leadership in Europe and
gaining further exposure to non-life and health business, thus allowing Generali to secure a leading role in the
Greek insurance market with top-3 positions in the non-life and health segments, while also strengthening its
presence in the life segment. AXA Greece is a profitable top-10 composite insurance company in Greece with
strong market positions in the non-life and health segments and a well-established presence in life insurance. In
2019, AXA Greece posted total gross insurance premiums of approximately € 168 million. AXA Greece
distributes its products mainly through Alpha Bank and a network of more than 600 agents. Alpha Bank is a
leading bank in Greece, serving approximately 3.1 million customers in Greece through a network of 347 bank
branches. In its strategic plan announced in November 2019, Alpha Bank identified bancassurance distribution as
one of the key levers for revenue growth. The renewed partnership with Alpha Bank is in line with Generali’s
ambition to enhance its bancassurance channel in order to boost non-life sales. The acquisition of the company
and the extension of the distribution agreement is consistent with Generali’s capital redeployment strategy in
disciplined M&A to support profitable growth.
CEO of Alpha Bank, said: "The new agreement with Generali is testament to the focus of Alpha Bank on
improving its competitive position in the bancassurance space. Setting in place and nurturing strategic
partnerships with global market players has been a core strength of Alpha Bank for the past two decades. We
welcome Generali and look forward to a mutually beneficial partnership.”
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Helvetia (CH) Swiss Property Fund successfully closes short first financial
year
After the launch on 3 June 2020, the Helvetia (CH) Swiss Property Fund successfully closed its short first financial year as at 30 September 2020. Proving resistant in the COVID-19 crisis, the real estate fund generated net income of CHF
4.2 million with vacancies low. The investment yield (ROI) was -1.97 percent, attributable largely to one-off transaction costs for the acquisition of the portfolio. The real estate fund Helvetia (CH) Swiss Property Fund launched by Helvetia
Asset Management Ltd on 3 June 2020 closed its short first financial year as at 30 September 2020. The fund’s first four months were a success. Worth CHF 532.4 million, the initial portfolio of 29 properties developed positively despite the
COVID-19 crisis.
Property income solid and vacancy rate low
Rent income in the short first financial year totalled CHF 7.2 million. Factoring in maintenance and repair costs, net income amounted to a solid CHF 4.2 million. The geographically widely diversified portfolio has a high residential component
of approximately 83 percent of the target rent income. How is all this impacting the vacancy rate? As at 30 September 2020 the vacancy rate was a low 2.9 percent.
Portfolio highly resilient and market value on a positive trend
On the strength of the dominant residential component and the attractive offering of rental properties at good locations, the portfolio of the Helvetia (CH) Swiss Property Fund remained largely unscathed by the adverse effects of the COVID-19
pandemic in the short first financial year. This underscores the portfolio’s strong crisis resistance. The portfolio showed a market value of CHF 536.1 million as at 30 September 2020. The positive change in value of CHF 3.7 million (+0.7%)
is due largely to the consistently high demand for yield-producing properties at good locations, which caused a slight decrease in the discount rates applied.
Encouraging price performance despite one-off transaction costs
As expected, the net fund assets (NAV) were impacted during the reporting period by one-off transaction costs for the acquisition of the real estate portfolio. The positive performance of the portfolio partly compensated for this. Accordingly,
the NAV decreased slightly to CHF 441.1 million (CHF 98.03 per unit) as at 30 September 2020, representing a reduction of 1.97 percent. In response to this one-off effect, the fund management company has decided not to distribute income
in the short first financial year and instead to carry the net income of CHF 4.2 million forward to the new financial year. By contrast, over-the-counter trading followed a favourable trend, increasing to CHF 106.00 at the end of the financial
year (performance of 3.92 percent).
Further expansion of real estate portfolio planned
The fund management company intends to expand the real estate portfolio further in the next few years. Given their capacity to generate stable rent income, the investment focus is on cities and towns in high-growth business regions and their
catchment areas. The portfolio will be built up further primarily through portfolio transactions from the insurance portfolio of Helvetia Insurance. Selective purchases can also be made on the market. A listing on SIX Swiss Exchange is planned
in two to four years.
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iA Financial Group (Canada) to establish leading position in the U.S. vehicle
warranty market with the acquisition of IAS
iA Financial Corporation Inc. (the “Company”), the holding company of iA
Financial Group, announced that it has entered an agreement to acquire the
American company IAS Parent Holdings, Inc. and its subsidiaries
(collectively “IAS”). The agreed purchase price is US$720 million. Based in
Austin, Texas, IAS is one of the largest independent providers of solutions in
the U.S. vehicle warranty market with more than 600 employees and over 35
years of history. IAS provides a comprehensive portfolio of vehicle warranties
and related software and services sold through one of the industry’s broadest
and most diverse distribution networks consisting of over 4,300 dealers in all
fifty states. This acquisition is highly complementary to the Company’s
existing warranty operations in the U.S. with respect to product suite,
distribution networks, and geographic scope. The synergies from the
combined operations will create a true centre of excellence in dealer services
that will provide a platform for future growth.
“This transaction leverages the expertise and experience in dealer services
that iA Financial Group has built over the last 20+ years in Canada and
more recently in the U.S. through the acquisition of Dealers Assurance
Company in 2018. The U.S. market for extended auto warranties, valued at
almost US$39 billion, is highly-fragmented and provides significant
opportunity for organic growth and consolidation. Our investment in IAS
will enable us to be a best-in-class provider of vehicle warranty products
and services,” said President and Chief Executive Officer of iA Financial
Group.
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Legal & General (UK) to halve £81bn annuity portfolio’s carbon emissions
by 2030
Legal & General Retirement (LGR) announces its commitment to reduce the carbon
emission intensity of its current £80.7bn annuity book by 18.5% by 2025, and plans to
further reduce this to 50% by 2030. Legal & General is also targeting a net-zero portfolio
by 2050 and strongly supports the Paris Agreement aim to limit the global temperature
rise to well below 2°C of pre-industrial levels. This commitment comes as LGR launches
its new Environmental, Social Impact and Governance (ESG) policy, the Pension Risk
Transfer (PRT) sector’s most comprehensive publicly available document outlining a
provider’s approach to ESG. The policy outlines how LGR will continue to ensure the
security of policyholders’ benefits in its £80.7bn annuity book through investments that
have a positive impact across the UK. The Government has highlighted the importance
of tackling climate change with the Prime Minister’s Ten Point Plan for a Green
Industrial Revolution, and has outlined aims for pension schemes to report on the effects
of climate change as a financial risk in the Pension Schemes Bill. LGR’s policy is aligned
with this thinking and sets out the progress that Legal & General’s Retail and
Institutional Retirement divisions have made towards integrating ESG principles into
LGR’s annuity portfolio.
