Insurance Giant Aviva to cut 1800 jobs & more…Keep up to date with what’s been happening this week in our actuarial news round-up…

AIG forms global reinsurance business AIG Re, names Marsh’s Schaper CEO

American International Group, Inc has announced the consolidation of its assumed reinsurance operations; resulting in the establishment of global business AIG Re.

Outdated technology ranked the top risk for insurers worldwide

Legacy IT infrastructure and business models pose the greatest threat to the global insurance sector, a poll of more than 900 senior industry experts has found. Respondents of the poll have pointed out that outdated technology will not be able to handle the changing demands of the industry; calling from an “urgent need” for modernisation.

Swiss Re confirms UK unit ReAssure’s plan for London IPO

Swiss Re AG confirmed that its ReAssure Group Plc unit intends to undertake an initial public offering; giving the business firepower to expand its closed life and pension business. According to a statement from Swiss Re Chief Financial Officer John Dacey, ReAssure is expected to being trading in July and is likely to be valued around £3 billion.

Conservative leadership battle to delay pension and social care policies

Much anticipated pension and social care policies are likely to be delayed further thanks to the UK Conservative Party’s leadership contest, Aegon has warned.

Insurance Giant Aviva to cut 1,800 jobs

Around 1.800 jobs are being axed at Aviva over the next three years as part of an overhaul to save £300 million a year. They have said that they are looking into keeping redundancies to a minimum as it slashes costs. The insurance giant which employs 30,000 staff in total have also said that savings will be made across central costs, contractor and consultant spend, reduction in project spend and in other areas.