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Globality Health Latest News

Globality Health Strengthens Network Management With Appointment Of Ronald Pritchard

Globality Health is proud to welcome the appointment of experienced senior operations manager, Ronald Pritchard, as Head of Network Management. His mission is to optimize working relationships with partners and the medical provider network, with special emphasis on operational and financial efficiency. He joined Globality...

18-05-2016 iPMI Magazine Executive Appointments Movements News

Globality Health Names Michael Kløcker As New Chief Commercial Officer

As of 1 May, Michael Kløcker is the Chief Commercial Officer of the international health insurer with a special focus on expatriates, Globality Health. His appointment completes Globality’s Board of Management, allowing interim CCO Gregor Schulte to focus on his core role as Chief Financial Officer. "I...

05-05-2016 iPMI Magazine Executive Appointments Movements News

Globality Health Continues UK Market Expansion With Appointment Of New UK Regional Sales Director

Globality Health, the international medical insurer with a special focus on expatriates is excited to announce the appointment of Mr. Gavin Royston, as UK regional sales director. With a wealth of iPMI industry experience spanning over 13 years, including 8 years at Bupa and 4 years posted...

22-06-2015 iPMI Magazine Executive Appointments Movements News

Globality Health Introduces New CEO

Munich Health, the health segment of Munich Re, has appointed Roman Beilhack as new CEO for Globality Health. The appointment is the next step in a comprehensive development program for Globality Health, the international health insurer with a special focus on expatriates within Munich Re. Beilhack...

07-11-2014 iPMI Magazine Executive Appointments Movements News

Globality Health Partners With UAE’s Leading Health Insurer Daman

By partnering with the National Health Insurance Company - Daman, Globality Health is extending its full international health insurance offering, including 24/7 emergency medical assistance and medical evacuation and repatriation services, to the United Arab Emirates (UAE). The partnership with Daman allows Globality Health`s clients...

04-11-2014 iPMI Product News

Globality Health Take Lead Sponsorship Position On Maritime Labour Convention 2006 Round Table Business Forum

iPMI Magazine is proud to announce Globality Health has taken the lead sponsorship position on the upcoming Maritime Labour Convention 2006 Round Table Business Forum. Mr. Philip Wright, Chief Commercial Officer at Globality Health will take the head of the round table. The Maritime Labour Convention...

13-03-2014 RT Delegate Sponsor News

EuroAlarm Joins The Globality Health Global Network

Globality Health is strengthening its global network by partnering with leading international assistance provider, EuroAlarm, to provide full international care, including 24/7 emergency medical assistance, medical evacuation and repatriation services, to all group and individual clients. A full support service that clients can depend upon...

03-12-2013 iPMI Magazine Breaking News

iPMI Conferences 2014

Team iPMIM are currently very busy researching a health and medical insurance conference for 2014. We are now at a stage where we need your input. iPMI Conferences (http://ipmiconference.com) facilitate dialog and debate between the various sectors of the international healthcare business. Insurance companies, assistance networks...

08-11-2013 iPMI Magazine Breaking News

New Cover For The Untapped Seafarers Market From Globality Health

Globality Health responded to the need for appropriate insurance for seafarers by partnering with Crewsure (crewsure.com) to offer clients innovative insurance products. From August 20th 2013 all vessels over a certain size have to comply with a new labour convention known as the Maritime Labour...

19-08-2013 iPMI Product News

Globality Health Introduces A New International Health Insurance Plan For Individuals - Yougenio® World

Globality Health has launched its new international health insurance plan for individuals, YouGenio® World. It is replacing YouGenio® with a large number of improvements to the current plan levels Classic, Plus and Top, such as full cancer care. In twelve-months the product development team has...

16-04-2013 iPMI Product News

International Private Medical Insurance (IPMI) Magazine

International Private Medical Insurance (IPMI) Magazine

International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient. Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Website URL: http://ipmimagazine.com

Allianz Suisse To Acquire DAS Switzerland

Allianz Group has agreed to acquire the legal protection insurance subsidiary DAS Switzerland and assets of DAS Luxembourg and Slovakia from German insurance group ERGO Group AG. The acquisition will strengthen the competitive position of Allianz Suisse, making it one of the top three firms offering legal protection coverage in Switzerland.