“Legal & General are committed to investing where we can deliver a social good and
achieve our ambition of driving “inclusive capitalism”, while delivering the returns
that secure our pension policyholders benefits. This document, for the first time,
captures our ESG policies in one place for our customers and investors, detailing the
key principles that drive our corporate strategy and shape our culture. Climate
change is a serious threat, and we recognise that our scale brings a responsibility to
take action. I am proud of the ambitious targets we have set – including to halve the
carbon emission intensity of our £81bn annuity book over the next 10 years - and am
committed to putting this aim at the forefront of our decision-making. The insurance
sector has an important role to play in using pension money to invest in sustainable
projects across the UK, and I hope that our new policy document will highlight how
we and others can play our part in tackling climate change” Says, Chief Executive
Officer, Legal & General Retirement Institutional
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Legal & General (UK) announces £385 million buy-in transaction with the
Northern Gas Networks Pension Scheme
Legal & General Assurance Society Limited (“Legal & General”) announces that
it has agreed a £385 million buy-in transaction with the Northern Gas Networks
Pension Scheme (“the Scheme”), securing the pension benefits of more than 600
retirees. Northern Gas Networks (NGN) is the gas distributor for the North of
England, transporting gas to 2.7 million homes and businesses across the North
East, most of Yorkshire and northern Cumbria. The Scheme is an existing client
of Legal & General, with Legal & General Investment Management (LGIM)
having managed a proportion of the Scheme’s assets since the Scheme was
established in 2005. This transaction is the Scheme’s first buy-in policy and
covers around two thirds of its members. By being prepared, and able to move
quickly, the Trustee and NGN were able to take advantage of favourable market
conditions to establish the buy-in. Legal & General’s price lock, while the legal
agreement was progressed, gave the Trustee a high degree of price and execution
certainty prior to completion of the transaction.
“We are delighted to have completed this transaction, which provides further
financial security to the members of the Northern Gas Networks Pension
Scheme. This transaction demonstrates that by having a clear objective and
flexible timescales, trustees can move quickly and secure their members’
benefits when favourable pricing is available. It builds on the Legal & General
Group’s existing relationship with the Scheme and we look forward to
continuing to work with the Scheme in the coming years.” Director, Legal &
General Retirement Institutional
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Legal & General (UK) invest €54m in Clúid Housing to increase supply of
social housing across Ireland
LGIM Real Assets (Legal & General) announces that it has provided €54 million in long-term
financing to Clúid Housing, one of Ireland’s largest approved housing bodies (AHBs). The
funding will enable the delivery of c.200 new social homes across Ireland, and marks the first
Irish AHB to secure a financing agreement of this scale with an international institutional asset
manager Aligned with its social purpose, Legal & General has over £1.5 billion invested in
affordable housing to date in the UK. This transaction represents Legal & General’s first
investment in the Irish social housing sector, and brings much needed long-term pension fund
capital to the housing sector. With over 68,000 households on the waiting list for social housing
in Ireland, the Irish Government has made a commitment to ensure that everyone can access a
home, either on their own or with State support. As part of an ambition to increase the provision
of social housing in Ireland, facilitating the evolution of established funding structures for social
housing projects, the Department of Housing, Local Government and Heritage (DHLGH), and
the Housing Agency have adapted their funding requirements to support innovation in the AHB
sector. With a portfolio of over 8,000 homes across all counties in Ireland, Clúid has an ambitious
growth strategy to deliver an additional 3,000 new social homes before the end of 2022. Legal
& General’s investment will enable Clúid to deliver more high quality social homes, and provide
a socially useful home for pension fund capital. The first homes financed through the agreement
are expected to be delivered in Q1 2021.
“Approved Housing Bodies play a vital role in delivering social housing and continue to
make progress against our housing delivery targets. The announcement demonstrates the
innovative ways in which AHBs like Clúid are diversifying their funding models to achieve
even greater value for money whilst refusing to compromise on quality. This is an exciting
development for the AHB sector and I look forward to seeing the output from this agreement
in the coming months.” Minister for Housing, Local Government and Heritage
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Legal & General (UK) completes £1.1 billion bulk annuity with Maersk
Retirement Benefit Scheme
Legal & General Assurance Society Limited (“Legal & General”)
announces that it has agreed a £1.1 billion bulk annuity transaction
with the Trustee of the Maersk Retirement Benefit Scheme (the
“Scheme”), securing the benefits of around 1,900 deferred members
and 3,000 retirees. In recent years the Trustee has taken a number of
steps to de-risk the Scheme including fully hedging its interest rate
and inflation exposures. This well managed approach put the
Scheme in a strong position to weather the recent market volatility
and take advantage of an opportunity to further de-risk by entering
into a buy-in transaction with Legal & General.
“We are delighted to have been chosen by the Trustee as its
de-risking partner and to provide long-term security for all of the
Scheme’s members. As one of the larger pension risk transfer
transactions of 2020, the announcement demonstrates the
resilience of the market and the ability of insurers, such as
ourselves, to transact amidst a challenging economic
environment. It also allows us to continue providing wider
benefits for the UK economy as we invest responsibly in crucial
areas, such as affordable housing, renewable energy and
transport - benefitting our cities, future generations and society
as a whole.” says Chief Executive Officer, Legal & General
Retirement Institutional
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Old Republic (USA) Declares A Special, One-Time Cash Dividend Of $1.00
Per Share
The Board of Directors of Old Republic International Corporation has declared a special, one-time cash dividend of $1.00 per share. The dividend will
be paid on January 15, 2021 to shareholders of record on January 5, 2021. At its most recent quarterly meeting, the Board of Directors evaluated a
number of factors critical to the long-term management of Old Republic's diversified insurance business. Key among such factors were:
• The Company's long-term strategy and required capital resources to ensure sustainability of its integrated multi-insurance coverages, and
industry-focused underwriting specializations; and
• The capital position of the insurance underwriting subsidiaries to which substantially all of the Company's financial resources are committed.
With this review, the Board of Directors concluded that currently available unregulated liquid funds are appropriately sufficient to allow the payment
of this one-time special dividend in a fair and equitable manner to all shareholders of record. All told, during the past five years, the Board of Directors
will now have declared regular and special cash dividends of nearly $2 billion or approximately 70% of the Company's total earnings. All such
dividends will have been paid proportionately to all shareholders of record during those years. Over that same time period, Old Republic's shareholders
equity account has nonetheless grown by nearly 52% principally through retained earnings, a moderate capital raise, and market appreciation of the
Company's fixed maturity and common stock portfolios.
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Sun Life (Canada) and Eckler Ltd. announce $176 million annuity deal
with Corby Spirit and Wine Limited, and Hiram Walker & Sons Limited
Amidst volatile markets caused by the COVID-19 pandemic, Sun Life, in
consultation with Eckler Ltd., secured a $176 million annuity buy-in – the largest
Canadian de-risking transaction in the first half of 2020. The deal is with Corby Spirit
and Wine Limited ("Corby") and Hiram Walker & Sons Limited ("Hiram Walker"),
manufacturers and marketers of spirits and wines. Hiram Walker, Corby's majority
shareholder, is a wholly-owned Canadian subsidiary of international spirits and wine
company Pernod Ricard S.A., which is headquartered in Paris, France. While some
plan sponsors have put de-risking plans on the back burner due to market conditions
and governance hurdles, Corby and Hiram Walker saw an opportunity. Sun Life's
strong risk management culture and innovative capabilities helped secure this
transaction. This deal highlights a continuing trend in the Canadian market, as plan
sponsors seek better risk management solutions so they can focus on their core
business. The deal covers 750 retirees and beneficiaries within Canada. There will be
no change for members, who will continue to be paid from the plan as before the
transaction. The deal closed on May 20, 2020.
