Dutch insurer ASR takes over De Eendragt

first_imgInsurer ASR has taken over De Eendragt, the life insurer for collective pension arrangements. In a joint statement with the €1.7bn De Eendragt, ASR said it wanted to fully integrate the small life insurer into its own organisation over time.“Last year, we became increasingly aware that joining a larger player would offer our affiliated employers and participants the best options for continuity,” a spokeswoman for ASR quoted Albert Bakker, director of De Eendragt, as saying.He added that the life insurer’s solvency “would soon meet all legal requirements again”. Until ten years ago, De Eendragt was the pension fund for the companies of former paper manufacturer Koninklijke Van Gelder Papier. However, it was forced to change its approach after supervisor DNB concluded its business model of managing assets in ring-fenced accounts was at odds with the then-new Pension Act.Currently, the life insurer has 37 affiliated employers with a total of 22,000 participants.In an interview in IPE sister publication PensioenPro last year, Philip Menco, De Eendragt’s former director, indicated that the company was suffering under the stricter accounting rules of Solvency II, which required a much larger contribution from new clients to the insurer’s financial buffers.As a result, De Eendragt was no longer able to compete and failed to attract new clients, he said.In addition, the increasing supervisory burden as well as falling interest rates also affected the life insurer, according to Menco, who said that it had been looking into the options for improving its buffers through co-operation with other players since 2010.However, in its annual report for 2013, De Eendragt’s board said that it had decided to continue independently, “since a strategic survey into co-operation had not produced a satisfactory result”.According both parties, the takeover is subject to approval from the regulators. ASR and De Eendragt did not disclose the cost of the transaction.Jos Baeten, chief executive officer at ASR, said that the acquisition of De Eendragt was an important step in realising ASR’s goal of gaining a bigger foothold in the Dutch pensions market.Last year, ASR increased its pension liabilities by €140m through the extension of contracts, new contracts with largely employers in the SME sector as well as through buyouts of pension funds.In its annual report it also said that the 50% ASR-owned Brand New Day PPI, which focuses on DC plans, doubled its number of client employers to 1,000.last_img read more

PFZW passes halfway point for carbon reduction target

first_imgLast month civil service scheme ABP said it had hit its carbon reduction target two years earlier than expected.Elsewhere in its annual report, PGGM detailed an initial malfunction of its invoicing system for PFZW, which had caused 3,000 of the 22,000 employers affiliated with the healthcare scheme to receive wrongly calculated invoices.It also reported “incidents” involving two pension fund clients. Although it didn’t identify the schemes, PFZW’s annual report cited that 36,000 of its participants hadn’t received the mandatory information letters for joining or leaving their scheme in time.PFZW said that systems and processes had been improved and that the letters had finally been sent.Dutch regulator DNB said in April that it planned to assess the adequacy of pension fund operations.PGGM recently warned that its IT system would not be able to cope with the Netherlands’ proposed new pension system.Meanwhile, the asset manager said its innovation programme to reduce costs had saved €50m since it started three years ago. It also achieved PFZW’s goal of a 20% costs saving across the entire investment chain.The asset manager added that it had recouped €3.1m of investment losses as a result of legal procedures. Currently, it is a participant in a US class action against Brazilian oil company Petrobras, which saw its market value halve in the wake of a corruption scandal. Several other European pension funds have already reached settlements with the company, including Sweden’s AP1, Dutch scheme AVH, and the UK’s Universities Superannuation Scheme. PGGM posted a net profit of €2.9m in 2017, compared with €1.3m in the previous year. PGGM, the asset manager of the €197bn Dutch healthcare scheme PFZW, is halfway to achieving its main client’s target of halving its carbon footprint by 2020.In its annual report for 2017, it revealed that it had reduced CO2 emissions in PFZW’s investment portfolio by 28% relative to 2014.The €218bn asset manager said it also wanted to reduce its own carbon footprint, which had increased 9% last year as a result of its number of staff rising from 1,322 to 1,372.It added that an increase in direct investments had also led to more air travel by staff.last_img read more

BTAO seeks higher illegal parking fines

first_imgBACOLOD City – The BacolodTraffic Authority Office (BTAO) wants to raise illegal parking fees in abid to deter motorists from parking their vehicles where they’re not supposedto. BTAO chief Lieutenant Colonel LuisitoAcebuche said he is appealing to members of the Sangguniang Panlungsod if theycould discuss the feasibility of hiking the fee from P100 to a higher amount. The BTAO chief noted that sinceMonday, they have intensified their crackdown against illegally-parked vehiclesafter the Department of Interior and Local Government issued MemorandumCircular No. 2020-033. The department cited a displacementstrategy for those affected by the operations, such as removed vehicles orvendors. There will be a “designation of unused spaces for relocation, andprovision of alternative livelihood for vendors./PN Government units, especially at thevillage level, should clear local roads of all illegal obstructions startingFeb. 17, and maintain roads already cleared, DILG said in a statement. The penalty adjustment, according toAcebuche, would instill discipline among motorists and stopping illegal parkingwhich is among the major causes of traffic congestion in the metro. The new memorandum enjoins officialsto clear local roads in 75 days under the second round of a campaign thatearlier saw the unclogging of primary and secondary streets.last_img read more

