Generali Germany, Viridium ‘confident’ about run-off regulatory approval

first_imgViridium Holding’s Heinz-Peter Roß, addressing delegates at the 2019 Handelsblatt occupational pensions conference“Generali has a very complex occupational pension offering and this is a field in which we lack the necessary resources – and an area where we do not aim to build in-house know-how,” Roß acknowledged.Viridium would therefore take on the assets in the pension insurance accounts – for which no asset value has been disclosed – but would then “commission Generali’s occupational pension team to administer the accounts”.The announcement last year of Generali’s plan to sell the life insurance business branch in Germany came at a time when external run-offs had suddenly appeared on many insurers’ agendas.Two occupational pension plans, Axa’s probAV and the pension plan for the Cofra Group, were also sold to run-off platforms last year.In his presentation to delegates, Roß addressed fears about the outsourcing of parts of an insurance business.“Occupational pension provision is not something to toy with”Heinz-Peter Roß, CEO, Viridium HoldingHe told them that the private equity group that co-owns Viridium was “itself rooted in the pension provision for miners in the UK”.“Occupational pension provision is not something to toy with,” he added.Private equity firm Cinven was an investment arm of the former British Coal pension schemes before becoming independent in 1995. Roß stressed that it was not new for insurers to close parts of their business, but that what was new for Germany was the outsourcing the assets and liabilities of these closed branches.He reminded the audience that Viridium was “a regulated insurer just like any other” with the only difference being that its only business was in run-offs.A poll at the Handelsblatt conference showed that over half of the delegates think the run-offs make it harder for companies to convince worker representatives of the long-term security of occupational pension arrangements.Next stepsRoß explained that Viridium would have to find a new label for the Generali products it would be taking on as the insurance group “has not given permission to keep on using the name”.He also noted that Viridum had committed to using Generali Investments Europe for the management of the Generali Leben assets for five years.Earlier this year, Generali started pushing its new provider of occupational insurance solutions, Dialog Lebensversicherung.The long-term subsidiary of the Generali group is now taking on new occupational pension business for the group using the insurance group’s occupational pension team and know-how for client and account administration.Also speaking at the conference in Berlin, Stille, who is also CEO at Dialog Lebensversicherung, said that selling off Generali Leben was “part of the strategy”.Several life insurance companies in Germany have been struggling to continue business with their old fully guaranteed products.Some decided to keep this part of the business open but Generali closed the sales department for classic life insurance contracts, which also sold occupational pension insurance contracts.Stille is also CEO of Generali’s Pensionsfonds AG, a vehicle to which companies can outsource their pension plans. It is not part of the deal with Viridium as it is a separate entity within the Generali Group. In an unprecedented move, BaFin, the German financial supervisor, had issued a press release – in German as well as English – last summer after the sales announcement to reassure the public.“BaFin can prohibit the planned acquisition if the interests of the insured are not sufficiently safeguarded,” it had said. Viridium’s Roß said BaFin had carried out “in-depth screenings” of his company to ensure “financial solidity and the operational capabilities”. Talks were still ongoing.The deal with Generali Leben would mark the first time Viridium takes on occupational pension insurance contracts and for those it would buy-back Generali’s expertise, he said. The planned sale of Generali Germany’s life insurance business, including pension contracts, to run-off platform Viridium could be given the green light over the coming months, according to executives at the companies.Speaking at this year’s Handelsblatt occupational pension conference in Berlin, Heinz-Peter Roß, CEO at Viridium Holding, and Michael Stille, head of pensions for the Generali Group in Germany, said they were “confident” regulatory approval would be given before the summer.Generali announced the external run-off of Generali Leben, its life insurance business, last summer. It is worth around €41.5bn and includes over 550,000 individual pension contracts set up by employers as part of employee-only financed occupational pension plans.The selected buyer is the life insurance run-off platform Viridium, for whom the deal with Generali Leben would be its biggest since 2014. last_img read more