"Our people, both current and retired, remain a top priority for us and this deal
helps provide financial security for our retirees and beneficiaries," said Vice
President, Total Rewards & Organizational Effectiveness, Pernod Ricard North
America. "We were impressed with Eckler's guidance, as well as the partnership
with Sun Life. During a time that has provided so much uncertainty, we were
pleased that Sun Life and Eckler were able to provide us with some level of
certainty and stability for our retirees."
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Swiss Re (Switzerland) Institute estimates USD 83 billion global insured
catastrophe losses in 2020, the fifth-costliest on record
Insurance industry losses from natural catastrophes and man-made disasters globally
amounted to USD 83 billion in 2020, according to Swiss Re Institute's preliminary sigma
estimates. This makes it the fifth-costliest year for the industry since 1970. Losses were
driven by a record number of severe convective storms (thunderstorms with tornadoes,
floods and hail) and wildfires in the US. These and other secondary peril events around the
world accounted for 70% of the USD 76 billion insured losses from natural catastrophes1. A
very active North Atlantic hurricane season triggered an additional USD 20 billion of
insurance claims, moderate compared to the record seasons of 2005 and 2017. The insurance
industry covered 45% of global economic losses in 2020, above the ten-year-average of 37%.
Climate change is expected to exacerbate secondary peril events as more humid air and rising
temperatures create more extreme weather conditions. These favour the onset and spread of
events such as wildfires, storm surges and floods. In the US, a record number of severe
convective storms caused devastation throughout the year, likely leading to record annual
losses in the country for this peril. Australia and Canada suffered significant losses from hail
damage in 2020. In January, hailstorms in southeastern Australia caused insured losses of
over USD 1 billion, while Canada experienced its costliest-ever hail event in Calgary in June,
which led to losses of USD 1 billion.
”As with COVID-19, climate change will be a huge test of global resilience. Neither
pandemics nor climate change are 'black swan' events. But while COVID-19 has an
expiry date, climate change does not, and failure to 'green' the global economic recovery
now will increase costs for society in future,” said Swiss Re Group Chief Economist.
”This year's natural disasters impacted regions with more insurance cover in place,
providing vital support to the people and communities affected and enhancing their
financial resilience.”
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Travelers (USA) to Acquire InsuraMatch
The Travelers Companies, Inc. announced that it has agreed to acquire
InsuraMatch, LLC, a digital independent insurance agency, from the Plymouth
Rock Group of Companies. The transaction, which is subject to customary
closing conditions, is expected to close in the first quarter of 2021. Terms were
not disclosed. InsuraMatch uses an innovative online platform to help
consumers compare offerings from more than 40 carriers across the United
States. With a focus on personal insurance, InsuraMatch offers coverage for
auto, home, boat, motorcycle, renters, umbrella and flood, among others.
InsuraMatch will continue to operate independently and manage all carrier
partnerships. Founded in 2014 as part of Plymouth Rock, InsuraMatch
operates as an autonomous business unit. In 2019, InsuraMatch produced
nearly $32 million in premiums. Encharter Insurance, Plymouth Rock’s
Massachusetts-based brokerage, will not be included in the transaction and
will remain a part of the Plymouth Rock Group of Companies.
“We continue to invest in the talent and technology that will allow us to
best serve our customers and bring strategic capabilities to our agents and
brokers in an increasingly digital environment,” said Executive Vice
President and President of Personal Insurance at Travelers. “InsuraMatch’s
scalable technology platform will complement our efforts to meet
customers where they are, give them what they need and serve them how
they want.”
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Unum Group (USA) Announces Reinsurance Transaction with Global
Atlantic on $7.1 Billion Closed Individual Disability Block
Unum Group announced that three of its insurance company subsidiaries have
entered into an agreement to reinsure a substantial portion of Unum’s Closed
Individual Disability Insurance Block (“IDI”) business, backed by approximately
$7.1 billion in reserves, to a subsidiary of Global Atlantic through a coinsurance
arrangement. Global Atlantic’s subsidiary will maintain over-collateralized trust
accounts for the benefit of each Unum ceding company to secure its obligations
under the relevant reinsurance agreement. Unum will continue to provide service
and administration for the reinsured IDI business. Once the transaction is fully
executed, assuming receipt of all consents and regulatory approvals, Unum
expects to release approximately $600 million of capital backing the block.
Initially, the released capital is expected to be held at the holding company,
increasing capital flexibility during the current challenging economic
environment. There is expected to be minimal impact to the weighted average
risk-based capital ratio and statutory operating earnings of its U.S. traditional
insurance subsidiaries once the transaction is fully completed.
“With this agreement, we continue to make meaningful steps in actively
managing the Closed Block to increase our financial flexibility and further
rebalance our portfolio to more capital efficient businesses,” said President
and chief executive officer. “Looking forward, we remain focused on
delivering growth in our core businesses while continuing to pursue additional
opportunities to optimize our capital and balance sheet for long-term
shareholder value.”
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Willis Towers Watson (UK) invests in low carbon transition analytics with
transfer of Climate Policy Initiative’s Energy Finance team
Willis Towers Watson a leading global advisory, broking and solutions company
announces the transfer of the Climate Policy Initiative’s Energy Finance team and its
world-leading modelling and data solutions to deliver low carbon transition analytics to
financial institutions, corporates and public sector clients. The CPI Energy Finance
advisory team, based in London, California and Delhi, and Climate Value at Risk (CVaR)
methodology, data and modelling tools have transferred to the Willis Towers Watson
Climate and Resilience Hub, led by Rowan Douglas. The addition of CPI Energy
Finance’s low carbon analytics, expertise and relationships will enable Willis Towers
Watson to help organisations assess their market exposure to a low carbon transition
process enabling both the public and private sectors to evaluate, navigate and
communicate their own transition pathways in the years and decades ahead. Together
with its existing leadership in physical risks, this expands the scope of Willis Towers
Watson’s Climate QuantifiedTM to encompass climate transition risk and provide full
spectrum, integrated risk assessment and advisory capabilities. Climate Policy
Initiative’s global team, based in six locations around the world, remains an independent
non-profit led by its current board of directors.
Executive Director at CPI Energy Finance, said: “Over the last decade our work has
shown that risk and uncertainty surrounding the financial impacts of a climate
transition are possibly the greatest impediments to mitigating climate change. Our
granular, asset-level models evaluate these risks by focusing on how financial
markets would value resources, assets, businesses, tax revenues, and sovereign credit
ratings as a result of climate transition driven changes to consumption, industry
structure, and the global economy.”
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W. R. Berkley Corporation (USA) Announces Sale of Real Estate
Investment
W. R. Berkley Corporation announced the sale of one of its real estate investments - an office complex located in New
York City. The Company expects to report a realized pre-tax net gain of approximately $105 million on the sale in the
fourth quarter of 2020 and an approximate $52 million pre-tax increase in stockholders’ equity as a result of the
accounting treatment required by the transaction’s structure. The gain is in keeping with the Company’s long-term
strategy of investing for total return in order to continue delivering superior long-term value creation to shareholders
despite a low interest rate environment. Founded in 1967, W. R. Berkley Corporation is an insurance holding company
that is among the largest commercial lines writers in the United States and operates worldwide in two segments of the
property casualty insurance business: Insurance and Reinsurance & Monoline Excess.