The combined premium income from the three ERGO subsidiaries totaled 38 million euros in 2016. The transaction remains subject to regulatory approval. The parties have agreed not to disclose financial details of the transaction.With a premium volume of around 550 million Swiss francs and a growth rate of 5.3 percent in 2016 alone, the market for legal protection insurance in Switzerland is very attractive.

The acquisition of DAS Switzerland will give Allianz Suisse and its subsidiary CAP a leading role in the market, underlining their growth ambitions. CAP is now number four in the Swiss market, with annual premium volume of around 70 million Swiss francs, while DAS Switzerland is in eighth place with a premium volume of approximately 34 million Swiss francs.

Utilizing growth opportunities “Our aim with this merger is to utilize growth opportunities in the non-life business and further strengthen our competitive position. This will enable us to create the best conditions for our customers and place us in an excellent position in this growth market,” says Severin Moser, CEO of Allianz Suisse.

The transaction is scheduled to be completed at the start of April, pending regulatory approval. Details about structures relating to employees, brand identity and sales will be communicated in the coming weeks pending discussions with DAS Switzerland.

The ERGO legal protection insurance branch for Slovakia will be absorbed by the Allianz country subsidiary for Slovakia while the legal protection insurance portfolio of DAS Luxembourg will be ceded to the subsidiary of Allianz Benelux in Luxembourg as part of the transaction, subject to fulfilment of the agreed conditions.

Allianz Invests $59 Million In Strategic Partnership With American Well® To Address Global Health Challenges

Allianz has agreed to a $59.2 million investment and partnership with telehealth platform American Well. Allianz X, the digital investment unit of Allianz, led the investment and will join American Well’s Board of Directors.

“Our customers’ needs are at the heart of everything we do,” said Christof Mascher, member of the Board of Management of Allianz SE and Chief Operating Officer. “We serve people across the globe anytime, anywhere, 24/7. The innovative technology offered by American Well complements our variety of trusted services and supports our customers in the digital world.”

“Allianz X’s investment with American Well will result in better access, lower cost and more connected care for our customers through a leading-edge health platform. This collaboration emphasizes Allianz’s commitment to digitalization, our goal of investing in digital frontrunners and encourages advancements within the whole healthcare ecosystem,” said Solmaz Altin, the Chief Digital Officer of Allianz Group.

“Advancing global health digitally is a big mission, and one we know we cannot accomplish alone,” said Ido Schoenberg, MD, Chairman and CEO at American Well. “Our scalable telehealth platform and partnership ecosystem are key to any global solution. We are encouraged by great support from across the healthcare industry thus far, and we invite companies and thought leaders across health, tech and business to join our mission to advance the quality, accessibility, and economics of global healthcare through digital connectivity.”

“I’ve been privileged to have a front row seat watching the evolution of healthcare delivery in the 21st century,” said Peter Slavin, MD, member of American Well’s Board of Directors, president of Massachusetts General Hospital, and professor at Harvard Medical School. Slavin added, “I’ve been challenged by how high-quality care can be scaled and transferred beyond regional academic medical centers – not just in the United States, but even more importantly globally. I see telehealth as key to delivering world-class care to people around the world.”

About The Investment

Allianz and American Well will develop digital health solutions that build on American Well’s platform and leverage Allianz’s international expertise by combining wearable sensors, remote monitoring, and virtual visits. Working with local healthcare stakeholders, the partnership will deliver healthcare to both developed and emerging markets, addressing local regulations, clinical preferences and financing choices. This global telehealth system will allow providers to treat patients more successfully in the transforming world of connected care.

Boston-headquartered American Well has developed a telehealth platform that connects patients live with doctors, specialists and other healthcare providers over secure video. It handles clinical, administration, and security requirements consistent with US healthcare regulations and best practices. American Well serves millions of patients, working with national health plans, hospitals, employers and pharmacies in the United States.

