Legal & General establishes partnership with Sir Michael Marmot to address UK health inequality
Legal & General announces that it has formed a long-term partnership with Sir Michael Marmot, Director of the University College of London (UCL) Institute of Health Equity (IHE) and professor of epidemiology.
The partnership will lead to a multi-million pound charitable Fund – “The Legal & General IHE Places Fund” – to examine how improvements to the design and construction of our towns and cities can help to address health inequalities and support “levelling up” across the UK’s regions.
The Fund will sit alongside a new Legal & General IHE Network for UK public authorities and businesses to support idea creation, sharing of best practice and insight, and innovation which can help increase long-term health span and reduce health inequalities. The Partnership represents a significant step forward as, for the first time, brings business together with local government and the voluntary and community sector to make a real difference to the conditions in which people are born, grow, live, work, and age, and to health equity.
The COVID-19 pandemic has shone a spotlight on the strong link between health, wealth and overall economic performance – “Health Equals Wealth” – and particularly underscored how poor health outcomes are exacerbated for individuals and regions in more deprived areas. The conditions in which people are born, live, and work are the single most important determinant of good health according to the World Health Organisation. In the UK, the rich-poor gap in Healthy Life Expectancy is almost twenty years, with those in the most deprived areas not only having shorter lives but also spending nearly a third of their lives in poor health.
Whilst the correlation between health and wealth has become ever clearer, research in this area has – to date – tended to focus on the health service and role of government in finding solutions. Exploring the role of business as employers, providers of goods and services and as investors and innovators is an important next step. Health inequalities lead to productivity losses of between £31–33 billion each year in England alone, so there is a clear economic and business case for business to help to tackle health inequality by addressing the environmental and social factors which can lead to improved long-term outcomes.
As one of the UK’s leading financial services groups, stewarding over £1.3 trillion of society’s pensions and savings, Legal & General is dedicated to playing its part in supporting the UK’s economic bounce back. It has invested over £30bn into reviving town centres and delivering quality affordable housing, transport and digital infrastructure to support levelling up. Recognising the important role of university and business partnerships in driving forward health innovations, Legal & General is a founding member of both the Longevity Science Panel and The Trinity Challenge; a coalition, including the University of Cambridge and leading academics, seeking to support prevention around future health emergencies. Meanwhile, its long-term partnership with Newcastle Council and Newcastle University continues to deliver at pace, undertaking research into improving ageing health span with The National Centre for Ageing. Legal & General has also formed long-term multi-billion pound partnerships with the Universities of Oxford and Manchester to develop innovation districts which will help incubate spin-out businesses such as those leading the way in developing the COVID-19 vaccinations. Legal & General also established the Advanced Care Research Centre (“ACRC) with the University of Edinburgh last year.
“Our Marmot Review 10 Years On report drew attention to the unacceptably large, and increasing, health inequalities in England. The question was not lack of knowledge of what to do to improve health equity, but how to do it. In light of the pandemic, which amplified social inequalities, our Build Back Fairer report argued that we must seize the opportunity to build a fairer, healthier society. For the first time, with this welcome initiative from Legal and General, we have the opportunity to bring business together with local government and the voluntary and community sector to make a real difference to the conditions in which people are born, grow, live, work, and age, and to health equity. It represents a significant step forward.”
Sir Michael Marmot, Director of the University College of London (UCL) Institute of Health Equity (IHE) and professor of epidemiology
“We are delighted to have partnered with Sir Michael Marmot to bring forward this ground-breaking research and multi-million pound funding partnership. Reducing health inequalities is part of levelling up: literally a matter of life and death. Businesses and ESG (Environment, Social and Governance) investors are proving key to reducing carbon emissions. ESG’s “E” is working, but the “S” is further behind – the impact of corporate activity on population health and its associated costs is not currently adequately addressed. Post-COVID, there is a strong case to consider health and health inequality as crucial to the “S” of ESG – or even to explicitly call out health within a new “ESHG” framework.”