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AXA XL (Bermuda) completes merger of AXA Corporate Solutions with
XL Seguros in Brazil
AXA XL announced it has successfully merged AXA Corporate
Solutions (ACS) and XL Seguros in Brazil. The merger of legal entities,
which is pending final approval by local regulator SUSEP, incorporates
XL Seguros Brasil S.A., registered with CNPJ / ME under number
14.448.493 / 0001-31, into AXA Corporate Solutions Seguros S.A.,
registered with CNPJ / ME under number 33.822.131 / 0001-03 (FIP
Code 0669- 6). Moving forward, AXA Corporate Solutions Seguros S.A.
assumes all obligations of XL Seguros Brasil S.A. The decision to
combine both entities was taken following the acquisition of XL Group
Ltd by AXA, which was completed in September 2018. All existing
contracts with XL Seguros Brasil S.A. will remain unaffected as well as
all local contacts who will continue to partner with clients and brokers to
best serve their risk management needs.
Commenting on the announcement, AXA XL’s Country Manager in
Brazil, said: “We are extremely pleased to have completed this
process. Consolidating our legal entities across AXA XL allows us to
streamline our processes to the benefit of our clients and brokers.”
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Zurich (Switzerland) and Farmers Exchanges to buy MetLife’s property
and casualty business in U.S.
Zurich Insurance Group (Zurich) subsidiary Farmers Group, Inc. (FGI) has
agreed to acquire MetLife’s property and casualty (P&C) business in the
U.S. together with the Farmers Exchanges1 for USD 3.94 billion2. Zurich
will contribute USD 2.43 billion through FGI and the Farmers Exchanges1
USD 1.51 billion. The transaction gives the Farmers Exchanges1 a truly
nationwide presence and access to new distribution channels with the
potential to accelerate growth. This includes a 10-year exclusive
distribution agreement through which the Farmers Exchanges1 will offer
their personal lines products on MetLife’s industry-leading U.S. Group
Benefits platform, which reaches 3,800 companies and 37 million
employees. Farmers Exchanges1 expects to become the sixth-largest
personal lines insurer in the U.S. with access to MetLife’s network of
agents. The business to be acquired includes 2.4 million policies, USD 3.6
billion net written premiums in 2019 and 3,500 employees.
”The acquisition of MetLife’s P&C business is a unique opportunity to
accelerate growth and to achieve a significant presence in all 50 states,”
said Chief Executive Officer of Farmers Group, Inc. “MetLife’s
distribution channels complement the Farmers Exchanges’ existing
strength in the exclusive agent channel, deepen their presence in the
fast-growing independent agent channel and provides entry into the
worksite marketing channel via a leading platform, with the 10-year
exclusive distribution agreement through MetLife Group Benefits.”
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Fidelity National Financial (USA) Announces the inHere™ Experience Platform that Transforms the Real Estate Transaction Experience,
Helping to Enhance the Safety and Simplicity Needed to Start, Track, Notarize, and Close Residential Real Estate Transactions
28
Solution Description
Fidelity National Financial, Inc. a leading provider of title insurance and transaction services to the real estate and mortgage industries and the nation's largest
title insurance company, through its title insurance underwriters, announced the inHere™ Experience Platform, a technology platform designed to transform
the experience of buying, selling, or refinancing a home. For years, the process of purchasing, selling, or refinancing a property has remained largely
unchanged. Until now. The inHere Experience Platform transforms the real estate transaction experience, helping to enhance the safety and simplicity needed
to start and track the progress of a real estate transaction, as well as, notarize and sign documents needed to close on a home. This is because inHere is being
brought to the market by the largest family of title and settlement companies, and inHere works with the nation's largest network of trusted escrow and
settlement professionals. The first component of inHere, startSafe®, originally announced in early 2020, is a digital experience for buyers and sellers to begin
their real estate transaction and dynamically guide them through the completion of the opening process. startSafe has already been used by over a million
consumers since it was introduced. The second major component of the inHere Experience Platform is the inHere mobile app and portal. inHere is a
mobile-first, transaction management solution designed for everyone involved in the home purchase, sale, or refinance process. It gives real estate
professionals and consumers access to track the progress of the transaction, as well as collaborate and securely communicate with local escrow and settlement
professionals throughout the transaction. And because inHere will be provided and supported by all of the FNF family of title companies, every real estate
agent, lender, buyer, seller, or borrower can benefit from the better experience it provides.

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IAG (Australia) embeds artificial intelligence to reduce claims times and
improve customer experience after a car accident
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IAG, Australia’s largest general insurer, is using artificial intelligence to predict whether a motor vehicle is a total loss after a car accident, improving
customer experience by reducing insurance claims processing times from over three weeks to just a few days. This means that customers of IAG brands,
which include NRMA Insurance, SGIC and SGIO, involved in a motor total loss accident will get a claims outcome faster and back on the road in a new car
sooner. The technology, which combines artificial intelligence with business process automation, has helped IAG achieve up to a two and a half week
reduction in claims times for customers when their car has been written off in an accident, by removing the need for a vehicle to be towed to a repairer prior
to being assessed as a total loss. Predictive Total Loss automates business processes to deliver proactive and transparent customer communications that keep
customers informed at each stage of the motor total loss experience. It removes manual processing steps to settle customers’ claims sooner.
In addition to the positive impact to customer advocacy, Predictive Total Loss has:
• Put customers at the centre of the design process by reimagining the total loss experience to resolve specific customer problems and pain points when a
customer has had a car accident.
• Reduced claim cycle time and claim costs, a sustainable uplift in claim processing efficiencies and productivity.
• Automated aspects of the total loss claim processing, removing the need for our claims teams to perform tens of thousands of manual processes each
month. This frees up time for our claims teams to focus more on helping customers and has improved overall efficiencies of the claims teams.

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Ping An (China) launches artificial intelligence assisted clinical decision
support system for gastroesophageal cancers
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Ping An Insurance (Group) Company of China, Ltd. announced the launch of the artificial intelligence (AI) assisted clinical decision support system (CDSS),
AskBob Cancer for Gastroesophageal Cancers, developed by Ping An, National University Hospital, Singapore (NUH) and National University Cancer Institute
of Singapore (NCIS). The launch took place at the Singapore Healthcare AI Expo 2020 which is organized by National University of Singapore, National
University Health System and MIT Critical Data. Multidisciplinary oncology board is the gold standard for oncology management decision making. However,
many hospitals are lack of this kind on oncology board. In the other hand, oncologists need to pay around 5 hours per week to catchup with the latest research
progress. AskBob Cancer is based on knowledge graph and natural language processing (NLP) technologies. By analyzing high-quality literatures such as global
clinical guidelines, meta analysis and randomized controlled trials (RCTs), the system can provide doctors with the best treatment recommendation based on the
latest clinical evidences given a tumor patient’s disease stage and condition. It automatically identifies the relevant literatures for the treatment plan as evidence
support for doctors' quick understanding. The system also uses machine learning technology to provide customized recommendations based on the clinical practice
preferences of different institutions. AskBob Doctor is an intelligent digital platform developed by Ping An to provide precise clinical decision support and
communications. This platform is based on five databases -- for diseases, medical products, prescription medications, medical resources and personal health – and
includes user profiles to improve self-learning for healthcare service providers and enhance the quality and efficiency of disease management. AskBob Doctor’s
services include AI clinical decision support, drug inquiry，literature inquiry and translation, an online forum, online courses, and news.

