SCOR and Swedish pension fund Alecta enter a strategic partnership through the Atlas Gotland sidecar
SCOR announces that it has secured a USD 200 Million investment by the Swedish pension fund Alecta into the Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the newly created special purpose reinsurer, Atlas Re Limited in Bermuda. With this investment, Alecta will benefit from the performance of SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multi-year agreement.
Jean-Paul Conoscente, CEO of SCOR Global P&C, commented on the transaction: “We are very pleased to strengthen our relationship with Alecta through this long-term partnership and to further expand SCOR’s strategy of giving access to its underwriting franchise and diversified portfolio to institutional investors through third-party capital transactions. This is another important milestone in the development of SCOR’s third-party capital strategy, with an important partnership with a leading pension fund.”
Tony Persson, Head of Fixed Income and Strategy at Alecta, commented: “Our focus is on generating solid long-term returns for our customers being 2.6 million people and 35,000 businesses across Sweden. We manage our assets in a cost efficient and sustainable manner, working with few select external partners where we see relevant investment opportunities. We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns benefiting our overall portfolio and are pleased to partner with SCOR given their expertise in this domain. We look forward to a long-lasting collaboration.”
Swiss Re Insurance-Linked Investment Management Ltd enters a strategic partnership with Swedish pension fund Alecta
Swiss Re Insurance-Linked Investment Management Ltd (SRILIM) successfully partnered with Sweden’s largest private pension fund Alecta to secure an investment of USD 250 million in its 1863 fund platform.
SRILIM, the investment manager of the 1863 fund platform and fully owned subsidiary of Swiss Re Ltd, secured a substantial investment of USD 250 million from Swedish pension fund Alecta, which manages assets of approximately 2.6 million customers. Through the capital efficient fund format, Alecta can participate in Swiss Re’s natural catastrophe business and benefit from significant diversification potential as well as Swiss Re’s risk knowledge and underwriting expertise.
Martin Bisping, CEO of SRILIM, said: “We are very excited to have Alecta as a strategic partner. This marks a significant milestone, particularly in terms of asset raising, in the still young history of our 1863 fund platform, which achieved strong investment performance since its launch a year ago. I am confident that we will accelerate this positive momentum, as we continue to broaden our partnerships with alternative capital investors, such as Alecta.”
Tony Persson, Head of Fixed Income and Strategy at Alecta, said: “Our primary focus is on generating attractive long-term returns for our customers. We manage our assets in an efficient and sustainable manner, working with few select partners where we see relevant investment opportunities. We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns and are pleased to partner with Swiss Re to benefit from its extensive expertise in this domain. We look forward to a long-lasting collaboration.”
Eurobank enters into a strategic partnership with Worldline for the merchant acquiring business
Eurobank Ergasias Services and Holdings S.A. announces that its subsidiary Eurobank has signed a binding agreement with Worldline that includes:
The sale of 80% of Eurobank’s merchant acquiring business (“PayCo”) to Worldline with Eurobank maintaining the remaining 20% and
A long-term agreement for the exclusive distribution of PayCo products in Greece through Eurobank’s sales network.
Eurobank’s merchant acquiring unit is a leading acquirer in the Greek market with 21% share of transaction volumes processed in Greece. It currently employs c. 40 employees and manages payments for 123,000 physical and online merchants with over €7 billion value of transactions.
In line with Eurobank’s strategy to partner with best-in-class experts, the long-term agreement combines Worldline’s global scale, best-in-class technologies and expertise with Eurobank’s strong distribution network, aiming to deliver value added merchant acquiring products and services to Eurobank’s customers and the market.
The agreement values 100% of PayCo at €320 million, subject to customary adjustments as of the date of completion of the Transaction. The transaction also entails an additional conditional payment, referral fees from PayCo and customary minority protection rights.
The transaction is expected to contribute ca. 80 bps to Eurobank’s Group CET I ratio (based on Q3’2021 ratios).
The parties aim to close the Transaction by Q2 2022, subject to obtaining the relevant regulatory approvals.
Fokion Karavias, Eurobank’s CEO said: “The agreement we reached with Worldline regarding the cards acquiring business is fully in line with our strategic plan to focus on our core activities, while further strengthening our capital base. Our clients will benefit from a prime customer experience in a secure transaction environment, provided by a world leader in payment services with the global reach and the cutting-edge digital capabilities required in a fast-moving, tech-driven sector.”
