Marsh & McLennan shares third quarter financial results

Insurance Business America | October 29, 2019

Marsh & McLennan Companies, Inc. has announced third quarter (Q3) revenue of approximately US$3.97 billion (about SG$5.4 billion), a 13% increase compared to the same quarter in 2018. The increase comes just five months after the firm completed its US$5.6 billion acquisition of Jardine Lloyd Thompson Group plc (JLT).   Underlying revenue, which was calculated as if Marsh & McLennan and JLT were a combined company a year ago, grew 5% compared to the same period in 2018. Operating income was US$467 million (down from US$541 million), and adjusted operating income rose 10% to US$585 million.

Spotlight

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Spotlight

Purchasing a term life plan is a guarantee that your family will remain financially secure, in case of an early demise. If you are the sole breadwinner of the family, then a term life plan is a must. A term life plan helps your family’s finances stay on track and settle debts on an early demise. However, there are some important factors you must consider, before purchasing a term insurance plan.

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CORE INSURANCE

American Equity Announces Strategic Partnership With 26North

AMERICAN EQUITY | November 09, 2022

American Equity Investment Life Holding Company (American Equity) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), announced that it is entering into a long-term partnership with 26North Partners LP (26North), a multi-asset platform founded and led by Josh Harris, in which American Equity has made a strategic investment. Anant Bhalla, Chief Executive Officer and President of American Equity, will join the Board of Directors of 26North. A Bermuda-based reinsurer, AeBe ISA Ltd., which is affiliated with 26North, has reinsured approximately $4.3 billion of GAAP reserves of American Equity fixed indexed annuity policies from 2008 and 2010. American Equity estimates that this will generate an initial capital release in excess of $250 million and generate a positive ceding commission, thereby growing AEL’s revenue-generating reinsured liabilities. “This partnership with 26North is a further step in our AEL 2.0 strategy to deliver significant value to all shareholders. The strategy is aligned with policyholders through our unique go-to-market and investment management approaches and capital-light structure. We continue to refine a capital-efficient business model to deliver superior, sustained returns for our shareholders and further strengthen our robust balance sheet. This deal will enable greater capital flexibility for AEL as we benefit from 26North’s investment expertise to deliver on attractive opportunities across private asset classes. We are proud to add 26North to our outstanding investment partner ecosystem and further advance our transformation into a hybrid, diversified financial services firm.” -Anant Bhalla, Chief Executive Officer and President of American Equity Mr. Bhalla continued, Our agreement with 26North complements the strategic partnerships we have struck to support our unique investment management strategy, with each transaction providing access to a specific asset sector. Partnering with world-class investment firms – Adams Street, Monroe Capital, Pretium and now 26North – allows all AEL shareholders to participate in asset management economics, which is fundamental to our AEL 2.0 strategy. ABOUT AMERICAN EQUITY At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity CompanyTM that offers solutions designed to create financial dignity in retirement. Our policyholders work with independent agents, banks and broker-dealers, through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs. To deliver on our promises to policyholders, American Equity has reframed its investment focus, building a stronger emphasis on insurance liability driven asset allocation as well as the origination and management of private assets. Our company is headquartered in West Des Moines, Iowa with satellite offices slated to open in 2022 in Charlotte, NC and New York, NY. ABOUT 26NORTH 26North Partners LP is an integrated, multi-asset class investment platform, founded and led by Josh Harris. 26North provides investment advice and opportunities to its clients related to a variety of investment strategies, including, but not limited to, private equity, credit, and insurance and reinsurance solutions. Josh Harris and the 26North team bring decades of experience managing third-party capital to help clients achieve their financial goals while leaving a lasting impact on the communities they serve. 26North has more than $9.5 billion in assets under management.