Allianz X, the digital investment unit of the Allianz Group, led the investment and was supported by the Health Innovation Center of Allianz Partners, the B2B2C unit of the Allianz Group dedicated to developing protection and care solutions. Allianz has local knowledge of healthcare financing, regulation and delivery, and a qualified network of more than 800,000 medical providers across the world. The joint effort of Allianz X and Allianz Partners enables Allianz to deliver the greatest value from Allianz to American Well and strengthens the Group’s ability to provide best-in-class healthcare in a mobile, digital world.

 

Aetna International Enters Agreement With Aviva UK For International Private Medical Insurance (IPMI)

Leading IPMI provider Aetna International has announced that it is entering an agreement for International Private Medical Insurance (IPMI) with Aviva UK.

David Healy, CEO EMEA, Aetna International commented, "We are delighted to have reached this agreement with Aviva. We are committed to delivering Aviva’s IPMI customers continuation of cover with Aetna that provides comparable benefits and an excellent level of service. This is very much in line with our business strategy to deliver comprehensive health care benefits worldwide.  Our scale, expertise, customer service infrastructure and technological focus in IPMI allow us to make a significant contribution to improving people’s health and the quality of care they receive."

From 1 May 2018 Aviva UK will no longer provide IPMI cover for new customers or for existing customers wishing to renew their policies. 

Under this agreement, existing Aviva IPMI customers will be offered continuation terms at policy renewal with Aetna International.  Existing Aviva customers who renew their policy will then become Aetna customers and will no longer have a relationship with Aviva.

Related: Aviva Withdraws From IPMI Market

Aviva Withdraws From IPMI Market

When, why and how Aviva is moving out of the international private medical insurance market?

Aviva is withdrawing from the IPMI market to focus more of its health insurance resources on the UK Private Medical Insurance (PMI) market.

Here’s our summary of the key dates and arrangements for continuation cover with Aetna International. For full information consult your account manager.

Aviva confirms key dates and honours existing policyholders

From 11 January 2018 Aviva will no longer quote for any new business or renewal terms with start dates from 1 May 2018 onwards. Customers will be offered continued terms by Aetna at renewal and so Aviva’s gradual withdrawal from this market will take until the middle of 2019 to complete.

All existing Aviva quotes with future new business or renewal dates will be honoured, along with any re-quote activity. All existing policyholders will remain protected until the policy renewal date should an illness or injury happen while they are living or working overseas.

At renewal time, Aetna International will offer each customer a new quote on favourable terms for which they will not need further underwriting.

Why Aviva UKI is withdrawing from the IPMI market

Aviva UKI is withdrawing from the IPMI market because it isn’t central to Aviva’s strategy to focus on markets where it can achieve scale and profitability, or have a distinct competitive advantage.

In recent months, they have demonstrated this in Taiwan and Spain. In addition, in July 2017 they sold Friends Provident International Limited.

Withdrawing from the IPMI market is one of several levers they can pull to help achieve domestic growth.  They are the third largest provider in the UK PMI market and are committed to improve on that position.

IPMI is separate from their health businesses in other international markets, which are unaffected by this decision.

How Aetna International will deliver continuation cover

Aetna International’s scale, expertise, customer service infrastructure and technological focus mirror aspects of Aviva’s business model, so they felt confident that it could deliver the healthcare benefits customers require.

At renewal time clients will receive an Aetna International indicative renewal quote, based on anonymised data. Each customer will receive a unique reference number with which to contact Aetna International, who will arrange authorisation to share secure customer data with Aviva. In this context, clients who accept Aetna International’s terms will do so on a non-advised basis, with Aviva acting as an introducer. Clients choosing to renew their policies with Aetna International will become Aetna’s customers and will no longer have a relationship with Aviva.

Aviva are confident that the customer communications programme they have in place, backed with robust processes, they help make this a smooth transition process.  Both Aviva and Aetna’s customer and broker service teams will also be available to further smooth the transition.

AXIS Insurance Promotes Nicole Lim To Deputy Chief Underwriting Officer, Singapore

AXIS Insurance has announced the promotion of Nicole Lim to Deputy Chief Underwriting Officer, Singapore, with immediate effect. Ms. Lim will oversee AXIS’ insurance business in Singapore, along with managing the office’s day-to-day operations.