Nigel Wilson, CEO, Legal & General
“We believe that business can be a force for good in society if we work to identify areas where we can sustainably and positively impact people’s lives. That is the aim of this partnership; to work with experts such as Sir Michael Marmot to identify the social role Legal & General and other businesses can play in addressing health inequality. We believe that place-based solutions will be essential and hope our new L&G IHE Network and Fund will empower other businesses and Local and Combined Authorities to co-create solutions in this historically-overlooked area.”
Pete Gladwell, Group Social Impact & Investment Director
ArgoGlobal announces partnership with green finance MGA Tierra Underwriting Limited
ArgoGlobal, the Lloyd’s insurer and member of Argo Group (NYSE: ARGO), announced a partnership with green finance MGA, Tierra Underwriting Limited, effective immediately. ArgoGlobal will provide $25 million in underwriting capacity to support the MGA, joining Tierra Underwriting Limited in its commitment to supporting transactions that enable a transition to a lower carbon economy.
Jeremy Shallow, Head of Specialty at ArgoGlobal, said: “We are excited to be embarking on this partnership with Tierra Underwriting Limited at such a vital time in our market’s history. The interest from our clients in the green finance sector is growing rapidly, and we want to be at the forefront of this transition. We are keen to both support positive change globally and to take advantage of the commercial opportunity this represents.”
Tierra Underwriting Limited provides long-term credit insurance to support green project finance transactions. Its target clients are banks involved in the financing of projects that are environmentally beneficial and help transition the world to a low carbon future.
Andrew Beechey, managing director at Tierra Underwriting Limited said: “Renewable energy has become more efficient and cheaper in the past decade, as the global energy mix adjusts to a more sustainable future. Insurance and finance have a key role to play in supporting this energy transition and helping drive the world towards a greener, healthier planet. Our partnership with ArgoGlobal allows us to be part of this solution and we look forward to announcing further exciting details in the near future.”
As part of its overall Environment, Social & Governance (ESG) strategy, Argo Group is committed to developing innovative new solutions and promoting existing products and services that support the United Nations Sustainable Development Goals. “The company aims to integrate ESG considerations into its underwriting process and partner with those who share our belief in meeting the needs of the present without compromising the future,” added Shallow.
Tierra’s leadership team has deep knowledge and experience in the credit insurance and renewable energy banking markets. Beechey has worked in the credit insurance market for 25 years and holds a master’s degree in Climate Change, Policy and Development. Gerard Pieters, director, joined from NORD/LB, having worked for 15 years in the renewable energy project finance market building significant experience of renewable energy technologies and the financing structures needed to bring them to the market.
Allianz launches partnership with Sea Shepherd for marine protection
Allianz supports marine conservation organization Sea Shepherd in comprehensive environmental and animal protection in the Mediterranean Sea.
Partnership secures “Sea Eagle” crew’s work against plastic pollution by abandoned fishing gear and species extinction for two years.
Allianz continues to expand sustainability activities.
Allianz has committed to clean oceans and coasts, biodiversity conservation and sustainable fishing practices by partnering with the international marine conservation organization Sea Shepherd Global. The partnership is initially for two years and covers Italian coastal areas in the Mediterranean Sea. Four Allianz companies are providing the funding for the newly acquired ship “Sea Eagle” and its crew, who will be active on the disposal of illegally-left fishing nets – a problem little known to the public.
Scientists warn that sensitive marine ecosystems are severely endangered, also posing high health and economic risks for millions of people. Between five and twelve tons of plastic and 640,000 tons of fishing nets end up in the oceans every year, and two-thirds of the world’s oceans are already considered overfished, according to the UN Food and Agriculture Organization. Researchers put the value added of the world’s oceans at $24 trillion from tourism, trade and food among other activities.
“With targeted marine protection, eighty percent of the habitat of endangered animal and plant species could be protected. Healthy oceans also play a role in absorbing harmful climate emissions. As a responsible company, we want to work with Sea Shepherd to support effective marine conservation,” says Barbara Karuth-Zelle, Member of the Board of Management for Operations and IT at Allianz SE and a passionate diver.
Giacomo Campora, CEO of Allianz S.p.A., adds: “In Allianz Italy, we are very active in the preservation of the environment and tackling plastic pollution in the Mediterranean Sea is a shared objective.”
