Life reinsurance
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The business, which has ~EUR300mn of book value, is expected to launch a process. -
The reinsurer has made improvements to its life and health segment, it said.
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The stock price rose as analysts declared the L&H reserving review better than feared.
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The Insurance Collaboration to Save Lives is seeking life insurers to join an effort to deploy proactive health screening to reduce excess mortality.
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Prior to securing the top A&H job, Andrew Maynard was global product lead for wholesale life and A&H.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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The transaction will near-double the size of Chubb’s A&H book and increase its Asia premium from $4bn to $7bn.
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The executive has worked for Ergo, Direct Line and Generali.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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The investor wants the Finnish insurer to build on this week’s sell-down of Nordea Bank shares with further divestments.
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Carriers expect only marginal gains and remain concerned that the UK overhaul will jeopardise equivalence.
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The Japanese reinsurer already offers P&C cover out of its Zurich subsidiary.
