Another Japanese acquisition as Nippon buys Aussie insurer
Nippon Life is to buy a majority stake in the insurance division of the National Bank of Australia for U$1.71 billion. The bank announced following a review that it wanted to focus on its wealth management business and has sold 80 per cent of its MLC Life business to the Japanese firm. As part of the deal the Australian bank will continue to sell the firm’s insurance products for 20 years. The deal is expected to close in the fourth quarter of 2016.
Lloyds enter into agreement with Asian insurers
Lloyds of London has signed a memorandum of understanding with the soon-to-be-owners of US insurer HCC and another Asian firm to provide intellectual property liability insurance in China. The deal between Lloyds, Tokio Marine Kiln and the People’s Insurance Company of China Property & Casualty Company will be the London insurance markets first “white-labelling” product development agreement in the region. It will allow the Chinese insurer to offer protection for its clients for their operations abroad; Chinese firms are facing increased exposure to global IP litigation.
Insurer commits to support those with disabilities
Insurance firm AXA has signed the Business Charter on Disability, making a commitment to support those with disabilities. Signing the Charter, developed by the International Labour Organization, builds on the insurer’s efforts to be an inclusive employer across its international footprint. It specifically requires that AXA will focus on recruitment and retention of people with disabilities.
ACE Group expands operations in Japan
The ACE Group has extended the operations of its political risk and credit division to Japan. ACE will now offer its Japanese clients a broad range of comprehensive insurance solutions for risks including non-payment of trade receivables, protection against sovereign non-payment default, and country risk cover for overseas assets and investments, with market-leading levels of capacity. The division will be led by Hiroya Takagi as Political Risk & Credit Manager. He joins ACE from Euler Hermes in Japan where he held the position of Head of Commercial Insurance.