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Progressive® (USA) Introduces Usage-Based Insurance and Fleet
Management Program for Business Owners
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Progressive , the #1 commercial auto insurer and a leader in usage-based insurance (UBI), now offers Snapshot ProView®, a voluntary UBI and fleet
management program for small business owners. Customers who sign up for the program save a minimum of 5% on their Progressive Commercial Auto
policy for their initial term. Many customers will save 8%, and some can even save up to 18%, for their initial term based on vehicle type and nature of
business use. Businesses receive the initial discount just for signing up and installing the Progressive-provided device in all eligible vehicles. Your
premium can change at renewal and will depend on where, when, and how drivers in the fleet drive, according to their driving data. It is possible that
the driving data will cause an increase to the premium at any renewal. Snapshot ProView joins Smart Haul®, Progressive's industry leading UBI
program for commercial truck drivers, which uses Electronic Logging Device (ELD) data to provide safe driving discounts. Snapshot ProView is for
all other Commercial Auto customers not required by federal law to have an ELD. This innovative program can help business owners manage their
vehicles more efficiently. Fleets of three or more vehicles will have access to the Fleet Dashboard with near real-time vehicle location details,
geofencing notifications, and trip-tracking. All business owners will receive monthly emails with personalized safety insights. In 2019, Progressive
piloted SmartTrip, a commercial vehicle UBI program. The data obtained from that test, combined with insights gained from more than twenty-five
billion miles of Snapshot driving data and over 400 million miles of Smart Haul data, informed Progressive's creation of Snapshot ProView.

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Athene (Bermuda) Named a Best Place to Work in Money Management
by "Pensions & Investments"
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Athene USA ("Athene"), the largest U.S. subsidiary of Athene Holding a leading retirement services company, announced that it was
named to Pensions & Investments magazine's "2020 Best Places to Work in Money Management" list. Ranked sixth in the category of
firms with more than 1,000 employees, this is the first year Athene has received this national recognition. Pensions & Investments
partnered with Best Companies Group, a research firm specializing in identifying great places to work, to conduct a two-part survey
process of employers and their employees. The first part of the survey – worth 25% of the total evaluation – evaluated each nominated
company's workplace policies, practices, philosophy, systems and demographics. The second part – worth 75% of the total evaluation –
consisted of an employee survey that measured the employee experience. The combined scores determined the top companies. "We are
honored to be recognized as one of the Best Places to Work in Money Management, especially during a year that brought unprecedented
challenges due to the pandemic," said Executive Vice President, Human Resources at Athene USA. "This recognition is a testament to the
dedication and drive of our employees and reinforces that working at Athene is more than a job. It's an opportunity to do meaningful work
with talented people while reimagining the industry and creating innovative solutions for our customers."
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CNO Financial Group (USA) Named One of the Healthiest 100
Workplaces in America
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CNO Financial Group was recently recognized as one of the Healthiest 100 Workplaces in America, an award program administered by Springbuk®.
This marks the seventh year that CNO has been recognized for its commitment to workplace well-being and exceptional health benefits offerings. More
than 1,000 top well-being programs were evaluated for this award across the country. Over the past year, the company has reaffirmed its commitment
to social and mental well-being, with a focus on supporting associates amid the challenges of 2020. Additional programs include:
• A new mental well-being counselor to better support the emotional needs of associates and their families.
• Virtual emotional well-being and resiliency trainings.
• Updated work from home policies and reimbursement to assist with the cost improving home workspaces.
• New caregiving partnerships and associate caregiving networking groups.
• Expansion and virtual options for onsite clinic care and fitness offerings.
• Expansion of its diversity, equity and inclusion programming to include more than 80 virtual Business Resource Groups (BRGs) events.
Award applicants were evaluated across six key categories: Culture and Leadership, Foundational Components, Strategic Planning, Communication
and Marketing, Programming and Interventions, and Reporting and Analytics.
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Generali (Italy), AM Best Confirms The Fsr Rating Of "A" (Excellent)
And The Long-Term Icr Of "A+". Outlook Stable
34
AM Best have announced that it has confirmed Generali's Financial Strength Rating (FSR) of "A" (Excellent) and the
Long-Term Issuer Credit Rating (Long-Term ICR) of "a+". At the same time, AM Best confirmed its long-term credit
ratings for debt instruments issued or guaranteed by Generali (Long-Term IRs). The outlook is stable. The ratings reflect
Generali’s balance sheet strength, which AM Best categorises as strong, as well as its operating performance, favourable
business profile and appropriate enterprise risk management. Generali’s capital strength is underpinned by risk-adjusted
capitalization at the strongest level: the Group had a Solvency II Ratio of 203% as of 30th September 2020. According to
AM Best, Generali's business profile is very favourable, due to its leadership position in its core markets. The Group has
a solid franchise, reinforced by its excellent access to markets through its proprietary network and its multi-channel
distribution strategy. Moreover, the Group has continued to expand its asset management business, which represents a
diversified source of revenue.
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Genworth Mortgage Insurance (USA) Associates Receive Industry
Awards for Innovation & Excellence
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Genworth Mortgage Insurance continues to lead the mortgage finance industry forward through innovation, service,
excellence and top talent. Two Genworth associates were recognized for their contributions to the mortgage finance
industry by premier industry publications. Unikqua Shannon was recently named one of National Mortgage
Professional Magazine’s 40 Most Influential Mortgage Professionals Under 40, and Nile Roberts topped the
HousingWire 2020 Tech Trendsetters list. In its twelfth year, the annual “40 Under 40” feature celebrates the top
mortgage professionals under the age of 40 who exemplify professionalism and top production in the housing market.
In its second year, the HousingWire Tech Trendsetters award recognizes the most impactful and innovative technology
leaders serving the housing economy.
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Lincoln Financial Group (USA) Again Named One of America’s Most
Responsible Companies
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Lincoln Financial Group announced it has been named one of America’s Most Responsible Companies 2021 by Newsweek Magazine. This is the second year the
rankings include Lincoln’s strong corporate citizenship and transparent reporting practices. Newsweek, in partnership with research organization Statista,
developed the list of America’s Most Responsible companies through an analysis of 2,000 publicly traded companies. The four-phase vetting process included an
independent survey among 6,500 U.S. citizens and research based on publicly available key performance indicators derived from CSR Reports, Sustainability
Reports, and Corporate Citizenship Reports. The detailed analysis covered three areas of corporate responsibility: environmental, social and corporate governance.
