RSA to sell Latin American operations
UK-based insurance company RSA says it has agreed the sale of its Latin American operations for around U$619 million. The buyer is Suramericana SA, the insurance division of Grupo de Inversiones Suramericana. RSA is focusing its attention on operations in the UK, Canada, Scandinavia and Ireland and said in its announcement Tuesday that the Latin American business will be a better strategic fit for a “committed regional player”. The deal is subject to regulatory approval but is not dependent on the potential acquisition of RSA by
Zurich.
US firms increase operations in Australia
Two large US insurance companies have announced expansion in Australia as they ramp up operations in the Asia-Pacific market.
MetLife is partnering with Australia’s Yellow Brick Road (YBR) to sell mortgage insurance products. YBR will begin offering its new products this October, underwritten by
MetLife. The Aussie firm is intending to expand its offer to life insurance in 2016. Mark Bouris of YBR told the Sydney Morning Herald that Australians do not routinely have mortgage insurance. The firm sells its products through a network of licensees and brokers.
Meanwhile
Berkshire Hathaway Specialty Insurance Company has announced that it is providing comprehensive insurance and services for the construction industry in Australia. BHSI is offering construction property, casualty, project professional indemnity, and project cargo insurance for construction classes in Australia and pairing coverage with in-house construction claims and engineering expertise.
Canadian insurance body focuses on road safety
The ICBC is working with the government and police this month in a joint initiative to cut road deaths in British Columbia. The aim is to raise awareness of the dangers of distracted driving, in particular the use of mobile phones at the wheel. One in four of the province’s road deaths involves distracted driving. Cell Watch volunteers will be roadside across the province reminding drivers to leave their phones alone. ICBC road safety coordinators will also be visiting community events with a driving simulator the public can try.
"Anyone who drives while distracted is putting themselves and others on the road at risk," said Lindsay Matthews, ICBC's director responsible for road safety. "Distracted driving is one of the leading causes of crashes with pedestrians, cyclists and motorcyclists. It's time we all commit to leaving our phones alone and avoiding other forms of distraction when we're behind the wheel."
