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iPMI Magazine successfully rebranded to iPMI Global in 2023 and has moved to a new home on the internet. To visit the brand new international private medical insurance business intelligence platform, please go to www.ipmiglobal.com

Swiss Re Corporate Solutions To Acquire Leading Employer Stop Loss Underwriter

Swiss Re Corporate Solutions has signed an agreement with Independence Holding Company to acquire IHC Risk Solutions, LLC and its direct employer stop loss (ESL) business, for an aggregate of USD 152,500,000 in cash.

The transaction includes IHC Risk Solutions' operations, its team of experts and business portfolio, including in-force, new and renewal business written with IHC subsidiaries, Standard Security Life Insurance Company of New York and Independence American Insurance Company. Upon closing, Swiss Re Corporate Solutions expects the transaction to be accretive to earnings already in 2016.

Through this arrangement, Swiss Re Corporate Solutions broadens its current ESL capabilities in the small- and middle-market self-funded healthcare benefits segment. The transaction enhances the company's underwriting and claims management capabilities, while strengthening its product distribution through IHC Risk Solutions' direct broker and third-party administrator relationships. Under the terms of the agreement, business produced by IHC Risk Solutions will be written through Swiss Re Corporate Solutions' largest US carrier, Westport Insurance Corporation, rated "A+ (Superior)" by A.M. Best and "AA-" by Standard & Poor's.  

Bob Petrilli, CEO North America of Swiss Re Corporate Solutions, comments, "We are very pleased to join forces with IHC Risk Solutions, a firm with an excellent reputation and disciplined underwriting. Employers will realise tremendous value from our combined capabilities and expertise as they seek to better manage high-cost healthcare benefits and the financial risks associated with catastrophic medical events."

Mike Kemp, President of IHC Risk Solutions, says, "Since its inception, IHC Risk Solutions has focused on growing a world-class employer stop loss operation. Joining Swiss Re Corporate Solutions allows us to advance toward that objective. Our current and future clients will benefit from the financial strength of Swiss Re Corporate Solutions, while we grow our existing operations and core partnerships."

IHC Risk Solutions has over 100 employees in Arizona, Connecticut, Illinois, Indiana and New Jersey. The transaction is subject to regulatory approval and is expected to close during the first quarter of 2016.

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Swiss Re Capital Markets Underwrites Transaction For AXA Global Life

Swiss Re Capital Markets has successfully led the issuance of EUR 285 million of insurance-linked securities by Benu Capital Limited ("Benu") on behalf of AXA Global Life, a wholly-owned subsidiary of AXA S.A. The securities cover excess mortality events in France, Japan and the United States. It is the largest excess mortality issuance since 2007.

Swiss Re Capital Markets underwrote the transaction which covers excess mortality events via two classes of Principal At-Risk Variable Rate Notes issued by Benu Capital Limited. Benu Capital Limited (Benu) is an Irish private company incorporated with limited liability. The EUR 135 million Class A notes and the EUR 150 million Class B notes have a five-year risk period starting January 1, 2015.

The proceeds of the Notes each collateralise a counterparty contract with AXA Global Life, providing protection against excess mortality in France, Japan and the U.S. via country age and gender weighted population mortality indices.

Jean-Louis Monnier, Head of ILS Europe at Swiss Re Capital Markets, comments: "We are pleased to provide continued support to AXA Group's strategy in accessing capital markets. This transaction is the largest excess mortality issuance since 2007 and breaks new grounds in terms of structure and risk. AXA Global Life and Swiss Re jointly developed an innovative trigger which more flexibly captures mortality events occurring in any one year or across two calendar years. Moreover, the Class B expands the boundaries of the ILS excess mortality market to higher loss probabilities." 

The transaction utilises a putable note, issued by the European Bank for Reconstruction and Development and underwritten by Swiss Re Capital Markets, as collateral for each Class.

This placement is the sixth ILS transaction sponsored by an AXA Group subsidiary and the second covering excess mortality since the 2006 USD 450 million Osiris issuance.

Swiss Re Capital Markets acted as lead structuring agent and joint bookrunner.

Standard & Poor's has published a rating of BB+ (sf) for the Class A notes and BB (sf) for the Class B notes.

The Benu notes were sold pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject, to the registration requirements of the Securities Act and applicable state securities laws.