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CORE INSURANCE

PCF Insurance Enters Wisconsin Market with Acquisition of Milz Health Group

PCF Insurance Services | November 16, 2022

PCF Insurance Services (PCF), a top 20 U.S. insurance brokerage firm, has acquired Milwaukee-based Milz Health Group, a full-service health insurance agency providing coverage to Wisconsin Medicare-eligible individuals and coverage through the Affordable Care Act. Milz provides affordable health care coverage for individuals through an integrated suite of online services. Offering Medicare Advantage Plans, Medicare Supplemental Insurance policies (Medigap plans), and Medicare Part D prescription drug plans (PDP), Milz Health Group uses a unique, proprietary process to design plans with top insurance carriers that are affordable and effective. "PCF Insurance Agency Partners are deep-rooted, trusted advisors for their clients, and with more than 50 years serving Wisconsin with affordable health coverage, the Milz Health Group team was an ideal partner to expand our presence into that market," - Peter C. Foy, Chairman, Founder, and CEO of PCF Insurance The PCF Insurance business model supports and expands on the agency's continued success with its strong market relationships and the efficiencies and economies of scale generated by a shared services approach. PCF Insurance Agency Partners can offer clients enhanced coverage offerings, more competitive pricing, and innovative solutions for protection against even the most unique risks. Jason Milz, Principal at Milz Health Group, explains that PCF's entrepreneurial focus opens the door to more growth opportunities while allowing us to continue to be who we are, guided by our core values, which are important to the way we conduct our business. About Milz Health Group Voted Best Health Insurance Site in Milwaukee in 2021 by Expertise.com, Milz Health Group has over 50 years of experience providing affordable health coverage to individuals. Focusing on Wisconsin Medicare and the Affordable Care Act, Milz's unique process and online services find an affordable, effective plan every time. Milz Health Group represents most national Medicare insurance carriers and several regional companies. Neither Milz Health Group nor its agents are connected with the Federal Medicare program. About PCF Insurance Services A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers' compensation solutions. Propelled by its people, PCF Insurance's agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partners alignment through equity ownership, significant leadership incentives, and resources to over 3,100 employees throughout the U.S. Ranked #20 on Business Insurance's 2022 Top 100 Brokers and #13 on Insurance Journal's 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space.

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CORE INSURANCE,RISK MANAGEMENT

Betterview Announces Partnership with Risk Innovator JMI Reports

Betterview and JMI Reports | December 01, 2022

Betterview, the company leading P&C insurers rely on to identify and manage real property risk, today announced a partnership with JMI Reports, one of the largest providers of onsite property data to the insurance industry. Products from JMI Reports are now available on the Betterview Property Intelligence & Risk Management Platform, allowing users to optimize inspection efficiency in a single, intuitive user interface (UI). The innovative tools from JMI Reports allow insurers to understand, prioritize and act upon risks to predict and prevent future loss. One of these is QuickVUE, a self-inspection tool that empowers insurers to thoroughly understand property risk without consuming overwhelming amounts of data. Additionally, reliable inspection data from on-the-ground physical inspections is available on the Betterview platform. Using this integration, insurance companies can filter properties based on which require a physical inspection and which ones can be fast-tracked as solid risks. “The solutions from Betterview and JMI Reports are strengthened by synthesizing them within a single platform, Customers can work with their policyholders to get rapid, accurate views of real property risk. They can then consume that information directly within our platform, gaining an immediate and actionable view of every property in their book, and flagging those that need more attention. Any insurer that uses Betterview and JMI together will see great improvements in inspection efficiency, which should translate to an improved expense ratio as well.” -Betterview co-founder and chief operations officer, Dave Tobias JMI Reports also believes that the two companies are ideal partners. Both Betterview and JMI are in the business of understanding risk and helping insurers work better with their insured, Ultimately, we want to turn underwriters and agents into insurance heroes. By integrating QuickVUE and other inspection tools directly in the Betterview platform, I believe we are taking a positive step towards that goal,says Nathan Clark, president and CEO at JMI Reports. About Betterview: Betterview is the Property Intelligence & Risk Management Platform that leading P&C insurance companies depend on to identify and mitigate risk, improve operational and inspection efficiency, and build a more transparent customer experience throughout the policy lifecycle. By empowering insurers to automate pricing, underwriting, and renewal while focusing strategic action on critical properties, Betterview is transforming the insurance industry from Repair and Replace to Predict and Prevent. About JMI Reports: JMI Reports is a risk innovator providing property profiles and data insights to improve efficiencies and profitability for insurance carriers and MGAs. For more than 30 years, our mission has remained the same: to protect your blindside by listening to your needs and delivering actionable, forward-thinking, and cost-saving solutions that make a difference.

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