Proposed deal could spark insurance mergers
The growing insurance market in India, which has attracted investment from many North American insurers could be about to see a flurry of mergers.
India’s largest mortgage lender and multi-business conglomerate Max Group said Friday that they are in talks to merge their life insurance operations, a move which could spark further deals.
Bloomberg reports that the merger would bring Max Life Insurance and HDFC Standard Life Insurance together. Max is a joint venture with Japan’s Mitsui Sumitomo Insurance Co, while HDFC Standard Life is 49 per cent owned by UK insurance group Standard Life.
US insurance commissioners go international
Two US insurance commissioners have been elected to the executive committee of the International Association of Insurance Supervisors (IAIS), the body which sets international standards for insurance supervision.
Ted Nickel, President-Elect of the National Association of Insurance Commissioners and Wisconsin Insurance Commissioner; and David Mattax, Texas Insurance Commissioner; join NAIC vice-president Julie Mix McPeak on the committee. She has served for more than two years and has been appointed vice-chair.
“Our international work is critical to consumer protection here in the states; it is also important for ensuring a level playing field for our domestic companies,” said John M. Huff, NAIC President and Missouri Insurance Director. “These individuals, along with all regulators and NAIC staff, are to be commended for their on-going contributions to support global financial stability.”
Connecticut Insurance Commissioner Katharine L. Wade was appointed to the IAIS Financial Stability and Technical Committee. The appointments were announced at an IAIS meeting this week.
Fort McMurray brokerage re-opens, insurer donates $50K to Red Cross
As residents of Fort McMurray begin to return to their homes and businesses, one local insurance brokerage has resumed operations in the city.
Rogers Insurance has re-opened its office on Franklin Avenue with assistance from head office staff from Calgary due to some of the local brokers being displaced themselves by the fires.
The office has reported 3,300 claims and seen a 400 per cent spike in phone calls since the wildfires took hold last month.
Meanwhile,
AIG Insurance Company of Canada has donated $50,000 to the Red Cross Alberta Fires Appeal to help those affected by the fires.
“In concert with our broker partners, AIG Canada claims staff and our independent adjustors have been on the ground helping our policyholders recover from their losses,” commented Lynn Oldfield, AIG Canada’s CEO and president. “This donation of $50,000 has great significance to AIG Canada; it symbolizes our 50
th anniversary in Canada.”