Gilles Grapinet, CEO of Worldline, said: “I am very proud to announce the acquisition of Eurobank Merchant Acquiring. This operation is fully in line with our strategy to further expand our Merchant Services activities towards the South of Europe and at the same time allows us to leverage our footprint in Greece that was created earlier this year through the acquisition of Cardlink. The combination of both companies will create a meaningful and leading position in the fast-growing Greek market that is driven by the steady ongoing adoption of electronic payments. This transaction offers attractive development opportunities for Worldline in the coming years, building on our direct access to an existing merchants portfolio with a full suite of end-to-end payment solutions.
With Eurobank Merchant Acquiring, Worldline keeps on expanding in the European payments market beyond its existing borders, with a focus on value-creative consolidation opportunities, enhancing Worldline scale, reach and direct presence in a growing number of countries.”
Barclays Bank PLC, acting through its Investment Bank, is acting as sole financial advisor to Eurobank. Bain & Company Italy, Inc. is acting as the business advisor to Eurobank. Linklaters LLP and Karatzas & Partners Law Firm are, respectively, acting as the international and local legal advisors to Eurobank.
Dryad Global secures strategic partnership with CR International to deliver intelligence led insurance solutions
Dryad Global is partnering with an approved Lloyd’s of London broker with over 70 years of market experience. CR International, part of the CR Group, is one of the largest European players for retail business, placing insurances on War Risks, H&M and P&I (amongst others) for more than 9,500 vessels.
The new business alignment means that shipowners and charterers are provided with the best actionable risk intelligence, which in turn allows for competitive premiums rather than a ‘one-cost-fits-all’. Dryad Global clients can now access transit risk assessments and insurance cover all in one place, at their point of need 24/7/365.
In addition to security understanding, client’s can benefit from tracking software that brings an added time and cost saving. Vessels can be tracked from A to B without the need for Master’s or Office personnel having to declare voyages – they will automatically be picked up and cover secured.
The insurance services offered by CR International and Dryad Global are market-leading, offering clients a complete solution that identifies, predicts, monitors, measures and quantifies risk through intelligence analysis.
Phil Diacon, CEO Dryad Global said:
“This partnership is a continuation of our commitment to disrupt the traditional maritime security market with intelligence led insurance solutions that put the client’s needs first. We are committed to streamlining process and collaborating with A-rated partners to deliver considered, competitive insurance solutions, exceptional maritime security support and customer service”.
The cover can operate back-to-back with the existing coverages as the War clauses can be amended to match or follow the basis of the H&M/War conditions such as ITCH, Nordic Plan, American Institute clauses. All cover is attested to as fit for purpose by Dryad Global.
The War Risk insurance services are part of a wider offering of tailor-made security, risk and insurance solutions provided by Dryad Global to its clients to ensure efficiency and a modern, streamlined approach to maritime security provision. The alignment of CR international and Dryad Global ensures that both shipowners and charterers are provided with up to date risk analysis to obtain cover at the right terms, at the right price and for the right period.
Simon Hayward is Head of Marine Services at CR International said:
“CR International is pleased to support Dryad Global to enable clients to benefit from risk assessment knowledge and actions. Dryad Global are at the forefront of security intelligence, transit assessment technology and risk advice and we believe shipowners, charterers and insurers can benefit from this support.”
In recent years there have been an increase in War Risks claims. In most recent times, the Joint War Committee re-designated the High Risk Areas off West Africa and East Africa, bringing war risk insurance to the further to the front of many shipowners’ minds.
Shipowners are frequently boxed into opting for a certain routing but with CR International working side by side with Dryad Global, insurance rates can be tailored to the client’s specific needs based on an accurate and fair analysis of risk which is designed to save client’s time and money while ensuring a first class commitment to the provision of Safety Of Life At Sea (SOLAS).
Corvus Insurance & SiriusPoint announce strategic investment and multi-year underwriting capacity partnership
Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, and SiriusPoint Ltd. (“SiriusPoint”) (NYSE: SPNT), the global specialty insurer and reinsurer, announced a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, focuses on Corvus’s Smart Cyber Insurance® product and builds on the company’s existing cyber operations.