The U.S.-based organization has its own fleet of ships and works closely with governments and coastal protection in Africa, Asia and increasingly Europe. Crews have been engaged in various missions to protect coral reefs, natural reservations, sea mammals and the organization has activated already hundreds of thousands of volunteers to clear beaches of trash. Captain Alex Cornelissen, Executive Director of Sea Shepherd Global explains, “Allianz and Sea Shepherd share a mission, and that is a clean Mediterranean Sea. We want to work together to tackle plastic waste and also raise awareness about illegally left fishing nets. We also plan to make new and useful products from the used plastic.”
The partnership continues Allianz’s sustainability efforts. The Group supports the shift to a climate-friendly economy via ambitious climate and environmental targets in its core business and operations. Allianz has committed to reducing greenhouse gas emissions in proprietary investment portfolio to net zero by 2050, including intermediate targets already by 2025. Greenhouse gas emissions from operations will be reduced by 30 percent (compared to 2019) over the next five years. In addition, disposable plastic packaging in canteens will be replaced with environmentally-friendly alternatives in more Allianz entities over time, as is already the case at the Munich headquarters.
Allianz offers numerous tailored products and solutions with environmental or social benefits. Customers in many European countries can invest in sustainable funds such as the Allianz Green Bond, Allianz Positive Chance or Allianz Global Water Fund, offered by Allianz Global Investors.
SailGP And ePropulsion Announce A Partnership To Deliver Sustainable Electric Propulsion Outboard Solutions In Its Race For The Future
SailGP and ePropulsion, a global leader and market challenger in marine electric propulsion systems and services, have today announced a partnership to deliver innovation on-water that provides electric outboard solutions for the global sail racing league that champions a world powered by nature.
ePropulsion has been appointed as an official partner to SailGP and, with a shared sustainability and environmental purpose and vision, will join SailGP’s Race for the Future and help deliver actions and innovations that advance the global adoption of clean energy.
ePropulsion will be the Electric Outboard Supplier for Small Craft for Season 2 and Season 3. Season 2, which spans 2021-22 commenced on Friday 23rd April with the Bermuda Sail Grand Prix presented by Hamilton Princess and comprised of eight national teams racing identical F50 wingsailed catamarans. The sport’s top athletes will go head-to-head over eight events in Bermuda, Italy, Great Britain, Denmark, France, Spain, New Zealand and United States.
SailGP and ePropulsion partnership
SailGP is the first climate positive sports and entertainment property with the goal of accelerating the transition to clean energy. Championing a world powered by nature, SailGP has set the ambitious target of ensuring its events are 100% powered by clean energy – both on and off the water – by 2025. SailGP is working in partnership with ePropulsion to transition 11 boats to ePropulsion electric outboard motors for Season 2. By switching to electric, the outboards provide an environmentally friendly solution that creates less pollution and no emissions, making them better for planet. In addition, SailGP and ePropulsion will actively inspire boaters to use a more sustainable and environmentally friendly form of marine propulsion that helps to protect our fragile marine environment.
Danny Tao, CEO of ePropulsion, said: “We are thrilled to be partnering with SailGP as we share many common values and goals. A strong sustainable and environmentally focused vision is important for this partnership, and we will work together to help ensure we leave behind a positive legacy. We are looking forward to collaborating over the next two seasons as an official partner and supplier. These are very exciting times ahead for all involved.”
Fiona Morgan, SailGP Director of Purpose and Impact said: “We are excited to work with like-minded partners that share our vision of accelerating the transition to clean energy. Our partnership with ePropulsion is the first of many steps to meet our ambitious target of being fully powered by nature on-water by 2025 and is a great example of how, through technology and innovation, we can help create a better planet.”
MAR360, a new partnership between Tototheo Maritime and SRH Marine SAIT, shifts the maritime industry’s balances
One of the few global IoT leaders in digital, navigation and communication solutions for shipping companies, SRH Marine SAIT and leading maritime telecommunications and technology provider, Tototheo Maritime join forces, through a new company, MAR360. The name reflects the global reach of the new company and the complete range of innovative and efficient telecommunication services that it aims to provide.
