Deal
Dynacons wins prestigious order worth INR 105 Cr (USD 26.875 Mn) from Life Insurance Corporation of India
The company has won an order from Life Insurance Corporation of India for Workplace Solutions, including the Supply, Installation, and IT Infrastructure support for their offices/branches all over India. Read More>>
Merger and Acquisition
Fitch Ratings tips its hat to Dai-ichi’s NZ acquisition
Though the transaction is still subject to regulatory approval, Dai-ichi announced the purchase price for Partners Group was JPY 86 Bn (USD 616 K), a small amount compared to the company’s net assets of JPY 4,409 Bn (USD 31 Mn) and cash of JPY 2,184 Bn (USD 15.6 Mn) as of March 2022. Read More>>
Partnerships
Democrance partners with Dai-Ichi Life Cambodia
The company partners with Dai-ichi Life Cambodia to help launch its first digital life insurance. Democrance’s SaaS technology platform enabled Dai-ichi Life Cambodia to launch a simple and affordable term life product with a fully digital customer journey and automated process. Read More>>
Enstar Group, Allianz pact on JV will end Enstar exposure to catastrophes
Enstar agreed on their joint venture, Enhanzed Reinsurance, to end Enstar’s direct exposure to catastrophe businesses. Included in the agreement between the two companies, ESGR’s Cavello Bay subsidiary and Allianz will commute or novate all the reinsurance contracts. Read More>>
Executive Movement
Erie Insurance Executive Lorianne Feltz appointed to the HOMEE Board of Directors
Erie announced that Lorianne Feltz, Executive Vice President, Claims, and Customer Service at Erie Insurance, has been elected to the HOMEE’s Board of Directors. Feltz brings decades of experience in claims management and customer service and a history of deploying technology to improve customer claims and customer service experience to this board appointment. Read More>>
Venerable welcomes Ron Tanner as Vice President and Deputy General Counsel
The company announced Ron Tanner as Vice President and Deputy General Counsel, reporting to Executive Vice President and Chief Legal Officer Tim Brown. Tanner will support registered insurance product securities matters, mergers and acquisitions, corporate governance, and the corporate secretary function. Read More>>
Liberty Mutual Insurance appoints Kevin Smith President, Global Risk Solutions North America
Liberty appointed Kevin Smith as President of Global Risk Solutions North America. Smith has over 30 years of experience in property, casualty, and specialty insurance, most recently as President and Chief Operating Officer of CNA’s specialty business. Read More>>
Financial and Market Activity
China Pacific Insurance’s first-half net profit fell 23%
The company’s net profit fell 23% in the first half from a year earlier, weighed down by disruptions to its business operations caused by sporadic Covid-19 outbreaks. The insurance company’s net profit in the year’s first half dropped to Yuan 13.30 Bn (USD 1.9 Bn), even though gross written premiums rose to their highest in the past three years. Read More>>
Berkshire Hathaway Specialty Insurance loses billions H1 2022
Berkshire revealed its second quarter and first half financial results for 2022, showing that it had lost billions during those periods. Berkshire Hathaway Specialty Insurance lost USD 43.8 Bn during the second quarter that ended on June 30. Read More>>
Manulife 2Q net profit down 98% as higher interest rate weighs on life insurance business
The company’s net profit plunged 98% for the second quarter that ended June 30, as a higher interest rate weighed on its life insurance business. Earnings from the group’s asset management services also came under pressure due to lower unit trust sales. Read More>>
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Latest Industry Insights from Draup Braindesk
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- Kemper Corporation invested USD 150 Mn of 5.875% for fixed-rate Reset Junior Subordinated Debentures. It intends to use the net proceeds for general corporate purposes for capital and investments in the business to pay related fees and expenses.
- Kemper Corporation partnered with Federal Home Loan Bank of Chicago for a Collateral Pledge and Security Agreement to repay loans and other extensions of credit amount, rate of interest, repayment, and prepayment terms specified in a written or electronic confirmation.
- Kemper Corporation Partnered with BofA Securities, Credit Suisse Securities, Goldman Sachs, and J.P. Morgan for Underwriting Agreement Securities with Infinity Property and Casualty Corporation, working capital, and investments to enhance business development.
- Kemper Corporation acquired American Access Casualty Company and its related captive insurance agency, Newins Insurance Agency Holdings, for a cash transaction to expertise in the specialty auto segment, strengthening the Hispanic market alignment.
- Kemper Corporation launched Moody’s Investors Service outlook for credit ratings, risk analysis, and research for stocks, bonds, and government entities. Moody’s Analytics develops software and tools to support capital markets with risk management, credit analysis, and economic research to enhance business development.
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Key Funding Alert
Erie Insurance launches USD 10 Mn investment fund
About: Erie’s Strategic Ventures is a USD 10 Mn global but will focus primarily on early-stage investments in North America that have some connection to the insurance business. Erie Strategic Ventures will partner with Touchdown Ventures. Read More>>
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Startup Spotlight
Company – Thinksurance
Total Funding – USD 39.12 Mn
About: Thinksurance connects insurers, distributors from several sales channels, and business customers on its platform. Thinksurance leverages its proprietary technology to make the process as easy as possible, e.g., with several APIs to distributors, CRMs, and insurer systems. Read More>>
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Latest Reports Published in Draup
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Aviva plc Account Intelligence Report
Avia focuses on core markets in the UK, Ireland, and Canada to expand growth opportunities, develop individual savings and retirement, workplace savings, protection, health, and general insurance and expand its digital capabilities for personalized offerings. Read More>>
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Set your preferred currency in the Profile section
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