Insurance software firm Vertafore could be sold
The private equity owners of insurance software firm Vertafore could be looking to sell the business according to Reuters. Citing sources familiar with the matter, the report says that TPG Global could scoop $2.5 billion from a deal – a sign of the importance and growth of insurance tech in recent years.
A sale is just one of the options for Vertafore and Bank of America advisors will assess if refinancing of debt or other strategic moves would be a better route. No comments have been given at this time by Vertafore, TPG or BoA.
Tributes paid to former Manulife chairman and CEO
Manulife has announced the sad passing of its former chairman and chief executive Edwin Sydney Jackson. Mr Jackson was president of the Canada-based insurer from 1972 to 1985 and was CEO from 1985 to 1987. He was chairman for five years from 1985 and was then vice-chair until his retirement in 1994.
"Syd left an amazing legacy, and lived a very full and long life, but his smile, sense of humour, wise advice and perfect moral compass will be sadly missed," said Donald A. Guloien, President and Chief Executive Officer, Manulife. "More than anything, Syd should be remembered for his personal integrity, and for driving the Company to do ‘the right thing,’ in all instances. The culture of trustworthiness emanated from everything Syd did, and happily carries through to this day, in every aspect of our Company."
Mr Jackson was a key driver of Manulife’s operations in Asia, which now brings in a third of the insurer’s global revenue. He also helped broaden the firm into wealth management.
Firms partner to offer enterprise cyber cover
Global reinsurer Munich Re has partnered with Beazley, a pioneer in data breach response insurance and the largest insurer of cyber liability risks in the Lloyd’s market, to offer broad protection for the digital assets and IT infrastructure of the world’s largest companies.
Coverage will be tailored to individual company needs and is likely to include hacking, denial of service attacks, cyber extortion and property damage/bodily injury exposures as the result of a cyber incident.
Mariah Carey insures this body part in addition to her voice
While her voice is undeniably Mariah Carey’s most famous and valuable asset, she has also added protection for another part of her body. According to entertainment news site TMZ the diva has two insurance policies; one that covers her voice and a second for her legs. The combined coverage is almost $70 million. Carey has not commented on the story and it is likely that the cover is broader personal injury / loss of earnings coverage rather than specifically for her legs.