WTW expands aviation insurance broking expertise after the acquisition of Aerosure

Key Signals in Insurance

Merger and Acquisition
Germany Argo Group to buy Poolia’s German subsidiary 
Swedish staffing firm Poolia had signed an agreement with German staffing firm Argo Group GmbH to sell subsidiary Poolia Deutschland GmbH. Argo will buy 100% of Poolia’s German companies. Earlier this year, the group acquired Sweden-based HR tech firm Roi Rekrytering Sverige AB and its recruitment platform Workspace Recruit. Read More>>
Executive Movement
Liberty Bankers Insurance Group names Tim Wilson as New Chief Investment Officer 
The company promoted Tim Wilson to chief investment officer. Wilson joined LBIG in 2010 as a senior portfolio manager and credit analyst. Wilson received his Bachelor of Arts in economics and mathematics and an Executive Master of Business Administration from the University of Toronto. Read More>>
BHARTI AXA Life elevates Murli Jalan as Chief Distribution Officer, Proprietary 
The company announced that Mr. Murli Jalan, Head-Tied Agency & Direct Distribution, has been elevated to the Chief Distribution Officer, Proprietary. Mr. Jalan joined Bharti AXA Life in May 2020 and held the Head-Tied Agency & Direct Distribution position for two years. Read More>>
Truist names Dominica Groom Williams head of DEI 
Truist announced that Dominica Groom Williams would join the company as head of diversity, equity, and inclusion. Groom Williams will lead bank-wide strategic inclusion and diversity initiatives, reporting to Chief Teammate Officer and Head of Enterprise Diversity Kimberly Moore-Wright. Read More>>
Financial and Market Activity
Star health insurance PAT increases in Q1 
The company posted a profit after tax of INR 213 Cr (USD 26.9 Mn) on June 30, 2022. In the first quarter of the last fiscal year, the company recorded losses of INR 209 Cr (USD 26.4 Mn) as claims shot up due to the second wave of Covid-19, leading to a spike in hospitalization during the delta wave. Read More>>
EverQuote reports Q2 loss tops revenue estimates 
The company came out with a quarterly loss of USD 0.12 per share versus Zack’s Consensus Estimate of a loss of USD 0.47. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Read More>>
Genworth Financial’s 2Q profit falls 
The company’s second-quarter net income fell 25% from the year prior. It recorded a net income of USD 181 Mn, or thirty-five cents a share, during the period, compared with USD 240 Mn, or forty-seven cents a share, a year earlier. Read More>>
Asurion makes cuts 
The company is making cuts that could result in ~1,000 employees losing their jobs. Workforce reductions were made globally and at all levels. The layoffs shrank Asurions worldwide workforce by less than 5%, as the company employs over 25,000 employees worldwide. Read More>>

Latest Industry Insights from Draup Braindesk

  • WTW purchased an aviation industry expert to provide a suite of aviation insurance broking products to the aviation sector in Australia and New Zealand and the larger Asia Pacific operations.  
  • WTW focuses on updating its Radar software that delivers an exceptional level of predictiveness and transparency. This will transform insurers’ ability to unlock the full potential of machine learning to optimize their underwriting and claims processing while adapting to a regulatory environment increasingly focused on fairness. 
  • WTW aims to provide cyber risk assessment services to support clients with tailored solutions to effectively manage risk in a challenging and fast-evolving cyber threat environment. 
  • National Capital Region, Philippines, serves as the critical location for WTW. Mumbai Area, India, is the major buying location focusing on Application Development & Maintenance and IT Consulting-related engagements.  
  • Application Development & Maintenance is the major outsourced segment, and Capgemini is the critical strategic outsourcing partner for WTW.

Key Funding Alert

Kingdom Holding invests USD 283 Mn in UK’s Phoenix Group 
: The investment was part of an investment program announced on June 23, 2022, and the stake was recently increased to 3.79%. Founded in 1782, Phoenix is the largest savings and pension company and one of the largest insurance companies in the UK. Read More>>

Startup Spotlight

Company – EasySend
Total Funding – USD 71.5 Mn
About: EasySend empowers banks and insurance companies to convert paper forms and clunky PDFs into digital journeys quickly. Since its establishment in 2016, EasySend’s solution has been adopted by over 90% of the Israeli financial and insurance markets. Read More>>

Latest Reports Published in Draup

RSA Insurance Group plc Account Intelligence Report 
RSA Insurance provides property, vehicle, and fleet, travel like marine, renewable energy, construction, engineering, and rail for commercial insurance products. It is keen on offering debt instruments for investment grade issuers to limit the overall credit exposure of one issuer. Read More>>
Phoenix Insurance Group – Account Intelligence Report 
Phoenix Insurance Group aims to offer businesses and individuals insurance products, financial services, and employee benefits through all stages of the policy life cycle. It offers outstanding coverage and selection at affordable price points. Read More>>
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