Industry News Roundup – Week of May 2nd, 2016

Industry News Roundup – Week of May 2nd, 2016

Industry News Roundup – Week of May 2nd, 2016

Express Scripts Has Plans to Deal with High Drug Prices

Source: Insurance Journal | May 2, 2016

Express Scripts Holding Co. plans to introduce several benefit programs aimed at fighting high drug costs, including speeding up how quickly it moves insurer and employer customers to cheaper medicines after sudden price hikes, its chief medical officer said.

Express Scripts, the nation’s largest pharmacy benefit manager, is discussing the changes with its customers at an annual meeting in Florida today, Chief Medical Officer Steve Miller said in an interview.

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MetLife to Pay $25 Million Finra Penalty Over Variable Annuities

Source: The Wall Street Journal | May 3, 2016

MetLife Inc., one of the best-known brands in life insurance, misled tens of thousands of customers about a product that retirees seek out for safety, according to regulators, who levied a near-record $25 million fine against the company.

In a rare black eye for MetLife, a brokerage industry regulator said MetLife failed to help customers properly compare old and new versions of variable annuities, leading some clients to give up…

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MS Amlin Now Operating at Lloyd’s Under One Brand: MS Amlin Underwriting

Source: Insurance Journal | May 3, 2016

MS Amlin announced it is now operating as one brand in the Lloyd’s market, as a single managing agency, MS Amlin Underwriting Ltd.

Operating from 22 locations across three continents, the MS Amlin business will inherit Amlin’s tripartite legacy business unit structure: Marine and Aviation, under the leadership of Andrew Wright; Property and Casualty, headed up by Kim Hvirgel, and Reinsurance, led by James Few. The latter will combine with MS Frontier (Bermuda) to support the 2017 renewal season.

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Buffett Has No Love for High-Priced Money Managers; Says Even a President Trump Couldn’t Derail U.S. Economy

Source: Insurance Journal | May 4, 2016

At the annual meeting of his Berkshire Hathaway Inc., the billionaire warned about the enduring risk of derivatives, defended stocks in his portfolio and signaled that some of the company’s biggest subsidiaries are hitting speed bumps. But he saved a prime portion of the weekend event to argue again why investors would be better off ditching expensive money managers and consultants.

After telling shareholders that he would offer “probably the most important investment lesson in the world,” he said Wall Street salesmanship has masked poor returns for years. Consultants, he added, have steered pension funds and others to high-fee managers who, as a group, underperform what you could get “sitting on your rear end” in index funds. The arrangements “eat up capital like crazy,” he said.

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Alberta Wildfire Could Become Canada’s Costliest Natural Catastrophe

Source: Insurance Journal | May 5, 2016

A wildfire in the Alberta city of Fort McMurray is set to become the costliest ever Canadian natural disaster for insurers, with 1,600 buildings destroyed and another 19,000 under threat, analysts and industry sources say.

The bill for insurers is expected to be several times more than the C$700 million ($544 million) paid out for a wildfire in Slave Lake, Alberta, in 2011.

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