This past year, Lincoln has continued their focus on improving lives, communities and the environment, through the work of the Lincoln Financial Foundation.
The foundation contributes roughly 9 million per year to nonprofit organizations in its communities. In addition, Lincoln employees continued to coordinate local
giving in the company’s main locations through Employee Activities Committees in a virtual capacity. Lincoln also continues to make progress on reducing energy
use and greenhouse gas emissions, reducing electricity consumption by 17.68% at its Greensboro location, exceeding the 2020 goal of a 10% reduction, and setting
a new goal of an overall 35% reduction by 2022. In addition to America’s Most Responsible Companies, Lincoln has recently been named for the fifth consecutive
year to the prestigious Dow Jones Sustainability Index (DJSI) North America. The index recognizes companies that demonstrate leadership in environmental,
social and governance performance. In addition, Lincoln has continually been recognized as a constituent of the FTSE4Good Index Series.
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Lincoln Financial Group (USA) Named to Dow Jones Sustainability Index
for Fifth Consecutive Year
37
Lincoln Financial Group announced that the company has been named to the prestigious Dow Jones Sustainability Index (DJSI) North America for the fifth consecutive
year. This index recognizes companies that demonstrate leadership in environmental, social and governance (ESG) performance, and signifies Lincoln Financial’s
continued commitment to corporate responsibility and sustainability. Lincoln Financial Group is committed as a leader on environmental, social and governance issues
and continues to build on the company’s transparency through evolving public disclosure. Inclusion on this year’s index is recognition of Lincoln’s leadership in the life
insurance sector, and confirmation of the company’s responsible business practices, achievement of environmental targets, and strong support of employee development
and wellness. This past year, Lincoln has continued their focus on improving lives, communities and the environment, through the work of the Lincoln Financial
Foundation. The foundation contributes roughly 9 million per year to nonprofit organizations in its communities. In addition, Lincoln employees continued to coordinate
local giving in the company’s main locations through Employee Activities Committees in a virtual capacity. Lincoln also continues to make progress on reducing energy
use and greenhouse gas emissions, reducing electricity consumption by 17.68% at its Greensboro location, exceeding the 2020 goal of a 10% reduction, and setting a
new goal of an overall 35% reduction by 2022. Originally launched in 1999, the Dow Jones Sustainability Indices (DJSI) comprises the most widely recognized global
sustainability indices. Created jointly by S&P Dow Jones Indices and RobescoSAM, the DJSI criteria integrate assessment of economic, environmental, and social
practices within large, publicly traded companies. Companies are invited to participate in the DJSI Corporate Sustainability Assessment on a yearly basis, with only the
most sustainable market caps per industry – based on their sustainability scores — selected for final inclusion on the index.
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NÜRNBERGER Versicherung again receives the seal of excellence from
the renowned Corporate Health Awards.
38
The market research company EuPD and the Handelsblatt Media Group have now awarded the most socially sustainable employers in
Germany. The year 2020 was completely influenced by the corona pandemic and presented all companies in Germany with immense
economic and personnel challenges. Maintaining and promoting the health of employees was once again enormously important. The
employers with the most exemplary concepts have now been honored with Germany's leading award in the field of corporate health
management. The company health management at NÜRNBERGER is one of the best in Germany. It has now been awarded the Seal of
Excellence in the insurance and finance sector for the second time. For 10 years now, the insurer has been offering its employees and
executives a holistic corporate health management system, consisting of the five fields of action of nutrition, exercise, mental health,
leadership and ergonomics / occupational safety / medicine. The spectrum ranges from sports and relaxation courses in the in-house exercise
room to preventive screenings, regular health days, healthy meals in the canteen, ergonomic advice and training on resilience, stress
management and mindfulness. The Corporate Health Award is under the patronage of the Federal Ministry for Economic Affairs and Energy
and has been presented since 2008. Independent experts examine in detail the quality and effectiveness of corporate health management in the
participating companies.
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Ping An (China) Honored at Hong Kong Corporate Governance
Excellence Awards 2020
39
Ping An Insurance (Group) Company of China, Ltd. announced the Group has won the Hong Kong Corporate Governance Excellence Award
2020 in the category of Main Board Companies – Hang Seng Index Constituent Companies. The Hong Kong Corporate Governance
Excellence Awards 2020 were co-organized by The Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and
Financial Policy at Hong Kong Baptist University. The judges said, “Under the stewardship of its very capable board, Ping An adopts a
forward-looking management approach looking out to the next 10 years, which has guided the insurance group evolving from its origin as an
insurance entity to an integrated financial services group developing its own tech-based ecosystem. The panel of judges is very satisfied with
the all-rounded and solid corporate governance strategies and approach of Ping An and wish to recognize its achievements this year.” The
corporate excellence awards aim to encourage Hong Kong listed companies to strengthen corporate governance and foster the highest
standards in corporate governance, business ethics, board leadership and sustainable development. It provides recognition and prestige for
listed companies that have demonstrated outstanding commitment to shareholder rights, compliance, integrity, fairness, responsibility,
accountability, transparency, board independence and leadership, and corporate social responsibility and sustainability.
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Ping An (China) Ranks #1 in Top 100 Global Digital Health Patents for
2018-2020
40
Ping An Insurance (Group) Company of China, Ltd. leads the world with 1,074 patent applications in the "Top 100 Global Digital Health Patents for 2018-2020", jointly
issued by the China Digital Technology Development Working Committee (CDTC) and 01 Caijing magazine. Ping An is followed by Netherlands-headquartered Philips
(1,021 applications) and Johnson & Johnson of the US (535 applications). From 2018-2020, Ping An’s 1,074 digital health patent applications were mainly focused on
scenarios of smart diagnosis and treatment assistants, patient record management, medical image processing, medicine management and smart hospital management.
Ping An also ranked first in the country and third in the world with 9,255 patents in the field of artificial intelligence (AI) in the "Top 100 Global AI Patents Ranking for
2018-2020" jointly issued by CDTC and 01 Caijing. The global digital health patents ranking is a testament to the significant efforts of medical institutions and healthtech
companies in China. By country, China also tops the list of global digital health patents with 23,100 applications for 2018-2020, followed by the US (9,100 applications)
and Japan (2,700 applications). The CDTC noted that compared with the US, China started later in the development of digital health but industry giants such as Ping An
have provided creativity and influence for the development of the digital health field. Since the State Council issued the Opinions on Promoting the Development of
“Internet plus Health Care” in 2018, digital health’s development in China has achieved remarkable results. From 2018 to 2020, nearly 8,000 applicants in China
participated in 23,100 patent applications, surpassing developed countries such as the US, Japan and South Korea. China represented more than 50% of patent
applications and patent applicants in that time, among a global total of 44,500 digital health patent applications, more than 80 countries and 14,000 applicants, including
companies, universities, hospitals, government authorities, research institutions and individuals.
