Lloyd’s of London Will Name and Shame Sexual Harassment Culprits

By and 

Bloomberg

Lloyd’s of London will publicly name and shame anyone it bans from its insurance market for sexual harassment, according to Chief Executive Officer John Neal.

“When we do see instances of bad behavior, and let’s hope they are infrequent, we have got to be public and decisive about the action that we take,” Neal said in an interview on Wednesday. “People have got to be really clear that you cannot behave that way. Where we ban someone we should be very public about it.”

Neal was responding to a Bloomberg Businessweek article, published last week, which found a deep-seated culture of sexual misconduct in the London insurance market. Drawing on the experiences of 18 women, the report detailed an atmosphere of near-persistent harassment, ranging from lewd and suggestive comments to unwanted touching to sexual assault.

“This is not the Lloyd’s that I want to be part of,” Neal said. “We have got to ensure that everybody, whether it’s a woman or a man, should feel safe at any time of day doing anything that’s associated with the Lloyd’s market. I’m determined that will be the case.”

One of the women in the Bloomberg article described an experience in which a senior manager drunkenly attacked her in a pub right around the corner from Lloyd’s. Her employer convinced her it would be bad for her career to pursue a complaint. Other women who experienced similar abuse and had lodged formal complaints said their careers had suffered as a consequence.

Neal said it wasn’t within the jurisdiction of Lloyd’s to ban alcohol outside of its buildings, but added that he would no longer tolerate it on the premises and would eject anyone who was drunk.

Lloyd’s of London outlined a plan on Tuesday to address the allegations of harassment by setting up an independent whistleblower hotline and laying out potential lifetime bans for anyone found guilty of sexual harassment. The proposals were agreed upon at an emergency meeting of industry executives convened on Monday evening by Neal. Lloyd’s also committed to having an independent culture survey taken to identify the scale of the issue.

“While it’s an incredibly negative position to come from, you’ve written a story that has galvanized us into more action,” Neal said. “I think we have to use that as a rallying call.”

Woman cuts off own hand with circular saw in brutal insurance scam

A 21-year-old Slovenian woman deliberately cut off her own hand with a circular saw in an effort to cash in on an insurance claim, authorities say.

According to police, the unidentified woman’s family claimed she lost her hand as a result of an accident on their property, saying it happened when the woman was attempting to saw off tree branches. The family said the woman slipped while using the saw, severing her left hand.

Authorities told ABC News the woman had taken out five different insurance policies months before suffering the injury in January and had only made a few payments on each of the contracts. The woman would have allegedly stood to gain 400,000 euros (about CAD$602,000).

The woman was unemployed at the time and had no other source of income, ABC reported. A 29-year-old relative was also detained in the investigation.

“With one of her accomplices, she intentionally amputated her left hand, hoping to stage it as an accident,” Ljubljana police spokesman Valter Zrinski told ABC News.

Family members left the severed hand behind rather than bring it to the hospital to ensure the disability was permanent. However, the hand was recovered and doctors were able to sew it back on.

“Her hand is recovering well,” Zrinski said.

The woman faces up to eight years in prison.

–with a file from the Associated Press

Source: Global News

 

 

Tribal First Acquires Canada’s AFN Insurance Brokers

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Mar 7, 2019–Tribal First, a division of Alliant Underwriting Solutions, has acquired AFN Insurance Brokerage. The acquisition pairs Canada’s First Nations insurance leader with the largest provider of insurance solutions to Tribal Nations in the U.S., expanding Tribal First’s geographical reach and service profile.

 

“Tribal First is dedicated to providing customized insurance solutions to Native governments across North America,” said Sean McConlogue, President of Alliant Underwriting Solutions. “AFN brings a longstanding legacy of integrity and strength to our platform, and this alliance will enable us to provide powerful services and solutions that are new to the Canadian market.”

 

“The AFN name is synonymous with strength, customization, and a careful attention to addressing the needs of Canada’s First Nations and stands in direct alignment with Tribal First’s longstanding mission in the U.S.,” said Robert Shearer, Executive Vice President and leader of Tribal First.

Founded in 1998, AFN is a nationally incorporated insurance brokerage dedicated exclusively to serving First Nations across Canada. The Ottawa-based brokerage provides a full suite of products and services that include insurance, risk management, consulting, and employee benefits. AFN has access to leading international carriers and works directly with a large base of retail broker partners.

 

“This is a powerful strategic alliance that will add considerable strength to the AFN team,” said Gil Saunders, Principal at AFN. “Tribal First’s large platform, strong market relationships, and dedicated team of specialists will enable us to provide significant value and results to both our broker partners and First Nations clients. Most importantly, Tribal First shares our core objective of designing and delivering customized solutions that are in the best interest of Canada’s First Nations.”

 

The acquisition continues the Northern expansion of Tribal First. In 2017, the firm acquired American Indian Health Services, an American Indian-owned organization dedicated to addressing the distinct healthcare needs of American Indian and Alaska Native Tribes and related enterprises.

 

Saunders and the AFN team will join Alliant and continue to service clients from AFN’s Ottawa location. Terms of the agreement were not disclosed.

 

About Tribal First

Tribal First, a specialized program of Alliant Underwriting Solutions, has focused exclusively on meeting the insurance and risk management needs of Native governments and enterprises since 1993. Tribal First is the largest provider of insurance solutions to Native America and a leader in the specialty areas of tribal business enterprises, including gaming, alternative energy, construction, and housing authorities. Tribal First’s TribalCare division provides a full range of health services customized for the needs of Tribal Nations.