Premier Oil getting ready for Catcher first oil in December

first_imgUK oil and gas company Premier Oil has confirmed the first oil from its Catcher field in the North Sea remains on schedule for December.In a trading update on Thursday, Premier Oil said the full hook-up of the Catcher FPSO, which arrived in October, “has been essentially finished with with the risers, umbilicals and the installation of the ESDVs now complete.“The swivel stack is in place and the geostationary pipework connected with the final rotation test due imminently. Testing of the offloading interface with the cargo tanker is underway.The company said that commissioning activities including the running of main power generation, chemical bunkering, system filling, shutdown system testing and system leak testing, which started in parallel were ongoing, and will be ready for the introduction of hydrocarbons from the Catcher field shortly. According to Premier, first oil is expected “during December”.Also, Premier Oil said the development drilling program at the project continued ahead of schedule.The 12 wells originally planned pre-first oil (eight producers and four injectors) have been drilled, completed and tied back to the FPSO and drilling activities on phase 2 of the Catcher development wells are ongoing.“The first of these phase 2 wells (CCP9) continued the trend of delivering results on, or better than, prognosis in terms of reservoir quality and flow rates. Total project capex, including remaining contingency is forecast at $1.6 billion, 29 per cent lower than the sanctioned estimate,” Premier said.The Catcher development, made up of several fields discovered between 2010 and 2013, is located 170 kilometers south-east of Aberdeen. The full development entails 22 subsea wells, 14 producers and 8 water injectors, on the Catcher, Varadero and Burgman fields which will be tied back to the BW Catcher FPSO.Field ramp up will be over 3-4 month period with Catcher being the first field online followed by Varadero and Burgman. Catcher will be the initial field on production due to its crude oil stability and the lowest gas to oil content of  the three fields.Offshore Energy Today Stafflast_img read more

PFA’s 2020 Player of the Year awards suspended

first_img The gala was due to be held at Manchester’s Victoria Warehouse, having spent the last 25 years in London – at the Grosvenor Hotel. read also:Racists Tweets Directed At Iheanacho To Feature In PFA Dossier That suggests the awards could be written off entirely for 2020, with Liverpool pair Jordan Henderson and Trent Alexander-Arnold shoe-ins for the Player of the Year and Young Player of the Year gongs, respectively. FacebookTwitterWhatsAppEmail分享 PFA’s 2020 Player of the Year awards have been suspended. The voting process for the awards have been suspended due to coronavirus. Now the dinner – set to be held on April 26 – has been cancelled for the first time ever in its 47-year existence with no new date in the diary.Advertisement Loading… Promoted ContentThe Very Last Bitcoin Will Be Mined Around 2140. Read More10 Largest Cities In The WorldA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This DayPlaying Games For Hours Can Do This To Your BodyBirds Enjoy Living In A Gallery Space Created For Them8 Best 1980s High Tech Gadgets7 Black Hole Facts That Will Change Your View Of The Universe7 Netflix Shows Cancelled Because They Don’t Get The RatingsWhat Happens To Your Brain When You Play Too Much Video Games?10 Risky Jobs Some Women Do10 Hyper-Realistic 3D Street Art By OdeithThe Models Of Paintings Whom The Artists Were Madly In Love Withlast_img read more

Some Without Water Thursday After Main Break

first_imgSome downtown Batesville residents were without city water for the majority of Thursday afternoon after a water main break occurred around 1 p.m.It happened on N. Walnut Street, between Franklin St. and Hillcrest Ave., forcing traffic down to one lane for about five hours.The Batesville Police Department confirmed the water main break had been repaired at 6:03 p.m.last_img

Area Baseball Sectional Scores-Indians Champs @ SR

first_imgWRBI Area Baseball Sectional Scores.Tuesday (6-2)Class 1A @ Shawe Memorial.Jac-Cen-Del 7     Oldenburg Academy 3Rising Sun 2     Hauser 1Class 2A @ South Ripley.Championship.Milan 7     Austin 2Congrats to The Indians on winning The Sectionals from Country 103.9 WRBI!last_img