This new program enables Corvus to take on primary and excess cyber liability risks for businesses earning up to $1B in gross annual revenue, with limits up to $5M. All incoming claims will be fully managed end-to-end by the Corvus in-house Claims team. Current and previous Smart Cyber Insurance® programs remain intact and separate from this new undertaking.
“Corvus is focused on making the world a safer place, and this new partnership with SiriusPoint and R&Q’s Accredited will play an integral role in extending our mission,” said Phil Edmundson, founder and CEO of Corvus Insurance. “We are excited to expand our capabilities in providing world-class smart commercial insurance products to a new generation of brokers and policyholders, and we thank our new partners for making this possible.”
With their multi-year underwriting capacity arrangement and SiriusPoint’s investment in Corvus, the companies aim to expand upon the successful track record of Corvus’s Smart Cyber Insurance® product, as well as to pursue new, differentiated commercial insurance products.
“We are delighted to announce our strategic partnership with Corvus. Cyber is a critical product to businesses as operations and assets are digitized at ever increasing speed, and it is essential that as insurers, we are responding to our client’s needs,” said Prashanth Gangu, COO and President, Insurance and Services, SiriusPoint. “SiriusPoint studied the market extensively and decided on a deep partnership and multi-year underwriting capacity arrangement with Corvus. We were impressed by the company’s underwriting performance and their innovative, analytical approaches to risk selection and loss mitigation. Corvus is aligned with SiriusPoint’s focus on agility, effective use of data, and close collaboration with brokers and policyholders — all critical in a market where risk vectors are constantly changing. We are excited about the future Corvus roadmap in terms of talent, technology, and expansion.”
“Corvus’s data- and tech-driven approach to cyber liability has been proven to meet the challenge of underwriting cyber risk and we are delighted to partner with them, alongside SiriusPoint, to enable further expansion of their leading offering” said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
Alpha Bank announces its intention to pursue a joint venture with an international strategic partner in the Greek real estate market
In the context of its updated business plan, Project Tomorrow, as part of its business development initiatives through joint ventures with international partners, Alpha Bank S.A. (“Alpha Bank”) announces that it is initiating a process for the selection of a strategic partner to pursue a joint venture through its listed subsidiary Alpha Astika Akinita S.A. (“Alpha Astika Akinita” or the “Company”) in the Greek real estate market (“Project Skyline” or the “Transaction”).
Alpha Bank aims for the new joint venture to be ideally positioned to capitalize on the market’s favourable fundamentals, benefitting from the capabilities and resources of its key shareholders. The joint venture partner to be selected is currently intended to acquire, subject to all applicable securities and capital markets law rules, a controlling stake in the Company and contribute to the development of its business plan, while Alpha Bank intends to retain a minority stake in the joint venture.
Through Project Skyline, Alpha Bank envisages the transformation of Alpha Astika Akinita into a multiasset real estate investment platform in the Greek market, while the Company’s real estate servicing unit is expected to be acquired by and consolidated under Alpha Bank’s fully-owned subsidiary, Alpha Real Estate Management and Investments S.A. (“AREMI”). Within the above context, it is intended that Alpha Astika Akinita enters into a long-term agreement with AREMI for the management of the Company’s real estate portfolio.
The intended timeline for the Transaction currently envisages the launch of the process in early September 2021, the selection of the preferred partner for the Transaction to take place by the end of the current year, with the consummation of the overall Transaction expected within the first half of 2022.
The final structure, the terms of cooperation with the selected strategic partner, the timeline, the overall execution and consummation of the Transaction are subject to conditions and various risks that may be beyond the Bank’s control, including the prevailing market conditions and the macroeconomic environment in jurisdictions outside of Greece. The consummation of the Transaction will in any case remain subject to pertinent corporate and regulatory approvals.
AXIA Ventures Group Ltd and the Investment Banking Division of Alpha Bank are acting as financial advisors to Alpha Bank in relation to Project Skyline.
Alpha Bank will be promptly informing investors of any material developments relating to Project Skyline.
Aviva and Darwin announce five-year strategic partnership
An autonomous shuttle controlled by 5G and satellite connectivity will transport members of the public around the Harwell Science and Innovation Campus in Oxfordshire, with a second shuttle to be introduced later
The electric shuttles, which do not have a steering wheel, will operate 24/7 to capture data in different light and weather conditions
Aviva will use data from the trial to help build the future model of motor insurance
The trial builds on the October 2020 launch by O2 and Darwin Innovation Group of the UK’s first 5G and satellite communications commercial laboratory
Aviva plc and Darwin Innovation Group are pleased to announce that they are entering into a five-year strategic partnership, beginning with collaboration on an exciting autonomous vehicle trial.
