Industry News Roundup – Week of May 23rd, 2016

Industry News Roundup – Week of May 23rd, 2016

Industry News Roundup – Week of May 23rd, 2016


Aegon, Transamerica Owner, Sells $4.4B UK Annuity Portfolio to Legal & General

Source: Insurance Journal | May 23, 2016

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc.

The transaction, which covers 27,000 policyholders, will release another 275 million pounds of capital that had been set aside under Solvency II regulations, the company said in a statement on Monday. Aegon will initially reinsure the liabilities to L&G followed by a so-called Part VII transfer that will boost its capital ratio by about 20 percentage points.

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Insurers Rethinking $17.7 Billion Invested in Hedge Funds

Source: Insurance Journal | May 24, 2016

Insurers have had about enough of hedge funds.

Stung by market-trailing returns, the insurance industry in the U.S. is reversing course after more than doubling its hedge fund allocation over five years, to $17.7 billion as of Dec. 31, according to data from the National Association of Insurance Commissioners. Just this month, American International Group Inc. said it submitted redemption notices for $4.1 billion, and MetLife Inc. announced a plan to exit most of its $1.8 billion hedge fund holdings.

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Frustrated You Can’t Find a Therapist? They’re Frustrated, Too

Source: KQED News | May 24, 2016

When San Francisco resident Natalie Dunnege needed a therapist, she couldn’t find one who took her insurance.

“When I would call them they wouldn’t return my phone calls or they wouldn’t be accepting patients,” she says.

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American Family Insurance Signs Baseball’s Jeter as Brand Ambassador

Source: Insurance Journal | May 25, 2016

Madison, Wis.-based American Family Insurance has tapped Derek Jeter – retired New York Yankees shortstop, 14-time All-Star, future Hall of Famer, businessman and philanthropist – as the company’s newest brand ambassador.

American Family Insurance said it will partner with Jeter on brand ambassador opportunities leading up to his enshrinement in the Baseball Hall of Fame in Cooperstown, N.Y., in 2020.

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3 Insurance Discounts For Parents Of Teen Drivers

Source: Huffpost Parents | May 26, 2016

The moment your child begins driving a car is a major milestone. Unfortunately, it can be a costly one. Adding an extra driver has some unavoidable costs, such as paying more for gas or potentially having to buy a new car.

Adding a young and inexperienced driver is also going to raise your insurance rates. Auto insurance companies hate the risk these drivers create and they force you to pay for it.

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Autonomous vehicles, ride-sharing could push insurance premiums down 30%, study finds

Source: Automotive News | May 26, 2016

Auto insurance premiums could decline by as much as 30 percent over the next 25 years as autonomous vehicles and sharing services become more prevalent, a study found.

The decline in premiums will be driven by three factors, a report issued this month by Deloitte said:

• Sharing services reducing the number of vehicles on the road…

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