Health insurers make their case for mergers
The chief executives of Aetna and Anthem have been making the case for health insurance mega-mergers to the US Congress. Mark Bertolini and Joseph Swedish told Senators that mergers would not damage competition or give the larger firms too much power. ABC News reports that the CEOs were at a Senate Judiciary subcommittee hearing at which lawmakers expressed their concerns. Ultimately it will be the Justice Department that makes the call on whether deals such as the Aetna-Humana and Anthem-Cigna can proceed. The CEOs said that there are multiple players in their markets and new ones continue to emerge. They also said that the economies of scale made possible by mergers would benefit consumers.
Guardian Financial acquired but not by original suitor
Less than a week after we reported that UK insurance firm Guardian Financial Services was in non-exclusive talks with the Phoenix Group, it has been purchased by another insurer.
Swiss Re’s business unit Admin Re has agreed to acquire Guardian from private equity firm Cinven for more than U$3.2 billion. The acquisition will extend Admin Re's position as a leading closed life book consolidator in the UK, with over four million policies in force. The acquisition is an attractive opportunity for
Swiss Re to deploy part of its excess capital above the Group’s hurdle rate of 11% ROE. Closing of the acquisition is subject to regulatory approval and could be completed in early 2016.
This insurer is one of the best employers for women
Working Mother magazine has published its annual list of the 100 Best Companies and insurance company
Zurich North America is once again in the list. It was selected for its commitment to progressive workplace programs, including child care, flexible work arrangements, paid parental leave and advancement of women. The company also made the list last year. “Making the list for a second straight year is an honor for our company because it demonstrates the hard work we have put into making sure our workplace culture and benefits meet the needs of working mothers,” said Brian Little, head of Human Resources at
Zurich North America.