The partners are two of the most renowned organizations in the Greek, Cypriot and global shipping scene and have contributed to establishing Greece and Cyprus as maritime technology centers.
“We believe this partnership is an embodiment of our ongoing belief that the future of shipping lies in transparency and collaboration”, said Socrates Theodossiou, Owner, and co-CEO of Tototheo Maritime. “This partnership with SRH Marine SAIT is a natural evolution of our growth as a trusted partner”.
“We have a belief that the future of the maritime industry is through collaboration, and this has allowed us to maintain our leading position in the industry. Teaming up with Tototheo Maritime is the culmination of our ongoing strive to continue fulfilling our customers’ needs to the highest level”, said John Laderos, Owner and Executive Chairman of SRH Marine SAIT.
Theodoros Nikolopoulos, Managing Director of SRH Marine SAIT and Despina Panayiotou Theodossiou, co-CEO of Tototheo Maritime will lead the new company assuming the roles of joint CEOs in MAR360. “We enter this partnership on equal terms and confident that it is a game-changer in our industry. This ‘Anything, anywhere’ approach reflects the joint venture’s attitude and ability to service our customers’ needs whatever they are, wherever they are, and this has been a constant value for both SRH and Tototheo. We’ve combined traditional family values with a full portfolio of 21st Century technology connectivity applications, globally” they said.
Hannover Re US and Ladder Announce Partnership Growth in the US Life Insurance Market
Hannover Life Reassurance Company of America (Hannover Re US) and Ladder announce the growth of their successful partnership having worked together since 2016 to close the life insurance gap in the US. Ladder’s technology-driven, smart life insurance offering provides a seamless, transparent life insurance buying experience that meets the demands of today’s consumers. Hannover Re US has continued to support Ladder with innovative risk management solutions, accelerated underwriting consultation and outsourced underwriting services.
“Ladder has made huge advancements in the life insurance industry with their modern technology and relentless dedication to customer-focused design as observed in a growing number of life insurance applications,” said Kevin Oldani, Senior Vice President and Chief Underwriter, Hannover Re US. “We are pleased to continue this successful partnership in pursuit of making life insurance accessible to consumers through a digital process.”
Historically, the majority of consumers purchasing life insurance preferred in-person sales. The 2020 data indicates that most consumers now prefer alternative distribution methods. Preference towards in-person sales declined from 64 percent in 2011 to 41 percent in 2020, while the preference for internet/on-line sales grew from 17 percent in 2011 to 29 percent in 2020 (source: LIMRA).
“We are incredibly pleased to continue to grow our partnership with Hannover Re. They are an industry-leading innovator,” said Jamie Hale, CEO and Co-Founder of Ladder. “Their risk management expertise and agile underwriting support have given us the tools we need to both delight the modern consumer and support sustainable innovation.”
Deutsche Bank and Google to form strategic global, multi-year partnership to drive a fundamental transformation of banking
Deutsche Bank and Google Cloud have agreed to join forces and form a strategic partnership that aims to redefine how the bank develops and offers its financial services. The partnership is unique in that it will not only deliver cutting edge cloud services to Deutsche Bank, but also enable co-innovation between the two companies to create the next generation of technology-based financial products for clients. Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the next few months.
The partnership will enable Deutsche Bank to accelerate its cloud transition and build on the engineering capabilities of both companies. Together with Google Cloud, Deutsche Bank will transform its IT architecture and thus generate considerable value for its clients. The multi-year transformation and optimisation of the bank’s current systems will take place in a phased approach. Both parties are committed to compliance with privacy and data protection regulation to maintain the confidentiality, integrity and availability of customer data and Deutsche Bank’s information assets
With this partnership, Deutsche Bank will also gain direct access to world-class data science, artificial intelligence and machine learning to better serve customers. Potential use cases include helping treasury clients with day-to-day tasks such as cash flow forecasting, improved risk analytics, and advanced security solutions to protect clients’ accounts. For the private banking business, digital and intuitive solutions will be the focus, to simplify the interactions between customers and employees.
