XL Catlin acquires specialty insurance business down under
XL Catlin has agreed to acquire the market-leading Australian specialty insurance business Brooklyn, a Lloyd’s approved coverholder which serves brokers across Australia.
“The acquisition of an award winning business with established market relationships aligns well with our focus on underwriting, claims and service excellence”, commented Craig Langham, XL Catlin’s Regional Chief Executive Asia Pacific, Insurance. “We look forward to further profitable growth in this important market, serving the sophisticated needs of clients and brokers in Australia.”
The transaction is expected to close in the beginning of the fourth quarter of 2016.
Insurance commissioners highlight changing households
American households are changing with implications for insurance coverage. The National Association of Insurance Commissioners says that almost half of adults in their 40’s and 50’s have a parent aged 65 or older and are either raising a young child or supporting an adult child.
Live in elders and returning children are ramping up pressure on Generation X and the association says insurance needs have changed in response to these household dynamics.
"Longer life spans, decisions to marry later and the tight job market have forced many middle-aged adults to share their homes with family members across generations," said John M. Huff, association president and Missouri Insurance Director. "When there is an increased headcount under your roof, there are likely new insurance implications."
Huff is urging families to audit their insurance requirements to ensure that the appropriate coverage is in place.
Pensions, retirement lead growth for Canadian life, health sector
Canadian life and health insurers saw solid growth in 2015 with pensions and retirement products particularly strong.
"The strong performance of the Canadian life and health insurance industry highlights the trust Canadians have in our companies, and that we continue to offer products and services that our customers need and value," notes CLHIA President and CEO Frank Swedlove. “In particular, this year’s growth was led by the pensions and retirement solutions market.”
A newly-released fact book from the Canadian Life and Health Insurance Association shows that premiums in the sector exceeded $100 billion for the first time while benefits paid to Canadians increased to more than $84 billion with more than 90 per cent paid to living policyholders.
Assets held by the sector increased 5.7 per cent to $760 billion with long-term investments making up 90 per cent.