Axa Switzerland has appointed Patric Deflorin as the new Head of Distribution, effective April 1, 2025. He joins from competitor Mobiliar, where he held various leadership roles over 12 years, including Head of Market Management. Deflorin succeeds Michele Bernasconi, who will transition to a Senior Advisor role.
The US commercial real estate debt (CRED) market is thriving, driven by high interest rates, low loan-to-value ratios, and the rise of non-bank lenders. With traditional banks facing regulatory pressures, alternative lending is gaining traction, offering investors robust income and diversification opportunities. As non-bank lenders capture 40% of the market, CRED is poised to become a strategic asset class in both the US and Europe.
The US real estate sector presents significant investment opportunities, particularly in Commercial Real Estate Debt (CRED), as interest rates rise and traditional banks face regulatory pressures. Senior mortgages, with conservative loan-to-value ratios, offer capital protection and stable income, while non-bank lenders capture a growing market share. This evolving landscape positions CRED as a strategic asset class, appealing to institutional investors seeking diversification and resilience in volatile markets.
Cost pressures and competition are driving consolidation in the European asset management sector, with Amundi reportedly interested in acquiring Allianz Global Investors (AGI). Discussions have included options for a full acquisition or a joint venture, as both firms explore strategies to enhance scale amid rising costs. Meanwhile, other potential mergers are being considered in the industry, highlighting the trend towards consolidation.
European asset managers are facing consolidation pressures, with Amundi reportedly in talks to acquire Allianz Global Investors from Allianz Group. Various transaction structures are being considered, including a full takeover or a joint venture. This comes amid rising costs and fee pressures, prompting firms like BNP Paribas and Generali to explore similar mergers.
UBS and Goldman Sachs have raised their price targets for Zurich, following a positive share price reaction after the capital market day. The UBS analyst has increased EPS forecasts for 2025 and 2026 by 4% and 6%, respectively, while noting that other insurance stocks like Axa and Swiss Re appear more attractive.
UCB Ventures and AXA Venture Partners have formed a partnership to foster innovation in digital health, enhancing their understanding of the complex healthcare ecosystem. This collaboration allows UCB to access AXA's expertise and network, facilitating investments in promising startups and therapeutic innovations. With a combined focus on digital health and a robust investment strategy, both organizations aim to transform creative ideas into effective healthcare solutions.
Japan's real estate market remains attractive to international investors, with significant activity in various asset classes, including multi-family, data centers, and office spaces. Despite political uncertainties and rising interest rates, experts emphasize the country's stability and liquidity, predicting continued interest in core locations like Tokyo and Osaka. AXA IM Alts and Norges Bank highlight their ongoing investments, particularly in the multi-family sector, which benefits from strong private capital backing.
Baloise Holding AG has emerged as a prominent takeover target in Europe’s financial sector following interest from an activist investor. Major industry players, including Zurich Insurance Group AG, Axa SA, and Allianz SE, are evaluating potential bids for Baloise or its business segments, consulting with advisers on the feasibility of a deal.
A new health insurer, Level Health, backed by Aviva, is set to launch this week, aiming to disrupt the market with competitive pricing and just four simplified plans. This move is expected to pressure existing players like VHI Healthcare, Laya Health, and Irish Life Health, which have recently raised prices significantly. With Aviva holding a 50% stake and investing €14m, the venture is led by industry veterans, promising increased competition and value for consumers in the Irish health insurance market.
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