 

About Alliant Insurance Services

Headquartered in Newport Beach, CA, Alliant Insurance Services, Inc. provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups. More information is available on the company’s website at www.alliant.com.

 

Aon Says It’s No Longer Pursuing Willis Towers Acquisition

Aon Plc said it’s no longer pursuing a combination with rival insurance brokerage Willis Towers Watson Plc, a day after confirming that it was considering a tie-up.

The company said on Tuesday that it was in the early stages of exploring an all-share tie-up with Willis Towers after Bloomberg reported the potential plans. The companies held preliminary talks and Aon was preparing to submit a bid in the coming weeks, people familiar with the matter had said, asking not to be identified as the details aren’t public.

Aon shares fell 7.8 percent in New York on Tuesday, its biggest decline since 2009. A potential combination with Willis — which gained 5.2 percent and had a market value of $23.5 billion at the close of trading — could have been the industry’s largest-ever merger. Willis’s shares declined about 4 percent in early trading Wednesday.

Source Bloomberg | By Nick Lichtenberg and Amy Thomson

Read more here: 

 

Gallagher & Co. To Acquire Jardine Lloyd Thompson Group’s Global Aerospace Operations

ROLLING MEADOWS, Ill.March 4, 2019 /CNW/ — Arthur J. Gallagher & Co. (NYSE: AJG) announced the signing of an agreement to acquire the global aerospace operations of Jardine Lloyd Thompson Group plc (JLT). The acquisition, subject to European Commission approval, is scheduled to close this spring in connection with the closing of the JLT purchase by Marsh & McLennan Companies, Inc.

The agreement provides for the acquisition of all assets within JLT’s global aerospace retail and wholesale insurance broking division, which includes operations in the UK, US, CanadaAustraliaNew Zealand and 10 other countries spanning EuropeLatin America and Asia. The agreement also includes the assets of Hayward Aviation, a UK insurance broker that specializes in aviation for high-net worth individuals and smaller airlines.

Approximately 250 employees from JLT’s global aerospace division will join Gallagher as part of the agreement. This includes around 100 employees within JLT’s London Market operations who will become part of Gallagher’s existing aviation division, which most recently added independent aviation insurance and reinsurance broker, Boston Marks, to its growing London-based aviation operations.

“The addition of JLT’s global aerospace broking operations will firmly position Gallagher as a leading broker in the extremely attractive and dynamic aviation and aerospace sector,” said J. Patrick Gallagher, Jr., Chairman, President and CEO. “The business portfolio is a highly complementary geographic fit with Gallagher’s existing footprint and will provide significant growth opportunities for our international businesses. We look forward to welcoming the team to Gallagher later this spring.”

Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.

SOURCE Arthur J. Gallagher & Co.

Great-West Lifeco announces substantial issuer bid for up to $2 billion of its common shares

All figures are expressed in Canadian dollars, except as noted.

WINNIPEGMarch 4, 2019 /CNW/ – Great-West Lifeco Inc. (Great-West Lifeco or the Company) today announced that the board of directors of the Company has authorized the making of a substantial issuer bid (the Offer), pursuant to which Great-West Lifeco will offer to repurchase for cancellation up to $2 billion of its common shares (the Shares) from shareholders for cash. The Offer will proceed by way of a modified Dutch auction.1 The Company expects to announce the terms of the Offer and commence the Offer shortly.

“This transaction will allow us to return capital to our shareholders and mitigate the earnings impact of the previously announced sale of our U.S. individual life insurance and annuity business,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. “We will be repurchasing shares at currently attractive market valuations while maintaining significant excess capital to fund strategic investments to drive growth and profitability.”

Power Financial Corporation (Power Financial) owns, directly or indirectly through wholly-owned subsidiaries, approximately 67.8% of the Shares. Power Financial has advised the Company that it intends to support the Company through its participation in the Offer by tendering a significant portion of its Shares on a proportionate1 basis and all remaining tendered Shares on a non-proportionate basis. Consequently, Power Financial expects that following the Offer its ownership in the Company will be marginally reduced.

IGM Financial Inc., a public company controlled by Power Financial, indirectly owns a further 4% of the Shares and has advised the Company that it currently intends to participate in the Offer by way of a Proportionate Tender.

The Offer will not be conditional upon any minimum number of Shares being tendered. The Offer will, however, be subject to other conditions and Great-West Lifeco will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment of deposited Shares, certain events occur.

Great-West Lifeco has engaged RBC Capital Markets to act as financial advisor and dealer-manager for the Offer.

About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canadathe United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have approximately $1.4 trillion in consolidated assets under administration as at December 31, 2018 and are members of the Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com.

Cautionary note regarding Forward-Looking Information

Certain statements in this news release constitute forward-looking statements, including relating to the Company’s intention to commence a substantial issuer bid and the size, timing, and terms and conditions of the substantial issuer bid. Forward-looking statements are not historical facts but instead represent only Great-West Lifeco’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside Great-West Lifeco’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout periodic filings with securities regulators including Great-West Lifeco’s 2018 Annual MD&A under “Risk Management and Control Practices” and “Summary of Critical Accounting Estimates”, which, along with other filings, is available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking statements. Other than as specifically required by applicable law, Great-West Lifeco does not intend to update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE Great-West Lifeco Inc.

http://www.greatwestlifeco.com/english/index.html

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