Darwin is trialling an autonomous shuttle at the Harwell Science and Innovation Campus in Oxfordshire. Created by Navya, this vehicle, controlled by 5G and satellite connectivity, will be able to pick passengers up, transport them around the campus and drop them off at their destination, all without the involvement of a human driver. A second shuttle is expected to be added in the second year of operation.
The electric shuttles will operate 24/7, which will allow the capture of data in different light and weather conditions, and will transmit this data via 5G and satellite channels. The vehicles will have a high level of automation – level 4 autonomy, according to SAE International’s levels of driving automation – and they do not have a steering wheel.
Darwin has carefully mapped out the campus and provided the shuttles with all the information they will need to navigate the area. The shuttles will be able to communicate with each other, and will be well equipped with sensors, so they can navigate without obstructing each other and can react to any unexpected obstacles.
Autonomous vehicles offer the potential to dramatically improve road safety and revolutionise the UK’s mobility system. However, as the technology within vehicles evolves and we draw closer to having fully autonomous vehicles on our roads, there will be new risks and vehicle uses that insurers will have to assess when underwriting these vehicles.
Being involved in the testing and development phases of this trial means Aviva is well placed to react to the increasing automation of vehicles on UK roads. The trial will showcase the application of connected autonomous vehicles and allow Aviva to build its first comprehensive insurance model for this type of vehicle, which will evolve as the trial progresses.
The trial with Aviva builds on the October 2020 launch by O2 and Darwin Innovation Group of the Darwin SatCom Lab, the UK’s first commercial laboratory for 5G and satellite communications, situated at the Harwell Science and Innovation Campus. The laboratory enables companies like Aviva to explore next-generation connectivity solutions for connected and autonomous vehicles using both 5G and satellite communications.
Nick Amin, Chief Operating Officer at Aviva, said: “With this trial, we’re able to be there right from the start of the real-life application of autonomous vehicles operating on public roads, which will change not only our relationship with these vehicles but, more fundamentally, how we insure them. Autonomous vehicles could change the face of motor insurance within a decade. Through having access to the data from this trial, we can understand today the kinds of things we’ll have to consider in the future to keep passengers, pedestrians and all other road users safe when driverless technology hits public roads.”
Tom Pitney, Motor Underwriter at Aviva, said: “I’m thrilled to be involved in this trial, which will be the first of its kind in the UK. The vehicles we insure are constantly evolving and fully autonomous vehicles are on their way to our roads. This will result in a huge shift in the way we underwrite and price for these risks. Being involved at the outset enables us to better understand the future of mobility and ensure that we have a product ready to insure the vehicles of the future. Most importantly, this demonstrates our core purpose of ‘with you today for a better tomorrow’.”
Daniela Petrovic, Delivery Director at Darwin, said: “For any emergent market to be a success, we need to create an ecosystem of companies who share a vision for innovation and are willing to expand their core competency into something new. Emergent markets are usually found at the intersection of industries, and that is why, for the CAV ecosystem to work, we must gather actors from multiple industries to work together. The Darwin team are delighted to have Aviva as a partner in this ecosystem, jointly creating new insurance models and enabling CAVs to become mainstream in the UK market.”
Sergio Budkin, Director of Business Products at O2, said: “It’s encouraging to see the CAV ecosystem grow through this strategic partnership between Darwin Innovation Group and Aviva. We’re also delighted to see companies putting theory into practice by launching trials using CAVs and building upon the work O2 kicked off in October last year through the launch of the Darwin SatCom Lab, which offers companies access to O2-customised autonomous vehicles in order to test proofs of concept.”
The Shipowners’ Club and Fender Marine AS enter into a strategic partnership
The Shipowners’ Club, the leading P&I insurer in the smaller and specialist vessel sector, has entered into a strategic partnership with Fender Marine AS, the specialist marine underwriting agency based in Norway.
Through this strategic partnership Fender Marine AS will focus predominately on providing P&I to small and specialist coastal vessel operators in Norway and other Scandinavian territories. The partnership will complement Fender’s existing marine offering and at the same time bolster the Shipowners’ Club presence in the local Scandinavian P&I market.
