Market News Update Week 28

Insurance

The Launch Diversity Survey is set to be unveiled, providing benchmarks on industry-wide statistics on diversity.

Coverforce has become co-owner of Leed Insurance Group, acquiring a 50% stake in the business. 

QBE and Cover-More have removed mental health exclusions from their travel insurance policies.

Ensurance UK has secured capacity with Swiss Re Corporate Solutions to underwrite individual risks of up to GBP100 million in Construction and Engineering.  Ensurance UK is a subsidiary of the Australian broker and insurance technology group, Ensurance.

Delta, the New Zealand Insurer, has opened its first overseas office in Singapore.

Jeff Bailey, the Managing Director of Winley Financial Services, has been permanently banned from the financial services industry.

MLC Life has struck a deal to offer Pacific Life Re’s underwriting rules engine, UnderwriteMe, in Australia.

CBL has announced it has acquired a 40% stake in Allied Risk Holdings, a captive insurance management firm in Dublin.

Willis Towers Watson is set to help develop crop insurance products for Australian farmers.

iCare has contributed AUD1.1 million seed funding that will help promote mental health and wellbeing among small business owners and their staff.

Wealth

NAB owned financial advice groups have been forced to make corrective disclosures after ASIC found they did not inform clients about relationships between the advisers, their licensees and product providers owned by the NAB Group.

ANZ Banking Group appears to be closer to selling its minority equity stakes in two Asian banks.  In addition, an initial price tag of AUD4.5 billion has been mooted for its Australian Wealth business.

Cbus, the construction industry superannuation fund, has negotiated a 25% premium reduction on its group life insurance policy provided by TAL.

MainstreamBPO is set to acquire part of IRESS’ superannuation administration business for AUD3.5 million.

DomaCom has acquired properties in Victoria and Queensland through HUB24.

VanEck has launched its 14th Exchange Traded Fund.

Information for the Australian FS Digest is taken from a number of news sources and company communications including The Australian Financial Review, Post Online and Money Management