Deutsche to sell insurance business for near-$1 billion loss
German-based financial giant Deutsche Bank is to sell its UK insurance business to Phoenix Group Holdings at a loss of almost $1 billion.
Deutsche will book a pre-tax loss of $895 million on the sale of Abbey Life Assurance Co. to the UK-based consolidator of closed-life insurance businesses, Bloomberg reports.
In a statement, Phoenix CEO Clive Bannister said: “This attractively-priced deal meets precisely Phoenix’s areas of strategic focus and stated acquisition criteria, whilst significantly increasing our cash generation and supporting a further increase in our proposed dividend.”
Insurers named among best employers for women
Six of North America’s biggest insurance companies have been named among the best employers for working moms.
Allianz, Blue Cross Blue Shield of North Carolina, Horizon Blue Cross Blue Shield of New Jersey,
MetLife, New York Life Insurance and
Zurich have all been listed in the annual Working Mother 100 Best Companies.
“We have many working mothers at Allianz Life, including several members of our senior management team,” said the insurer’s President and CEO Walter White. “The contributions of our working mothers are critical to the success of our company, and we are committed to providing the work-life flexibility, comprehensive employee benefits, and personal development programs of highest value to this key group.”
Meanwhile, Zurich North America’s CEO Mike Foley said the firm was honored to be featured for the third consecutive year.
“Zurich North America exemplifies that effort, providing innovative policies and perks for their employees that make their jobs easier to manage and worth more than their face value,” said Subha Barry, vice president and general manager for Working Mother Media.
Quebec insurers agree merger
Quebec-based insurers Lussier Dale Parizeau, Riverin Girard and Ouellet Fillion are to merge, creating a firm with a combined premium revenue of $420 million.
"This alliance will help us strengthen both our position in the regions of Saguenay
–Lac-Saint-Jean and Chibougamau and our role as a Quebec leader in the areas of insurance brokerage and financial services," said Patrice Jean, President and Chief Executive Officer of LDP.
The branches located in Dolbeau-Mistassini, Normandin, Saint-Félicien, Alma, Chicoutimi, Chibougamau and Jonquière will continue to operate under the Riverin Girard & Associés and Ouellet Fillion (Alma) banners, as the brands are well established in their regions.
Executives of Riverin Girard and Ouellet Fillion will remain with the company and be part of the management team of the combined firm.