“For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector,“ said Sundar Pichai, CEO of Google and Alphabet. “We’re excited about our strategic partnership and the opportunity for Google Cloud to be helpful to Deutsche Bank and its clients as they grow their business and shape the future of the financial services industry.”
“The partnership with Google Cloud will be an important driver of our strategic transformation,” said Christian Sewing, CEO, Deutsche Bank. “It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs.”
“This cooperation with Google Cloud is a significant step forward for our technology strategy, and will transform the way we produce and deliver our client services,” added Bernd Leukert, Deutsche Bank’s Chief Technology, Data and Innovation Officer and Member of the Management Board. “By bringing together the best of both cultures, we look forward to creating new business models leveraging artificial intelligence, data analytics, and more, with an established technology and innovation leader.”
The decision follows intensive discussions and due diligence over the past five months. In February 2020, Deutsche Bank invited a number of major cloud service providers to propose a partnership as part of its multi-vendor cloud strategy. As part of this strategy, the bank will continue to work closely with its existing technology partners.
Diamond S Shipping Inc. Announces Strategic Product Tanker Partnership With NORDEN
Diamond S Shipping Inc. announced a strategic partnership with NORDEN A/S (CPH:DNORD), DiaNor, to facilitate the commercial consolidation of two of the world’s largest owner/operators of product tankers. Diamond S will initially contribute 28 medium range (MR2) product tankers to the endeavor, which will be marketed and operated through the Norient Product Pool (“NPP”). Diamond S also intends to contribute its existing in-house commercial expertise in the product tanker space to the global network of NPP. Pro forma the contribution of DiaNor ships, the Norient Product Pool will manage approximately 150 tankers and become one of the largest operators of medium range (MR) product tankers in the world.
Craig Stevenson Jr., CEO & President of Diamond S, commented, “We are pleased to further continue the much needed consolidation of the tanker industry. The DiaNor partnership is an exciting new chapter for Diamond S. We believe it will create substantial value for both our shareholders and our customers. We have worked with Norden and NPP in the past and believe that they represent a state-of-the-art, world-class commercial organization. Adding our considerable capabilities to their extensive network should produce a clear leader in the product tanker space.”
NORDEN CEO Jan Rindbo says of the partnership, “We are delighted to enter this partnership with Diamond S, which will further strengthen our ability to provide efficient global transport solutions to our product tanker customers. Diamond S has been a valued partner of Norden in the past and we look forward to what we can create together in the future.”
DiaNor enables Diamond S and NORDEN to continue to serve their valued and existing clients via the NPP platform even better, by creating a well-managed, homogeneous fleet, ensuring flexibility and quality service to all parties. The combined fleet will create scale, expediting further development of the digital solutions already in play in both organizations as well as optimization including fuel efficiency, bunker purchasing and vendor contracts around the world.
“We are convinced that the scale created by the combined fleets as well as the people competencies will create great value to our stakeholders,” says Søren Huscher, Head of Tanker Operations at NORDEN. “The strong values upon which we are both built will be the backbone of our joint efforts.”
The management of the combined fleet of around 90 MR2 product tankers will be handled from NORDEN’s existing office locations in the U.S., Singapore and Denmark and become one of the largest within the segment.
Legal & General and Bromford enter £100M partnership to deliver affordable homes across Central and South West England
LGIM Real Assets (Legal & General) has provided £100 million in deferred long-term financing to Bromford Housing Group (Bromford), the largest provider of affordable homes across Central and South West England. The funding will be drawn in 12 months’ time and will support Bromford’s strategic development goal to deliver 12,000 new affordable homes by 2028. The delivery of these homes will serve the communities in which Bromford operates as well as playing an important role in getting the UK economy back on track.
The UK continues to suffer a shortage of affordable housing, with 1.3 million households on local authority waiting lists. As one of the UK’s leading housing associations, and a strategic partner of Homes England, Bromford has a key role to play in providing social and affordable housing to those whose needs are not met by the private markets in Central and South West England. Bromford recently announced their successful delivery of over 1,000 new homes in the year ended 31 March 2020 and have re-opened their development sites following the recent lockdown.