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SCOR (France) supports actuarial science by presenting Actuarial
Awards in five countries in 2020
41
Every year since 1996, SCOR has rewarded the best academic work in the field of actuarial science with annual prizes in
several countries throughout the world. These prizes are designed to promote the development of actuarial science, to
encourage research in this field, and to contribute to the improvement of risk knowledge and management. The SCOR
Actuarial Awards are recognized in the insurance and reinsurance industries as a mark of excellence. The Actuarial Awards in
France are supported by the SCOR Corporate Foundation for Science. The SCOR Actuarial Awards juries are composed of
internationally recognized researchers and insurance, reinsurance and finance professionals. The winners are selected for their
command of actuarial concepts, the quality of their analytical methods, and the originality of their research in terms of
scientific advances and potential practical applications to the world of risk management. In 2020, SCOR presented Actuarial
Awards in five countries around the world: Sweden (October 9), Germany (November 11), the UK (November 26), France
(December 10) and Italy (December 18).
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Standard & Poor's confirms “A-” rating for UNIQA with a stable outlook
42
The international rating agency Standard & Poor's (S&P) once again confirmed the UNIQA Insurance Group's rating of “A-” and a stable outlook. For S&P,
the strong market position in Austria, CEE and Russia, the leading role in health insurance in Austria and the “excellent” capitalization according to the S&P
Global Ratings capital model had a positive impact. S&P continues to rate UNIQA's business risk profile as strong and emphasizes both the strong position
of UNIQA in Austria and the good position of UNIQA in CEE, which has further improved in the region through the acquisition of the AXA companies. S&P
also assumes that UNIQA will successfully continue growth in the next few years in view of the strong competitive position, the well-established sales
capacities and the diversified business portfolio - despite the challenging framework conditions caused by the corona pandemic and a weak economy. S&P
also continues to rate the financial risk profile of UNIQA Insurance Group AG as strong. The rating agency highlights UNIQA's solid capital base, which in
the S&P capital model is still at an excellent “AAA” level after the AXA acquisition. UNIQA's solid risk profile therefore benefits from a broad, diversified
and stable investment portfolio and a conservative strategy when it comes to coverage through reinsurance. According to S&P, UNIQA is pursuing a
conservative investment strategy, which is shown by the fact that UNIQA's investments have an average credit rating of “A”. According to its own criteria,
S&P rates UNIQA's liquidity as exceptional and accordingly expects the group to be able to withstand a heavy burden of liquidity. Overall, S&P assumes
that UNIQA will at least keep its capital and earnings position at a very good level over the next two years.
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Vienna Insurance Group (Austria) again ranked among the World’s Best
Employers by Forbes
43
Vienna Insurance Group (VIG) has again been included in Forbes’ World’s Best Employers list. It is the only Austrian company from the financial services sector
to feature in the ranking of the 750 leading employers worldwide. In addition, the title of Diversity Leader awarded by the Financial Times acknowledges the
importance of diversity at VIG. Furthermore, the Group received the Best Recruiters’ gold medal for the fourth time in a row on 25 November 2020. More than
160,000 employees from 58 countries around the world evaluated their employer as part of the Forbes survey. The employees were asked to assess their employer
and the probability that they would recommend working for the company to other people. The respondents were also requested to recommend other employers.
Companies from around the world were included in this year’s survey. Vienna Insurance Group was the only Austrian company in the financial services sector to
position itself in the ranking this year. The Financial Times and independent market research institute Statista named Vienna Insurance Group as one of the
“Financial Times Diversity Leaders 2021” – the first time that the Group is featured in the listing. The ranking acknowledges the Group’s outstanding achievements
in promoting diversity and inclusion in the workplace. The survey was conducted using online access panels which provided a representative sample of more than
100,000 employees from companies and institutions with more than 250 employees in Europe. Best Recruiters – the largest annual recruitment study in the
German-speaking countries – assesses the employer branding activities and recruitment operations of 529 Austrian companies based on 243 different criteria. For
the fourth consecutive year, Vienna Insurance Group took first place in the insurance sector in the ranking and placed tenth overall in 2020/21. It is the first time
that the Group has made it into the top ten.
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AIA (Hong Kong) and ZA Tech Form Regional Digital Technology Partnership
44
AIA Group Limited announces a regional strategic digital technology partnership with ZA Tech Global Limited (“ZA Tech”),
a joint venture between ZhongAn Technologies International Group Limited and SoftBank Vision Fund. AIA’s partnership
with ZA Tech brings a powerful and proven digital technology platform that will allow AIA to seamlessly connect to new and
existing digital partners in all of AIA’s markets, excluding Mainland China. This technology will enable AIA to attract new
customer segments with innovative and personalised products to meet their growing protection needs. ZA Tech also brings to
AIA considerable business and technical expertise in digital product design and pricing models, as well as providing access
to new digital partners across Asia. The first initiative under this partnership will be launched in Malaysia, where AIA General
Bhd announced a new digital insurance plan sold through Shopee, a leading online shopping platform in South East Asia. AIA
and ZA Tech plan to extend the partnership across other AIA markets to include digital life and health insurance.
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Pensionskasse Basel-Stadt and Baloise (Switzerland) form partnership
45
As part of its Simply Safe strategy, Baloise aims to achieve a significant increase in the volume of external customer assets managed by
Baloise Asset Management. The new partnership with Pensionskasse Basel-Stadt will help to realise this ambition. Acting as a transaction
manager, Baloise advised the pension fund regarding the purchase of seven properties in prime locations in Geneva. Going forward,
Baloise’s remit will no longer be limited to asset management but will also include property management responsibility on behalf of
Pensionskasse Basel-Stadt for these seven properties. In times of low interest rates, investment conditions are challenging for pension
fund assets. By buying these attractive properties, Pensionskasse Basel-Stadt has found a profitable and sustainable investment
opportunity for its policyholders’assets. Baloise – itself one of the largest institutional real estate portfolio holders in western Switzerland
– advised the pension fund during the contract negotiations. Under the new partnership between the two companies, Baloise will continue
to provide support as an asset and property manager for these properties. All seven properties are located in Geneva and are currently fully
let. The majority of the portfolio consists of residential real estate located on the Rive Gauche, one of Geneva’s prime locations. The total
value of the transaction amounts to more than half a billion Swiss francs.
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CNPAssurances (France) announces the finalisation of its new exclusive
long-term distribution agreement with Caixa Econômica Federal in Brazil
46
CNP Assurances announces that the closing operations set out in the agreement signed with Caixa Econômica Federal and Caixa Seguridade
on 29 August 2018 (amended on 19 September 2019), concerning their new exclusive long-term distribution agreement for personal risk
insurance, consumer loan insurance and retirement products (vida, prestamista, previdência), were finalised. CNP Assurances has paid an
initial amount of R$7.0 billion under the agreement. A performance incentive mechanism covering the first five years allows for additional
payments, capped at R$0.8 billion (Group share) in value terms at 31 December 2020. The impact of the operation has been fully integrated
in the Group’s SCR coverage ratio since 30 September 2019. A new insurance joint venture has been created. This entity will be fully
consolidated by the CNP Assurances Group, which will hold 51% of voting rights and 40% of economic rights, while Caixa Seguridade will
hold 49% of voting rights and 60% of economic rights. Caixa Seguros Holding (CSH) has transferred the insurance portfolios relating to the
products covered by the agreement to this new jointly owned insurance company. For the new partnership signed by CNP Assurances and
Caixa Seguridade on 13 August 2020 for the distribution of consorcios products in the CEF network, the parties have agreed to postpone the
deadline for finalising this partnership, initially scheduled for 4 January 2021, to 30 March 2021.