Ms. Lim was previously Vice President, Underwriting, for AXIS’ Singapore office. She will continue to report to Rory MacGregor, the former Executive Vice President and Singapore underwriting manager for AXIS Insurance, who was promoted to Head of Regional Hubs and International Distribution last October. Ms. Lim assumes the Deputy CUO, Singapore, role for AXIS’ insurance business ahead of Mr. MacGregor’s return to the Company’s London office this summer.

“Nicole has built a strong reputation within the Singapore market and is a seasoned underwriter with deep expertise across all energy specialty classes,” said Mr. MacGregor. “She has helped foster collaboration between our Singapore team and with our other offices, further enhancing the service that we provide to our clients. At AXIS, we place a priority on creating an environment where great talent can thrive, and we are pleased to see Nicole promoted to manage our insurance business in Singapore.”

Ms. Lim joined AXIS in 2013. A 16-year insurance professional, she previously held various underwriting roles within Allianz, Liberty and Aon Risk Services.

New Pacific Prime Report Provides Snapshot Into The Global State Of Health Insurance

Pacific Prime has released their inaugural report focusing on the current international health insurance landscape. Noted as the first of its kind in the industry, the State of Health Insurance 2017-2018 report equips individual consumers, groups, and companies alike with the insights they need to make more informed purchase and renewal decisions.

The following key findings and themes are detailed in Pacific Prime’s latest, free-to-download global report:

  • The average cost of international health insurance in 2017 was USD 8,105. This figure is based on premiums for four key demographics in 100 countries.
  • In 2017, the global average inflation of international medical insurance premiums was 9.2%.
  • The quarter with the highest percentage of international insurance sales is Q2. This finding is based on Pacific Prime’s historical sales data for 2015 and 2016.
  • The most notable changes to the global health insurance industry in 2017 include continued acquisitions and mergers, and variable inflation.
  • Insurers ‘onshoring’, increased compliance, and digitization are three major global trends that will continue to have a major impact on international medical insurance products throughout 2018.
  • Companies around the world are facing a number of common health insurance issues, the top 5 of which include: uncertainty around premiums, plan sustainability, ensuring benefits are competitive, communicating with and educating employees, and structuring relevant benefits.

Pacific Prime’s global report is based on the wealth of international medical insurance data they hold, and the insights shared by their most experienced insurance consultants. To provide a geographical breakdown of the international health insurance market, the company has also released China, Dubai, Hong Kong, and Singapore versions of the report, all of which are key markets that have seen surging demand for international insurance products.

To get a complete review of the study’s findings, download a complimentary copy of the report here.

 

A.M. Best Affirms Credit Ratings Of Prudential Financial, Inc. And Its Subsidiaries

A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the domestic life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU] referred to as Prudential. Concurrently, A.M. Best has affirmed the Long-Term ICR of “a-” of PFI and all existing Long- and Short-Term Issue Credit Ratings (Long- and Short-Term IRs) of the group. The outlook of these Credit Ratings (ratings) is stable. In addition, A.M. Best has assigned Long-Term IRs of “a-” to two recently issued senior unsecured notes, due 2047 and 2049. The outlook assigned to these ratings is stable. (Please see link below for a detailed listing of the companies and ratings.)

The ratings reflect Prudential’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.

Prudential’s balance sheet strength is enhanced by favorable financial flexibility as its parent, PFI, has access to various sources of liquidity and a proven ability to access capital markets. Partially offsetting these strengths is Prudential’s extensive use of captives to finance redundant reserves for its term and universal life products.

Prudential’s operating performance is considered strong, as its return metrics are favorable and generated positive statutory income in each of the past five years. Prudential benefits from meaningful economies of scale, which is reflective of its market leading positions in core business lines.

In addition to its growing domestic and international insurance businesses, Prudential has operated in the pension risk transfer (PRT) marketplace over the long term and now has over $65 billion in funded pension account values, as well as a meaningful presence in the unfunded U.K. PRT market. A.M. Best believes Prudential continues to be viewed as an attractive counterparty for large transactions due to its proven ability to effectively administer and fund them.