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Health Insurance

Health Insurance

You may be a frequent flyer business traveler, student, leisure or medical health tourist. Perhaps you are an already established Expatriate living away from home on foreign shores. Where ever you are now, understanding International Health Insurance requirements is vital to safe, risk free Global travel. Accidents do happen and when you least expect it.

Insuring you have the right type of Health Insurance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient medical care and treatment.

Since 2009 International Private Medical Insurance Magazine has been providing Daily mission critical Health Insurance News and information about International Health Insurance to expatriates, individuals, groups, corporate clients, brokers and intermediaries.

Select the right and most appropriate International Health Insurance plan for leisure, business, educational or health travel purposes, with the help and assistance of International Private Medical Insurance Magazines Online International Health Insurance Company and Plan Guide and Directory.

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International Health Insurance

International Health Insurance

You may be a frequent flyer business traveler, student, leisure or medical health tourist. Perhaps you are an already established Expatriate living away from home on foreign shores. Where ever you are now, understanding International Health Insurance requirements is vital to safe, risk free Global travel. Accidents do happen and when you least expect it.

Insuring you have the right type of International Health Insurance will mean, should anything untoward happen, you will not be faced with a large medical bill, or even worse, insufficient medical care.

Since 2009 International Private Medical Insurance Magazine has been providing mission critical information about International Health Insurance to expatriates, individuals, groups, corporate clients, brokers and intermediaries.

Select the right and most appropriate International Health Insurance plan for leisure, business, educational or health travel purposes, with the help and assistance of International Private Medical Insurance Magazines Online International Health Insurance Company and Plan Guide and Directory.

Read more...

Jubilee Insurance and Bupa International Launch a Regional International Private Health Insurance Product

Jubilee Insurance and Bupa International Launch a Regional International Private Health Insurance Product

East Africa’s largest insurance group, Jubilee Insurance and leading international healthcare company, Bupa International, today launched a new international health insurance product dubbed Explorer Health Plan. Explorer will seek to provide health insurance services to the growing middle-class, mid-level executives, and expatriates living in Kenya and travelling in and around Africa, including those seeking treatment in South Africa, India, Pakistan and Sri Lanka. The new healthcare insurance product will be available under the Business Explorer Health Plan for corporates and Explorer Health Plan targeting individual clients. {gallery}news-photos{/gallery}

Speaking during the launch, Jubilee Holdings Chairman Mr. Nizar Juma said, “Explorer is a regional plan from an international company designed to bring it within the reach of senior and middle executives specifically designed for the Africa market and it offers great value for money by providing both individual and corporate access to world class medical facilities.”

He added that the partnership with Bupa will enable Jubilee Insurance to meet the growing demand for international medical insurance products and provide a one-stop shop for medical cover to major corporations, private individuals and families in the region. Some of the unique benefits of Explorer Plan include a full range of health screening providing valuable early detection of conditions such as cancer, without lifetime limits for eligible treatment for chronic diseases, such as heart disease, stroke, cancer and diabetes, ensuring continued access to treatment for as long as a customer is on the plan.

Other benefits include cover for eligible treatment for HIV and AIDS including related conditions and drug therapy, In addition the product has no maximum age limit for new policy holders or those renewing the policy.

Bupa International’s Global Sales & Commercial Director, Tim Slee said, “we are delighted to be launching this new health insurance product, Explorer, adapted for the African market with Jubilee Insurance. Our experience in serving the African market for over 30 years and our global network expertise in designing world-class health insurance products for both individual and corporates will be key in providing access to high-quality international healthcare to the people of Kenya. Under the plan, Jubilee Insurance customers will receive full cancer treatment to ensure that customers are supported at every stage of the treatment. In addition, there will be a cover available for eligible congenital conditions such as heart defects."

“The new international health insurance product will offer our customers, locally and regionally, an expansive range of international medical health-care services through Bupa International, a health insurer of considerable repute and further demonstrates our aim to provide to the people of this region comprehensive benefits together with affordable, high quality healthcare service,” said Chairman of Jubilee Holdings, Mr. Nizar Juma.

The launch of the Explorer Health plan follows the strategic partnership that the two organizations, Bupa International & Jubilee Insurance launched in February this year which brings together Jubilee’s local knowledge with Bupa’s global healthcare expertise.

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