CGSC North America sold for $500 million
The North American division of global wholesale, underwriting management and reinsurance broking group Cooper Gay Swett & Crawford has been sold. The deal was announced last November and has now been completed with US broker BB&T paying $500 million for the Swett & Crawford broking business, reinsurance unit and agencies including JH Blades & Co.
Canadian agent Creechurch International Underwriters is not part of the sale and the Latin American operation of CGSC, based in Miami, will also continue to be part of the firm. The deal is subject to regulatory approval.
AXA reports highest-ever underlying earnings
French-based global insurance firm AXA has announced its 2015 full-year results which show the company’s highest-ever underlying earnings, up 2 per cent to 5.6 billion Euros (U$6.17 bn). Total revenues hit 99 billion Euros ($109.1 bn) and net income increased 3 per cent to 6.6 billion Euros ($6.17 bn). There was growth across all business sectors with international insurance revenues especially strong with an increase of 7 per cent.
Canadian insurers call for level fees from Quebec pharmacies
Life and health insurers in Quebec are calling for pharmacies in the province to charge the same fees whether they are covered by the public or private component of the province's general prescription drug insurance plan. Industry body ACCAP-Quebec says that the 60 per cent of Quebecers who have private insurance coverage pay 17 per cent more than those covered by the public portion of the general plan for the same drug bought at the same pharmacy.
ACCAP-Quebec president Lyne Duhaime says pharmacists’ fees are to blame: "Since pharmacists' fees are not regulated, fees charged to the private insurance industry can be twice or even three times higher than those billed to the public plan, for the exact same drug and service.”
UnitedHealth Group is “World’s Most Admired Company”
UnitedHealth Group has been ranked top for the sixth consecutive year in the FORTUNE 2016 “World’s Most Admired Company” in the insurance and managed care sector. The company ranked No. 1 in eight key attribute categories – innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, and quality of products and services. For the seventh consecutive year, the company was rated No. 1 in innovation.