The rating affirmation of PFI reflects its highly diversified earnings sources, considerable financial flexibility, strong liquidity profile and strong debt service capabilities. Cash and short-term holdings at PFI exceed $4 billion, providing ample liquidity to fund shareholder dividends, share repurchases and possible acquisitions.

PFI, however, employs a significant amount of operating leverage, in part, to fund domestic individual life redundant reserve requirements, as well as for securities lending and other spread-based borrowings. However, financial leverage and interest coverage remain within A.M. Best’s guidelines for the company’s current rating level.

PFI’s international segment, which is dominated by its Japan operations, remains the single-largest segment representing roughly two-fifths of the company’s total operating earnings. The international segment has benefited from acquisition activity, which has helped to increase earnings and further diversify market risk for the overall liability profile of PFI. In PFI’s domestic business, the retirement segment has been the biggest area of growth, primarily due to the successful closing of several large PRT deals. Moreover, despite the recent decline in sales, the company continues to rank among the leaders in the variable annuity (VA) market due to its diversified product offerings. Its unique VA auto-rebalancing feature continues to be positioned well in the marketplace. The rebalancing feature also reduces Prudential’s exposure to equity market volatility. In addition, improved group disability insurance claims experience has begun to emerge in the group insurance segment. Lastly, the company’s investment portfolio continues to exhibit a low level of impairments, and the fixed income portfolio remains in a net unrealized gain position.

Partially offsetting these positive rating factors is the increasingly large concentration of annuity reserves, primarily due to the increasing number of PRT transactions, relative to its total statutory general account reserves. A.M. Best believes that in general, annuities are a less creditworthy line of business compared with ordinary life insurance products. While Prudential has a track record of managing, and to some degree, mitigating many of the risks inherent in its various annuity product lines, the low interest rate environment continues to have a negative impact on net investment yields. Moreover, A.M. Best notes that the allocation to commercial mortgages continues to increase, and relative to capital and surplus, is higher than the industry average. While Prudential’s holdings of below investment grade fixed income securities relative to capital and surplus is somewhat higher than industry totals, A.M. Best notes the exposure relative to capital and surplus has declined significantly over the past few years. PFI continues to maintain sizeable liquidity resources, and its prudent utilization will continue to be monitored by A.M. Best.

A.M. Best notes that its concerns in this area are mitigated somewhat by Prudential’s history of prudently managing its overall leverage. The company also continues to rely on captive insurers to help manage redundant life-reserve financing requirements. A.M. Best will continue to review these structures in conjunction with its operating companies in its assessment of capital adequacy.

Tenet Issues Information On Financial Implications Of Changes To USA Federal Tax Law

Tenet Healthcare Corporation has provided an update to its previous financial Outlook for 2018 to reflect changes to federal tax laws enacted as part of Tax Cuts and Jobs Act of 2017. As a result of these changes, the Company projects:

  • Cash tax payments will be lower by $10 million to $20 million per year over the next several years due to the repeal of the corporate alternative minimum tax.
  • No material change in the Company’s ability to utilize its federal income tax net operating loss (NOL) carryforwards, which the Company projects will approximate $1.6 billion as of December 31, 2017.
  • Due to the positive impact from 100 percent bonus depreciation, taxable income on the Company’s federal tax return will be lower, resulting in slower utilization of the NOL. We anticipate approximately 80 percent of capital expenditures in 2018 should qualify for immediate expensing, which will more than offset the impact of the interest expense limitation.
  • Diluted earnings per share from continuing operations is now expected to be $0.05 to $0.19 in 2018 compared to the previous diluted EPS Outlook of $0.63 to $0.68, and Adjusted diluted earnings per share from continuing operations is now expected to be $0.58 to $0.97 compared to the previous Adjusted EPS Outlook of $1.07 to $1.36 due to the Company not being able to currently recognize for accounting purposes the future benefit related to the excess interest expense limitation carryforward, net of the benefit derived from the lower tax rate.
  • The Company is reiterating its 2018 Outlook for revenue, Adjusted EBITDA and Adjusted free cash flow, which were originally provided on December 19, 2017.

