LIFE INSURANCE
Resolution Life | January 05, 2021
Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business.
The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks.
Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business.
Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost.
Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores.
The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said:
“We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises.
There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.”
About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.
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INSURANCE TECHNOLOGY
Carrot General Insurance Corp. | December 27, 2021
Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January.
"What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward."
-Paul Jung, CEO of Carrot
The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration.
"We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance,"
-Paul Jung, CEO of Carrot
He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation.
Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort.
About Carrot General Insurance Corp.
Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.
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INTELLECTUAL PROPERTY
AXA XL1 INSURANCE | January 11, 2022
AXA XL has appointed Thisiani Matsumura-Martins as Global Chief Underwriting Officer, Aerospace. Effective April 1st and based in Sao Paulo, she will report to Nancy Bewlay, Global Chief Underwriting Officer and work closely with the Regional Business Units to develop and assess underwriting strategic direction and profitability for Aerospace.
"Thisiani brings a wealth of technical and market-facing experience. She is a seasoned regional leader prepared to support the Aerospace team in product development, innovation and client and broker engagement across all geographies and markets,"
- Ms. Bewlay.
Ms. Matsumura-Martins brings 27 years of experience in the insurance and reinsurance industry. She has previously worked at Allianz and Liberty, and as an underwriter in a variety of business lines including Aerospace, Property, Construction, Marine, Personal Accident and Life. She first joined AXA XL in 2014 as Technical Director for Brazil and was later appointed as Chief of Staff for Latin America. Currently, she serves as the interim Regional Leader for AXA XL in Latin America and Country Manager for Brazil where she is co-leading the integration of AXA's operations in the country.
Additionally, Tom Callahan has been promoted to Global Head of Underwriting Management and CUO of Aviation. Based in New York, Mr. Callahan will be reporting to Ms. Matsumura-Martins.
Mr. Callahan has been a member of the Aerospace team at AXA XL since 2006, most recently serving as the Global Head of Underwriting Management. In his new role, he will have increased responsibility and management of the technical underwriting strategy for Aviation.
Mr. Callahan has more than three decades experience in the business, having worked across all areas of the aerospace insurance and reinsurance sector. He holds a degree in finance from Manhattan College and an MBA from Pace University.
ABOUT AXA XL
AXA XL¹, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward.
ABOUT AXA XL1 INSURANCE
AXA XL1 Insurance offers property, casualty, professional, financial lines and specialty insurance solutions to mid-sized companies through to large multinationals globally.
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