The investment has been made by LGIM Real Assets on behalf of its clients including Legal & General Retirement Institutional. Legal & General first invested in Bromford in 2012 and today’s additional commitment marks an important milestone, supporting Bromford to deliver 12,000 new affordable homes by 2028.
NatWest Markets acted as sole agent in Bromford’s private placement issuance, with Newbridge providing treasury advice. Legal advice was provided by Trowers & Hamlins and Addleshaw Goddard.
“Legal & General is uniquely placed to invest annuity money into the UK economy, supporting its long-term pension commitments and creating real assets which provide new jobs, housing, productivity and wage growth. We have a role to play in supporting the UK through the Covid-19 crisis and this latest investment is testament to that support.
Our investment in Bromford matches our extended liabilities and delivers both real economic growth and social value for the UK. We’ve seen lots of change in the past few months but the fundamental need for good quality homes remains a constant. There is an urgent need to provide stable homes for millions of households on waiting lists, and partnerships like this will help deliver on that need.”
Steve Bolton, Head of Private Corporate Debt, Europe
“We have taken a proactive approach right across the business to managing the challenges and opportunities arising from Covid-19. We have now resumed development and look forward to delivering more homes and services at a time our communities and families rely upon us more than ever.
We already benefitted from exceptionally high levels of liquidity and whilst there was no immediate requirement for new funding at this stage, this deferred deal reflects our pro-active approach to the market: locking in long dated funding at historically low rates to future-proof our new homes plan whilst matching future interest costs with our required liquidity profile.
It is important that we work with funders and investors who understand our long term strategic plan, and we are delighted to extend our partnership with LGIM who continue to support our journey and appreciate the way we work. This deal with LGIM provides near term funding certainty as we continue in our aspiration to deliver a further 12,000 homes by 2028.”
Imran Mubeen, Head of Treasury, Bromford
“We are delighted to once again partner with Bromford on this successful £100m long dated, delay draw transaction. Through working closely with L&G and Bromford we were able to structure a flexible and competitively priced transaction to support Bromford’s long term strategic plan and growth agenda in order to deliver much needed affordable housing. This also demonstrates the continued support of long term investors for the social housing sector.”
George Flynn, Vice President at NatWest Markets
Legal & General escalates £20m partnership with Edinburgh University in response to Covid-19, recognising critical need for research into social care for older people
Legal & General is pleased to announce that the Advanced Care Research Centre’s (ACRC) seven year multi-disciplinary research programme will commence in September this year, with 25 new researchers working with senior academics from across the University of Edinburgh, led by Professor Bruce Guthrie.
Helping to increase resilience in the sector, ACRC was established by partners Legal & General and the University of Edinburgh in January 2020.
All research will be in the public domain and for public benefit.
“The current threat to our later life care system is very real. This work with the University of Edinburgh was in the planning phase and is now moving into the ‘doing phase’. Rather than looking at quick fixes on short-term Covid-19 specific issues, the pressures on the care system will remain after the current pandemic subsides, and a longer-term, system-wide, research-backed approach will be required. Life expectancy has increased, but living longer doesn’t currently mean living well. It’s time to stop thinking solely about how to extend life, and think harder about how to improve the quality of life we already have. We are delighted to be supporting Professor Guthrie and his team in this important work.”
Nigel WilsonCEO of Legal & General
“Positive, evidence-based change to the way care is delivered to those in later life was important before this crisis, and will be even more important and urgent afterwards. As a clinical practitioner as well as an academic, I see the immense pressure that NHS and care systems are under because of COVID-19, but we must not lose sight of the longer term goal of ensuring that care in later life is as effective, safe, humane and efficient as possible. The ACRC plans to deliver cutting edge research which will think ahead to support and inform real improvement over three, five and ten years.
The ACRC, enabled by Legal & General’s £20 million funding, will deliver research across a breadth of academic disciplines designed to improve understanding of care in later life and to revolutionise how it is delivered. The ACRC research is underpinned by three cross-cutting areas of activity in stakeholder engagement and public debate, improvements to the data infrastructure, and a uniquely interdisciplinary Academy to train the future academic, policy and practitioner leaders in later life care.”
Professor Bruce GuthrieACRC Director