“The change in the tax law is positive for Tenet from an economic perspective,” said Ron Rittenmeyer, executive chairman and CEO. “Our cash tax payments will be approximately $10 million to $20 million lower each year over the next several years, which will be additive to free cash flow. In addition, the new law does not change our ability to utilize our substantial NOL. While EPS will be lower due to the limitation on interest expense deductibility, this does not impact free cash flow, and over the next two to three years, we expect these changes will positively affect EPS due to the lower tax rate.”

In addition to the implications described above, the Company will recognize in the fourth quarter ended December 31, 2017 a non-cash partial write-down of its net deferred tax assets of approximately $275 million (estimate based on September 30, 2017 balances) due to the reduction in the corporate federal income tax rate from 35% to 21%.

Omani Expatriates Run For Coverage

Don’t bother trying to get off the plane in Oman if you do not have expatriate health insurance.

Following the government’s recent announcement, you need to have coverage in place before arriving. Only 12.3% of the workers in the private sector of Oman’s workforce are natives to the country. This means that a whopping 87.7% of the workforce are expatriates, foreigners working outside their country. And only 10% of said foreigners have health insurance. In lieu of this, millions are running for the new mandatory coverage, be it provided by their employers or not, it’s now compulsory.

Furthermore, these are high quality professionals, considering that it’s illegal to work on a Visitor’s Visa. All employees must have firm jobs, firm offers and robust contracts. Expatriates are expected to work hard, and work well in the country. This cream-of-the-crop culture has worked particularly well in a country with such a massive expatriate population.

With hard work, comes a necessity for good quality insurance coverage. The country spent $62 billion on healthcare in 2016, and this number is expected to double to $132 billion by 2020. Meeting this health burden has not been easy for the government meaning they have required the private healthcare sector to bear some of that weight. International expatriate healthcare insurers have been summoned to step up to the plate.

What is expatriate healthcare insurance?

Expatriate health insurance is a type of health insurance specialised for people on extended stays outside of their native country. Companies such as WellAway Limited have world wide networks and constant care and specialized aids for global citizens. They have everything from repatriation, evacuation, medical primary and specialist care, medications and more. You can even choose plans that involve cover for kidnap, ransom and terrorism risks.

If you are an expatriate working in Oman, for example, you might choose the Wellaway OneWorld plan which offers rich benefits, comprehensive coverage, access to a worldwide network of medical providers with a direct billing system and 24/7 medical assistance, e-consultations and a variety of other services.

About the mandatory insurance proposal in Oman:

The Council of Ministers approved the mandatory insurance proposal, submitted by the Capital Market Authority (CMA) and set the effective date for 2018.

The CMA’s Executive President, Abdullah bin Salim al Salmi (pictured) said, “We have just been informed that the CMA’s proposal for making healthcare insurance compulsory for expatriates has been approved by the government. This is a positive step, and comes at an opportune time.” Al Salim has been the CMA’s president since 2012, and had been the Vice President since 1999.

High quality employees are a priority for Omani companies, and with this historic announcement, expatriate health insurance will prove to be an asset for companies leveraging the retention of their best workers. Companies such as WellAway Limited (who is based out of the island of Bermuda, and enjoys worldwide success) offer group options for companies to provide their employees, as well as individual plans for individuals working for companies that are not offering plans. It is no longer an option to remain uninsured in this Middle Eastern region, and WellAway Limited, as well as a myriad of other insurers have opened their arms to provide coverage to the Omani workforce.

Right now, only 10% of “expats” in Oman have health insurance, so the market will soon be flooded with new customers.

The Council of Ministers approved the mandatory insurance proposal, submitted by the Capital Market Authority (CMA) and set the effective date for 2018. The CMA’s Executive President, Abdullah bin Salim al Salmi (pictured) said, “we have just been informed that the CMA’s proposal for making healthcare insurance compulsory for expatriates has been approved by the government. This is a positive step, and comes at an opportune time” Al Salim has been the CMA’s president since 2012, and had been the Vice President since 1999.

High quality employees are a priority for Omani companies, and with this historic announcement, expatriate health insurance will prove to be an asset for companies leveraging the retention of their best workers. Companies such as WellAway Limited (who is based out of the island of Bermuda, and enjoys worldwide success) offer group options for companies to provide their employees, as well as individual plans for individuals working for companies that are not offering plans. It is no longer an option to remain uninsured in this Middle Eastern region, and WellAway Limited, as well as a myriad of other insurers have opened their arms to provide coverage to the Omani workforce.

