Great-West Lifeco Inc. has agreed that it and an affiliate will pay $3.9 billion for Putnam Investments and Putnam’s 25% stake in T.H. Lee Partners L.P., a private equity firm.
Great-West Lifeco, Winnipeg, Manitoba, is the parent of Great-West Life & Annuity Insurance Company, Greenwood Village, Colo., which sells group health coverage, retirement plans and employee benefits products.
Putnam, Boston, a unit of Marsh & McLennan Companies Inc., is a mutual fund company with satellite offices in London and Tokyo, 3,000 employees and $192 billion in assets under management. About $35 billion of the assets are in the accounts of European and Japanese clients.
Great-West Lifeco and Marsh hope to complete the deal by June 30.
A tentative worldwide class action settlement has been reached for thousands of Holocaust-era claims against the large Italian insurer Assicurazioni Generali S.p.A., Trieste.
Attorneys for the Philadelphia law firm Kohn, Swift & Graf P.C. said they have reached an agreement with Generali on behalf of the victims of Nazi persecution or their descendants. According to press reports, the deal won far less than the attorneys sought but was the best they felt they could reach after years of litigation.
The deal was submitted to Judge George B. Daniels of Federal District Court in Manhattan for a hearing Jan. 31. As of press time, however, it appeared the settlement was not entirely resolved. An attorney for Generali said the Jan. 31 hearing adjourned with the parties agreeing to discuss “further items,” the nature of which he would not disclose.
The judge said another hearing would be held but did not specify a date.
Committee leadership assignments for 2007 at the National Association of Insurance Commissioners were announced by Walter Bell, NAIC president and Alabama commissioner.
The NAIC’s Life and Annuities “A” Committee will be chaired by Julie McPeak, executive director of the Kentucky office of insurance. McPeak was vice chair of the “A” Committee in 2006. Tim Wagner, director of the Nebraska insurance department and an “A” committee member in 2006, will be vice chair this year.
Jim Poolman, North Dakota insurance commissioner and “A” chair in 2006, will continue on the “A” committee this year. Poolman has cited his interest in seeing a new principles-based reserving system advanced this year.