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Generali Group (Italy) And Accenture Form Joint Venture To Accelerate The
Insurer’s Digital Transformation Strategy
47
Generali Group and Accenture have created a joint venture - Group Operations Service Platform (GOSP) - that will leverage
cloud technologies and shared technology platforms to accelerate the insurance group’s innovation and digital strategy. In
addition to holding a 5% ownership stake in the venture, Accenture will provide GOSP with a team of 40 professionals with
expertise in cloud, artificial intelligence and big data to drive rapid transformation, innovation and change management at speed
and scale. GOSP will develop projects and solutions that accelerate the digitization of Generali Group’s business processes and
the adoption of a cloud-centric model. This can facilitate closer collaboration among the insurer’s different business units,
including distribution (agencies), account management (digital wallets), and internal management systems, which can benefit
from the shared infrastructure and expertise. The new solutions from GOSP – including establishing more centralized governance
– will enable Generali Group to improve operational efficiencies and profitability, achieve cost savings, and enhance service
quality to meet the digital expectations of customers, agents and employees.
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VietinBank and Manulife (Canada) announce exclusive 16-year
bancassurance partnership
48
Vietnam Joint Stock Commercial Bank for Industry and Trade (“VietinBank”) and Manulife Financial Corporation (“Manulife”) are pleased to announce that an agreement has
been signed between VietinBank and Manulife (Vietnam) Limited (“Manulife Vietnam”) to establish an exclusive 16-year bancassurance partnership to better meet the growing
financial and insurance needs of the Vietnamese people. Manulife Vietnam will be the exclusive provider of bancassurance solutions to VietinBank customers in Vietnam soon
after regulatory approval is obtained. This partnership will help to grow and further protect the health and wealth of Vietnamese individuals, families and businesses by offering
best-in-class insurance, wealth and retirement solutions. As part of the transaction, Manulife Financial Asia Limited will also acquire Aviva Vietnam Limited (“Aviva
Vietnam”). The acquisition of Aviva Vietnam will be subject to regulatory approvals. Manulife expects the partnership to be accretive to diluted core earnings per common share
in 2022 and the impact on the LICAT ratio is expected to be less than 1%.Manulife Vietnam is currently Vietnam’s number one life insurer by 2019 annual premium equivalent
(APE) sales. Having entered Vietnam in 1999 as the first foreign-owned insurer to be granted a license, it now has around 1,000 permanent staff and over 50,000 contracted
agents, serving more than one million customers. This new partnership with VietinBank will significantly grow Manulife Vietnam’s distribution capabilities across the country
and strengthen Manulife Vietnams’s market leading position in Vietnam. VietinBank is one of Vietnam’s largest financial institutions, serving more than 14 million customers
through a network of over 150 branches and 1,000 transaction offices across 63 cities and provinces in the country. In the first half of 2020, VietinBank was ranked number one
in terms of bancassurance sales among state-owned banks in Vietnam.[4] VietinBank began its transformation journey in 2014, advancing its digital capabilities, increasing its
investment in human resources, and enhancing its customer-centric solutions to be the leading bank in the country. The bank’s strategy in the coming years is focused on
diversifying its businesses, including growing its retail banking business and offering more tailored solutions for its customers.
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NÜRNBERGER Versicherung is the new premium partner of HC Erlangen
49
NÜRNBERGER Versicherung will support HC Erlangen as a premium sponsor. The cooperation, which will initially take place over three seasons, is strongly
geared towards interaction with the club and its fans and focuses on the areas of health promotion and youth sport. One aspect that connects both partners is the
promotion of young talent. HC Erlangen builds on strong youth work and can regularly recruit talent from its own ranks for the professional team. At
NÜRNBERGER Versicherung, the focus is on promoting young talent both within the company and in sponsorship in the areas of sport, science and culture. The
spectrum ranges from competitions and offers to promote the gifted to inclusive measures. The first joint project that HC Erlangen and NÜRNBERGER
Versicherung are implementing will be exercise videos for children and young people. These should help to bridge the time of the corona-related training failures.
In keeping with the motto "My handball. With the NÜRNBERGER." Health topics and competitions are also implemented. Motto game days build the bridge to
other NUREMBERGER activities. One of the motto game days of the 2020/2021 season is dedicated to the top sports network in the Nuremberg Metropolitan
Region and thus to the hashtag #SportBewegtUns. Both HC Erlangen and NÜRNBERGER Versicherung have been actively involved in this alliance since 2019.
"Together with the HC Erlangen we offer the local top-class sport partners a platform - depending on the infection occurrence on site in the Arena NÜRNBERGER
Versicherung or in a virtual setting. Especially now, when ghost games make it difficult to be a fan and popular and recreational sport is not possible or only
possible to a limited extent it is important to emphasize the unifying power of sport and to be aware of its contribution to keeping people physically and mentally
healthy, "explains Harald Rosenberger.
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PruVen Capital launches as an independent venture firm in partnership with
Prudential Financial
50
PruVen Capital, a global, multistage venture firm backed by Prudential Financial, Inc. has formally launched its first fund with $300 million in
capital to invest in emergent technology startups in North America, Europe, Japan, Singapore and Australia. In addition to Gupta, the core
investment team includes Travis Skelly, Victoria Cheng and Adi Sivaraman. The Fund will have a five-year investment period and an annual
investment pace of $50 million to $75 million a year. It will target companies from post-product on the early side to growth and pre-IPO on the
late side. It will invest $5 million on the low end with a target of $10 million to $15 million on average over the lifecycle of the company with a
maximum of $30 million invested in any single company. PruVen will strategically partner with Prudential’s “catalyst network”—a capability that
provides entrepreneurs access to Prudential’s thought leaders and experts. PruVen Capital, which has already made investments in Newfront
Insurance, a digital first insurance brokerage focused on midmarket clients in the commercial insurance and employee benefits space, and
DataRobot, an e2e machine learning platform for enterprises, looks to partner with visionary founders with a desire to create enduring companies.
PruVen Capital’s model offers the independence and decision-making speed of a traditional venture fund, while channeling Prudential’s global
scale and domain expertise to help PruVen’s portfolio companies grow into becoming the household names of tomorrow.
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Sampo's Christmas Donation To Mannerheim League For Child Welfare
51
Sampo plc has donated 50,000 euros to the Mannerheim League for Child Welfare. The donation supports the work of the
League’s helpline and chat service for children and young people and free after-school activities for primary school pupils.
The helpline for children and young people provides support when there are no safe adults at hand. The most common
topics are related to loneliness, and calls involving mental health have been increasing rapidly for quite some time. The
Mannerheim League for Child Welfare also offers support and companionship to children through after-school club
activities for third and fourth graders, who would otherwise have to be home alone after school. These free clubs offer
especially valuable support to those children who cannot take part in expensive activities or who face challenges related
to learning or peer relationships. The Mannerheim League for Child Welfare is an open non-governmental organisation for
promoting the well-being of children, young people and families. The League celebrates its 100th anniversary this year.
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