By Armando A. Diaz, Writer.
WellAway Limited

For more information about WellAway please visit their micro web site on iPMI Magazine, here.

For information on Expatriate Health Insurance contact WellAway:

Website: www.wellaway.com
BM: +1 441 296 0651
FR: +33 1 78 90 38 68
BE: +32 9 352 00 22
DK: +45 32 70 99 17
UK: +44 2036 036 804
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Qatar Re Acquires Markerstudy Group Insurance Companies

Qatar Reinsurance Company Limited (“Qatar Re”) has signed a sales purchase agreement to buy Markerstudy’s Gibraltar-based insurance companies, namely Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited and Ultimate Insurance Company Limited. Markerstudy underwrites more than 5% of the UK motor insurance market, generating premiums of about GBP 750 million. The QIC Group has an existing substantial relationship with Markerstudy through Qatar Re and QIC Europe Ltd (QEL).

Gunther Saacke, Qatar Re’s CEO, commented, “This transaction builds on the strong foundation of our existing relationship. It provides Qatar Re with a greater share of lower volatility business that has performed consistently well for us, balancing our specialty and catastrophe book. In addition, the transaction will enable us to write UK business under any post-Brexit scenario.”

Gunther Saacke continued, “Through this acquisition, Qatar Re reaffirms its commitment to supporting innovative entrepreneurship in insurance marketing, distribution and servicing.”

Kevin Spencer, CEO of Markerstudy Group, commented, “For a long time we have had a tremendous relationship with Qatar Re. Their proactive approach has assisted our development and this is a natural evolution; to combine our strengths to establish a primary player in the UK insurance sector.”

Kevin Spencer continued, “This strategic alliance has three-fold benefits; it enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with A rated capital backing, and ensures we maintain the continuity of marketing, distribution, service and support. Ultimately, this arrangement will facilitate our strategy for growth and profitability, positioning us for further success.”

Qatar Re, licensed as a Class 4 Insurer by the Bermuda Monetary Authority, is a global multi-line reinsurer writing all major property, casualty and specialty lines of business. Qatar Re serves its clients through teams of seasoned underwriting and finance professionals combining in-depth technical and business expertise with industry experience across all markets. Through its headquarters in Bermuda, branch offices in Zurich, the Dubai International Financial Centre, Singapore and London, Qatar Re is close to the world’s major reinsurance markets and the core operations of its clients. Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC) and benefits from QIC’s substantial and growing capital base. Qatar Re is rated “A/Stable” by S&P Global and “A (Excellent)” by A. M. Best.

Markerstudy Group of Companies (MSG) is a dynamic privately-owned organisation, headquartered in Bessels Green, near Sevenoaks, employing over 3,000 employees in the UK and Gibraltar. It has been listed in the Best Companies to Work For in the UK at The Sunday Times Best Companies Awards for the past five years in a row and was a Top 5 company in 2017 in the Best Big Companies category. Established in 2001, its insurance arm includes Gibraltar insurers, Markerstudy Insurance Company Limited, Zenith Insurance Plc and Ultimate Insurance Company Ltd plus UK appointed service providers, Markerstudy Limited and Zenith Insurance Management UK Limited, who provide distribution, claims and administrative support. In 2015, MSG acquired Zenith Marque (previously branded Chaucer Insurance Services Limited) and consumer-facing company Geoffrey Insurance Services (formerly Chaucer Direct).

The transaction is subject to regulatory approvals and is anticipated to complete in the first half of 2018.

 

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International Private Medical Healthcare Expatriate Travel Insurance Plans

A guide to leading international medical, healthcare, expatriate and travel insurance underwriters, companies and providers operating within leisure, expatriate and corporate travel business markets, globally.

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Medical, Healthcare, Expatriate And Travel Insurance

A guide to leading international medical, healthcare, expatriate and travel insurance underwriters, companies, providers, operating within leisure, expatriate and corporate travel business markets, globally.

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