Simon Swallow, Chief Executive commented: “This strategic partnership offers a new and exciting opportunity for the Club to expand our presence in Scandinavia. We look forward to working closely with Fender and their experienced team, based in Norway, to offer our P&I insurance expertise in what is already a very mature marketplace. Our focus will be on smaller, specialised vessels in line with our worldwide membership made up of over 33,000 entered vessels. The complementary product offering and expertise of the two well established companies combined will provide Scandinavian shipowners with the highest service levels, once again illustrating that we strive to be a P&I partner of choice in the smaller and specialist vessel sector.”
V.Group and Costamare Shipping Company S.A. expand existing strategic partnership
Global ship management and marine support services provider V.Group and Costamare Shipping Company S.A. (“Costamare”) have announced they have strengthened and expanded their existing strategic partnership.
The expanded strategic partnership will see V.Group providing a range of management and other marine services from Shanghai and Greece to 41 container vessels associated with Costamare Inc. and its CEO Konstantinos V. Konstantakopoulos.
The partnership will enable V.Group to further strengthen its existing business in Greece and also expand the successful partnership with Costamare into the ever-growing Chinese market.
As part of this move, Shanghai Costamare Ship Management Co., Ltd. will be integrated into V.Group’s office in Shanghai providing additional industry-leading expertise in the container market.
As part of the partnership, V.Group will enhance its manning services in the Philippines through C-Man Maritime and will provide Filipino crew for the Costamare managed fleet. V.Group will thus become the exclusive provider of Filipino seafarers to Costamare managed vessels as well as continuing to serve the needs of its existing Greek clients.
Graham Westgarth, Chief Executive Officer of V.Group, said “This is a significant transaction which builds on our existing relationship with Costamare. We feel privileged that Costamare has trusted us with the management of its fleet and look forward to continuing to support them as they grow their business.”
Konstantinos V. Konstantakopoulos, President of Costamare, said: “With this agreement, we will further utilize the flexibility offered by 3rd party ship management, enabling Costamare Inc. to take advantage of market fluctuations without being constrained by capacity restrictions on the management side. It is important for us to be able to achieve this through a trustworthy partner such as V.Group, which can provide the high level of service required by our Charterers. At the same time, we consider that the arrangement will offer significant opportunities for professional advancement to our people joining the V.Group organization.”
Lloyds Banking Group enters strategic partnership with fintech Form3
Lloyds Banking Group (Lloyds) has today announced a strategic partnership with Form3, a cloud-native payments technology fintech, to accelerate its transformation and enhance the digital experience for customers.
Founded in 2016, Form3 is a leading payment technology fintech that focuses on simplifying payments architecture capabilities, in a faster and more efficient manner, while providing support for the industry New Payments Architecture (NPA) initiative through its cloud-native Payments-as-a-Service for the UK and Europe’s banks and fintechs.
The strategic partnership will enable Lloyds to investigate and develop a cloud-native Payments-as-a-Service platform which has the potential to significantly improve the Group’s payment processes, making them more efficient. The partnership with Form3 will aim to simplify Lloyds’ payments capabilities, aiming to create the basis for Lloyds’ response to the industry NPA initiative and provide support for enhanced data and new overlay services.
Supporting this partnership, Lloyds is also acquiring a minority equity stake in Form3 as part of its next investment round which is expected to complete in August.
Otto Benz, Director, Payments Technical Services at Lloyds Banking Group said:“Simplifying payments architecture while enhancing security and performance are critical to our digitisation of the Group. The potential of the cloud in payments is enormous and is firmly at the forefront of our strategy. We are committed to working with the most innovative technology providers, including Form3, to deliver a range of solutions that push the boundaries of what’s possible while reducing risk and providing customers with an improved digital experience.”
Michael Mueller, CEO at Form3 commented: “We believe this is an opportunity to support Lloyds’ transformation using our rapidly evolving technology. The partnership is breaking new ground in collaboration by enabling Lloyds to utilise best in class software built to harness the unique properties of the cloud.”
Lloyds will continue to look at further investment opportunities to help accelerate the delivery of its ambitious transformation programme. This year the Group has announced partnerships with Google Cloud and Microsoft, including the development of Microsoft Managed Desktop, as part of its commitment to transform for success in a digital world.