UFC Champ Zhang Weili starts isolation at hotel after return from US

first_imgBeijing: UFC Champion Zhang Weili is in a 14-day mandatory isolation at a hotel in Tianjin, China, after being stranded in US more than 40 days ago.”Everything was fine on our way back home. Temperature was normal. Though it’s really a little bit boring here in a hotel, I feel safe now,” said Zhang during her online broadcast on Tuesday, reports Xinhua news agency.The 29-year-old was crowned China’s first ever UFC champion in August 2019, and defeated Joanna Jedrzejczyk in Las Vegas last month to retain her strawweight belt.Zhang could hardly sleep because of the excitement for going back home. Her team got up at four o’clock and drove five hours to travel to Los Angeles, United States. During the 13-hour flight, the whole team were protected from head to toe.”I didn’t drink or eat anything before arriving at hotel on Monday evening. Everyone on the plane and in the airport were very nice and said ‘welcome back home’ to us. I can tell that everything was well prepared and arranged to protect us. I was so moved.” IANSAlso Read: UFC Women’s Strawweight champion Zhang Weili returns to ChinaAlso Watch: Quick Shoppe in Guwahati takes precautionary measures against the spread of Coronaviruslast_img read more

Estwick believes Windies cricketers can build on recent Test win

first_imgPOTCHEFSTROOM, South Africa, (CMC) – Bowling coach Roddy Estwick believes West Indies can build on last week’s Test win over Pakistan and use it to create a new culture in the embattled Caribbean side.West Indies have endured a lean run of late in the longest format but broke out of their prolonged slump when they beat Pakistan by five wickets in the third and final Test in Sharjah.Estwick said the victory was more than just a triumph as it had served as a template of how West Indies ought to approach their cricket going forward.“What we’ve got to do is build on it. We’ve got to make sure that anybody coming into the side now would see a culture of hard work and discipline and once you can achieve that, [improvements will come],” Estwick pointed out.“[When players] come in, you don’t sit back, you’ve got to work hard and if you want to stay in the unit, you’ve got to be prepared to work hard and stay disciplined. West Indies cricket is very important to all of us and especially to the people of the Caribbean.“I know it’s only one game we’ve won but we’ve won because of hard work and proper planning. We’re trying to take the cricket to another level and once we continue to do that, we’ve got a greater chance of success.”The match was the only success for the Windies on tour after suffering 3-0 whitewashes in the Twenty20 and One-Day International series, and also losing the first two Tests of that three-match rubber.West Indies lost the opening Test in Dubai by 56 runs and the second in Abu Dhabi by 133 runs but despite this, Estwick said the side needed to take heart from the way they challenged Pakistan.“It should give you confidence. You’ve come to the UAE against the number two side in the world. Not a lot of teams have success here and we managed to push them in all three Test matches,” he noted.“Obviously it’s a young team but it should give them confidence and it should give them the belief that if they work hard and are prepared to be disciplined that you can reap the rewards.”He continued: “It shows that the hard work and fitness they are trying to implement into West Indies cricket is beginning to pay off and it’s a good sign that we came away with a win.“I thought we played reasonably well in the UAE. We still have a way to go but if we can keep that discipline and work ethic up, I’m sure we’ll be ok.”West Indies kicked off a one-week preparation camp here on Sunday as they tune up for the Tri-Nations Series against Sri Lanka and hosts Zimbabwe from November 14-27.last_img read more

Women’s soccer: Head Coach Wilkins continues to build tradition of success in Madison

