Posts Tagged ‘Business’

Canada Life Reinsurance enters into £1.7bn longevity risk reinsurance agreement with MMC U.K. Pension Fund

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ST. MICHAEL, Barbados, Sept. 14, 2017 /PRNewswire-HISPANIC PR WIRE/ — Canada Life Reinsurance is pleased to announce that it has recently entered into a long term reinsurance agreement to cover the longevity risk on £1.7 billion of liabilities for approximately 7,500 pensioner members of the Marsh & McLennan Companies (MMC) U.K. Pension Fund. This transaction was written by the Barbados Branch of Canada Life via a reinsurance agreement with Guernsey based captive insurer cells managed by Marsh Guernsey.

Tom O’Sullivan, General Manager of the Barbados Branch of Canada Life commented “I am pleased to announce this major reinsurance agreement, which reflects our ability to collaborate effectively with the MMC U.K. Pension Fund to create a solution to efficiently hedge their longevity risk.”

Jeff Poulin, Global Head of Canada Life Reinsurance, added “This transaction highlights our expertise in underwriting large, complex and innovative risk transfer initiatives together with the value of our financial strength.”

Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe. Canada Life Reinsurance continues to develop innovative reinsurance solutions it offers to insurers and reinsurers in many European markets including the Netherlands, the U.K., France, Germany, Italy, Spain, Portugal, Sweden, Belgium and Ireland.

About Canada Life

Canada Life is part of a group of companies owned by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.

About Great-West Lifeco
Great-West Lifeco Inc. 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 Canada, the 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 £809 billion (over C$1.3 trillion) in consolidated assets under administration as of June 30, 2017 and are members of the Power Financial Corporation group of companies. To learn more, visit www.greatwestlifeco.com.

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Joel Peña Joins DoubleLine to Lead Expansion in Latin America, Caribbean

LOS ANGELES, Sept. 5, 2017 /PRNewswire-HISPANIC PR WIRE/ – Joel Peña has joined DoubleLine Capital LP as head of the firm’s institutional and intermediary investor relations in Latin America and the Caribbean. Mr. Peña comes to DoubleLine from international asset manager Robeco where he served as managing director for Latin America and U.S. Offshore.

In addition to heading DoubleLine’s institutional and private client relations in Latin America and the Caribbean, Mr. Peña will manage relations with overseas clients, advisors and distributors engaging the firm via its U.S. offshore platforms.

“Thanks to economic growth, a broadening middle class and rising standards of living, countries in Central and South America have seen growth in assets entrusted to pension funds, insurers and other fiduciaries. These institutional investors are looking beyond their local markets for investment opportunities and expertise,” said Ron Redell, executive vice president of DoubleLine. “My colleagues and I are delighted to welcome Joel into the DoubleLine team to sharpen our focus on the needs and objectives of institutional and private investors in Latin American and the Caribbean.”

Mr. Peña has 16 years of experience in asset management. Prior to Robeco, he served nearly six years as head of institutional clients in Latin America for fixed income manager PIMCO. Mr. Peña began his career in asset management at BBVA Bancomer in Houston and Miami before joining Bank Hapoalim as senior private banker. He holds an undergraduate degree in economics from Instituto Tecnológico y de Estudios Superiores de Monterrey, Tecnológico de Monterrey, Mexico, and an MBA from the Stern School of Business, New York University. He is a CFA and CAIA charter-holder.

“Navigating markets in today’s complex environment is far from easy. Very few firms have been as successful at it as DoubleLine,” Mr. Peña said. “I look forward to leading the expansion in Latin America within this organization, a company which is fully committed to always putting its clients’ needs first.”

About DoubleLine Capital LP

DoubleLine Capital LP, a registered investment adviser under the Investment Advisers Act of 1940, acts as the investment adviser for the Fund. As of the June 30, 2017 end of the second quarter, DoubleLine Capital and its related companies (”DoubleLine”) managed $109 billion in assets across all vehicles, including open-end mutual fund, collective investment trust, closed-end fund, exchange-traded fund, hedge fund, variable annuity, UCITS and separate account. DoubleLine’s offices can be reached by telephone at (213) 633-8200 or by e-mail at info@doubleline.com. Media can reach DoubleLine by e-mail at media@doubleline.com. DoubleLine® is a registered trademark of DoubleLine Capital LP.

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UAE passport awarded a certificate

UAE Passport Force initiative aims high for 2021.

DUBAI, United Arab Emirates, Aug. 30, 2017 /PRNewswire-HISPANIC PR WIRE/ – At a ceremony, the government of the UAE accepted a certificate bestowed by the Passport Index, in recognition for being the most powerful passport in the GCC. UAE passport holders enjoy a visa-free score of 127, which places them in the top 25 passports globally.

Developed by Arton Capital, the global advisory leader for residence and citizenship solutions, the Passport Index is the world’s most popular destination for everything on passports. The index ranks national passports by the cross-border access they bring, assigning a “visa-free score” according to the number of countries a passport holder can visit visa-free or with visa on arrival.

These great accomplishments reflect the strategic, political, economic, social and cultural dimensions, with important implications in terms of prestige and appreciation, being enjoyed by the UAE, led by His Highness Sheikh Khalifa bin Zayed Al Nahyan- President of the United Arab Emirates, at an international level,” said H.E. Ahmed Saeed Alham Al Dhaheri, Assistant Under-Secretary for Consular Affairs at the Ministry of Foreign Affairs and International Cooperation (MoFAIC).

The ministry recently launched the UAE Passport Force initiative, with the goal to place the State’s passport on the list of the five most important passports in the world by 2021 upon the directives of HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. In recent years, the UAE has been focused on establishing strategic relations and partnerships that contribute to enhancing the status of the State at the international level.

We are thrilled to announce that the Passport Index serves as the official benchmark and service partner of the UAE Passport Force initiative to monitor and reflect in real time the accession of the UAE passport within the world’s most powerful,” shared John Hanafin, CEO of Arton Capital.

H.E. Ahmed Saeed Elham Al Dhaheri, Assistant Under-Secretary for Consular Affairs at the ministry, said that “the higher ranking of the UAE passport is one of the most important achievements of the UAE diplomacy led, by H.H. Sheikh Abdullah bin Zayed Al Nahyan.”

The ministry stepped up the diplomatic move towards greater openness to the world including strengthening relations with certain countries, beside strong positive presence in all regional and international forums. The government’s strategy aims to provide distinguished services to citizens, including exemption from pre-entry visa requirements to countries of the world.

About the Passport Index
Passport Index is the world’s most popular online interactive tool, which collects, displays and ranks the passports of the world. It is the only real-time global ranking of passports, updated as frequently as new visa waivers and changes are announced. Visitors can dive in the fascinating world of passports, explore their designs, sort them by country, region and even by color. For the first time ever, visitors can compare passports side by side and discover how to improve their Global Mobility Score.
(www.passportindex.org)

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