J.C. Flowers to acquire AmeriLife
AmeriLife, the seniors-focused annuity, life and health insurance firm, has entered into a definitive agreement to be acquired by J.C. Flowers, a major investor in the global financial services industry. The details of the deal have not been disclosed. AmeriLife management will reinvest some of their proceeds from the sale. The current owners are Reservoir Capital Group and Black Diamond Capital Partners. The deal is subject to regulatory approval.
Canadian insurance service firm appoints new CEO
Canadian life insurance advisor screening, contracting and compliance service APEXA Corp has appointed Tonya Blackmore as its CEO. She was former Pacific Life Reinsurance’s VP of IT and operations and has 15 years of experience in the industry starting with an MGA office in Nova Scotia before spending many years with Manulife.
AXA predicts surge in Asian customers
Global insurance company AXA forecasts that it will have100 million customers in Asia within the next 15 years, increasing from its current 14 million. With population growth and greater prosperity the French-based group expects its Asian division, already the largest international general insurer, to benefit from a surge in the region’s middle-class. While insurance penetration across Asia is low currently but the region already provides 8 per cent of the group’s global revenue. The firm has announced three new structures to boost its innovation and investment in the region.
Record fine for British bank over credit protection insurance mis-selling
For a number of years the British financial services sector has been dogged by the fallout from mis-selling of credit payment protection insurance. The product was routinely added to loans and credit card agreements even when it was not appropriate for the individual’s circumstances. When the practice was revealed the door was opened for those affected to reclaim premiums. One of the largest firms involved was Lloyds Banking Group with 2.3 million claimants. The bank has now been hit with a record fine of £117 million ($178.4 million) for failings during the handling of some of those claims. As the financial sector suffered widespread reputational damage from the mis-selling the regulator FSA said fairness in the complaints procedure was vital.