first_imgPaula Wilkins, University of Wisconsin women’s soccer team head coach, is one of the coaches with the most wins in program and NCAA history. Known as one of the most revered coaches in the sport, Wilkins has spent the better part of the decade turning the Badgers into a powerhouse in the Big Ten and the country.In 2007, Wilkins began her tenure as the head coach of the women’s soccer team. Having previously spent the last 13 years at Penn State as an assistant for seven and a head coach for six, Wilkins was a part of a team that won numerous titles, including NCAA appearances in all but one year.But the storied coach decided to make the transition to the Badger state and still remembers the competitive drive that brought her to Madison all those years ago.Women’s soccer: Wilkins shares underlying roots of Badgers’ successAfter defeating conference foe Maryland 1-0 on the road Saturday, the Wisconsin women’s soccer team guaranteed a share of its Read…“It was a pretty awesome challenge that I don’t think many coaches would do,” Wilkins said. “Taking a team that’s at the bottom of the Big Ten and take it to the top. I thought that would be a cool challenge, so I took it. That’s why I’m here.”Now in her 10th season at Wisconsin, Wilkins has built a reputation for her group as one of the toughest in school history. After finishing 6-11-1 in her inaugural season, Wilkins went on to finish with a winning record in every season but one. In that time, Wilkins led her team to a Big Ten regular season and tournament championship, along with four NCAA tournament appearances.Winning is hard enough, but winning in the Big Ten and in the NCAA tournament is another level. In the midst of all the coaching changes that have occurred at other schools over her decade at the helm, Wilkins has still managed to stick to the formula when it comes to success.“We start with the culture,” Wilkins said. “Part of that is the expectation to maintain the foundation we’ve built here. Once they learn that, then they can pass that from one to another.”In the category of Big Ten coaches with 10 or more years of experience, Wilkins leads the group in win percentage with .706. Wilkins’ 217 wins also rank her at third in the Big Ten all-time for career coaching wins. Wilkins has been awarded Big Ten Coach of the Year six times.Last season, Wilkins took a Wisconsin team that started 3-4-2 and led them to a nine game unbeaten streak. That run helped propel the Badgers to their first regular season Big Ten Championship in 21 years.Women’s soccer: Redemption on team’s mind after heartbreak of 2015Between Sept. 20 and Oct. 24, 2015, the Wisconsin women’s soccer team did not lose a game. After tying once Read…This year, missing seven starters from last season, Wisconsin still managed to go an impressive 8-4-8. After a sluggish start, the Badgers surged late in the season and went on another lengthy unbeaten streak of six games.Despite the dominant turnaround, the squad fell short during the quarterfinals of the Big Ten tournament against University of Michigan Sunday and wont return to the NCAA tournament. The loss in penalty kicks after double overtime to the Wolverines would be hard to overcome for even most storied coaches — but not for Wilkins.Though a team may be judged by wins, losses and championships, Wilkins gets a different rewarding feeling that does not come with a trophy or a medal.“At the end of the day, I like watching players develop as a part of their journey,” Wilkins said. “They aren’t just athletes, so it’s nice to see them develop as people. That, in my heart, is what makes me happy.”The Badgers and Wilkins now look toward the spring season to reload and prepare for a more dominant start next fall.last_img read more

I’m close to death – Mike Tyson

first_imgFormer undisputed heavyweight world champion Mike Tyson claims he is “on the verge of dying” from ongoing drug and alcohol problems.Tyson, 47, admitted he is a continual substance abuser but added he is hopeful of finally getting clean.“I hope they can forgive me, I want to live a different life now”Mike Tyson Boxing great“I want to live my sober life. I don’t want to die. I’m on the verge of dying, because I’m a vicious alcoholic,” Tyson said on ESPN’s “Friday Night Fights”.“I’m a bad guy sometimes. I did a lot of bad things, I want to be forgiven.” At the age of 20, in 1987, the American fighter held the record as the youngest boxer to win the WBC, WBA and IBF heavyweight titles.But five years later Brooklyn-born Tyson was convicted of raping Desiree Washington and sentenced to six years in prison.He returned to the ring but retired from the sport in 2006 and in 2007 was sentenced to 24 hours in jail and 360 hours of community service for drug possession and driving under the influence.Tyson, who now works as a boxing promoter, added: “I hope they can forgive me. I want to change my life, I want to live a different life now.“I haven’t drank or took drugs in six days, and for me that’s a miracle. “I’ve been lying to everybody that thinks I was sober, but I’m not. This is my sixth day. I’m never going to use again.”last_img read more

From SABR Conference: Dodgers trainer Stan Conte, others study injury prevention

first_imgPHOENIX, Ariz. – How important is a baseball player’s injury history to the teams that employ them?Dodgers head athletic trainer Stan Conte, speaking at the Society for American Baseball Research (SABR) Analytics Conference on Thursday, compared his work to a form of scouting.“Typically when I look at a player that we’re looking to sign as a free agent, I’ll use public domain information to get as much information as I can to give myself some idea of whether that guy is a low risk, a medium risk or a high risk in regards to injuries,” Conte said. “Then if we did in fact do a physical and look at his medical records if we’re about to sign him, the whole thing may flip completely from one end of the spectrum to another on things we didn’t know about — things that added up to some of the public stuff that made it a higher risk or even a lower risk.” Injury prevention, and predicting injuries before they occur, are two topics that Conte and his colleagues around baseball can’t know enough about. On that front, there have been positive developments. Pitch f/x data allows teams to track the consistency of a pitcher’s release point and velocity for potential injury red flags. Biomechanical data shows how a pitcher’s body works together — properly or improperly — when repeating his delivery. Improvements in diagnosing injuries and treating them with surgeries have given players more reasons than ever to trust a team’s medical staff.In spite of these developments, preventing injuries has become a losing battle.“Injuries in baseball are going up,” Conte said. “They are not going down and they’re not staying level. The last two years have been the highest amount of lost time in Major League Baseball ever.”For the Dodgers, 17 different major-league players spent time on the disabled list in 2013, representing 24 different injuries and 1,110 games missed on the DL. Those figures don’t take into account players who missed games due to injuries that didn’t require DL stints. Only Conte and his staff — Sue Falsone left her post as the Dodgers’ head athletic trainer after last season — know with some degree of certainty how players’ performances were limited as they played through injuries. “Sometimes when I read some of the sabermetric articles about injuries and that type of thing, sometimes it’s our players,” Conte said. “I go, ‘Jeez if they knew that, they wouldn’t say that.’ ”What’s an athletic trainer to do? It starts with collecting more and better data. Teams in general, and Major League Baseball itself, is more willing than ever to help on this front. MLB executive Chris Marinak said that the league is currently helping teams facilitate medical research around players’ health and safety. “We look at things like concussions, preventing certain types of injuries, just for the benefit of players and the league in general,” Marinak said. “Ten or 15 years ago it was the latest and greatest thing to have a stats guy in your baseball operations department. Now the latest thing is to have a medical guy in your baseball operations department.”Conte said that the medical data on an individual player allows him to be a scout of sorts, because a player’s injury history is the best indicator of future risk. If the Dodgers are thinking of acquiring a player, Conte will evaluate that player’s public and private data to assess risk. Each player falls into one of five risk categories: low, low-medium, medium, medium-high or high.“We do kind of go back to the idea that players are stocks and teams are portfolios, and you can put so many high-risk guys in that portfolio, depending on what type of philosophy you have,” Conte said. “You don’t want a high-risk, low-reward guy.”A player’s age is one factor that Conte will consider when evaluating risk, and that could be an instructive example in how the Dodgers are incorporating medical data into their personnel decisions.According to baseball-reference.com, the Dodgers were the oldest team in the National League last year. After the season, general manager Ned Colletti said he wanted a younger roster. Replacing veteran second baseman Mark Ellis with 25-year-old Dee Gordon and 27-year-old Alex Guerrero certainly fit the mantra.But there is a difference between injury prediction and injury prevention, and that’s where baseball really has its work cut out.“We’re really working hard to try to prevent these injuries, but we don’t seem to be putting the brakes on either,” Conte said. “We better figure out something.”Dodgers losePaul Maholm allowed six hits and six runs (five earned) in 2 2/3 innings in the Dodgers’ 8-2 loss to the Cincinnati Reds at Camelback Ranch. Seth Rosin was touched for five hits and two runs in three innings of relief.Dee Gordon went 2 for 4 and Hanley Ramirez hit a solo home run for the Dodgers (5-8-4).Angels winA six-run second inning made the difference in the Angels’ 8-6 win over the Chicago White Sox at Tempe Diablo Stadium. Howie Kendrick went 2 for 3, Mike Trout went 3 for 3 with a triple, and Kole Calhoun hit a two-run triple in the victory.Garrett Richards allowed seven hits, two runs and no walks in 4 2/3 innings. Michael Kohn allowed a three-run home run while recording two outs in relief, and Cory Rasmus had his fifth straight scoreless Cactus League outing for the Angels (8-7-1). NotableCuban shortstop Erisbel Arruebarrena received his work visa and reported to the Dodgers’ camp. He will wear number 11. … After running the bases in the morning, Dodgers center fielder Matt Kemp went 0 for 6 and played two innings in the field in an intrasquad minor-league game. … The Angels re-assigned Robert Carson, C.J. Cron, Taylor Lindsey, Shawn O’Malley and Anderson De La Rosa to their minor-league camp.center_img Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more