Documentary of 2020 Women’s T20 WC released on Netflix

first_imgDUBAI: Cricket fans will get a chance to relive all the action, excitement and emotion from the Women’s T20 World Cup 2020 as ‘Beyond the Boundary’, a retrospective documentary, makes it’s debut worldwide on Netflix. The documentary, which will be available from Friday on Netflix, celebrates the 17-day tournament, which culminated with hosts Australia beating India in the summit clash in front of a record 86,174 spectators at the Melbourne Cricket Ground. The documentary is the first piece of ICC original content to be carried by a streaming service. It captures the progress of the teams and the emotions of players as they discuss preparing for such a big event and turning points in different matches stated ICC in a media release. IANS Also Watch: Assam Minister Himanta Biswa Sarma Condemns Attack in Zubeen Garglast_img read more

Haden’s legacy about to be defined

first_imgYou’re going to read a fair number of prepared statements from USC Athletic Director Pat Haden in the next 12 months.With Frank Cruz’s termination and Michael Cooper’s resignation, Haden will assumedly announce new coaches for baseball and women’s basketball, respectively, at some point. For women’s basketball, it “could be soon,” Haden acknowledged last Wednesday. Perhaps this week?And depending on how the football team performs in the fall — an outcome steeped in unpredictability based on the past two very different seasons — he could also be announcing another new head coach. Time will tell.All this, of course, comes on the heels of last week’s hiring of Florida Gulf Coast University’s Andy Enfield as the school’s men’s basketball coach.Simply put, Haden, now in his third year as the Trojans’ athletic director, faces his chance to overhaul the breadwinner sports — the “Big Four,” if you will.This is where he’ll leave his mark at USC. What happens over this calendar year will likely shape his legacy. And there’s plenty of pressure to get things right, though he might not easily admit it.“I don’t feel any pressure,” Haden jokingly quipped following Enfield’s introductory press conference at the Galen Center last week.But there is pressure because, well, making the right hire carries plenty of benefits.“I think you always want to make the right hire,” Haden said Wednesday. “If you get it right, not necessarily in football or basketball but, you can have coaches for 10, 20 or 30 years.”The former Rose Bowl-winning quarterback and Rhodes Scholar took over as USC’s athletic director in August 2010, replacing Mike Garrett, who stepped down in the wake of NCAA-levied sanctions earlier that summer. It no doubt was an embarrassing period for the university, which was cited for an overall “lack of institutional control” of its athletic program.What followed included four years of probation, a two-year bowl ban for football and scholarship reductions for football and men’s basketball. In addition, the football, men’s basketball and women’s tennis teams all had to vacate dozens of victories.This was egg on its face. This was a low point.Tapping Haden, who sat on USC’s Board of Trustees at the time, was crisis management. He didn’t need an introduction. If there was a poster child of a student-athlete, Haden might’ve been it. His resume said it all. From 1987 to 2010, he was a partner and managing director of Riordan, Lewis & Haden, a Los Angeles-based private equity firm. Prior to that, in the mid-1980s, he was an attorney at the Los Angeles office of Lillick, McHose & Charles. He was, to  put it mildly, a smart guy.Haden’s foremost task included cleaning up the mess of his predecessor and restoring respect to the department. He naturally talked about winning across all varsity sports, but seemingly every statement that followed mentioned doing so ethically and in the “right way,” a not-so-subtle dig at the previous Heritage Hall administration.To accomplish those basic goals in Garrett’s wake was a tough task, but it’s been done. Haden, with the assistance of Vice President for Athletic Compliance Dave Roberts, has more than tripled the size of the school’s compliance department, which is tasked with monitoring coaches and student-athletes so that they remain, as the name suggests, in compliance with NCAA rules and regulations.Under the watch of Haden and then-new President C. L. Max Nikias, the university also retained the services of the Freeh Group to oversee compliance issues and assess the athletic department. They prepared a report to the school with recommendation in the fall of 2010. The group, headed by former FBI director Louis J. Freeh, was also used by Pennsylvania State University in the wake of the Jerry Sandusky sexual-abuse scandal last summer.Not to mention that when it comes to public relations, Haden has handled the situation with great aplomb.Because of all that, and because of his on-the-field success as a USC quarterback, Haden will always be thought of fondly by many around the athletic department. He’s been dutiful when it comes to his alma mater. He answered the call to serve as athletic director. His place in Trojan lore is safe.But his ability, or inability, to turn baseball, men’s basketball, women’s basketball and football into perennial contenders on a national level will ultimately become his lasting legacy. Fair or unfair, that’s the expectation many hold.His ultimate success as AD rests on that.Quite a number of USC-centric message boards have, over the last year, collectively referred to Haden as “Patient Pat,” a sign of the mounting frustration among a growing segment of the fanbase. They’ve been waiting for Haden to make a slam-dunk hire, and to reinvigorate programs such as men’s basketball, which has enjoyed success over the last decade (see: the Tim Floyd years) but not much sustained success.Haden gets that chance at a “reset” on the hardwood with Enfield. He’ll get that chance on the diamond, too. Maybe even the gridiron in a year’s time. Who knows?It won’t be long until we know whether or not Haden’s patience has paid off.He arrived on the scene as the bright All-American quarterback heading the cleanup crew. We’ll see if he leaves with any additional bullet points on that already lengthy resume. “The 19th Hole” runs Tuesdays. To comment on this story, email Joey at jrkaufma@usc.edu or visit dailytrojan.com.last_img read more

Two defensive stars missing from Thursday’s practice

first_imgIn contrast to the good news of wide receiver Lee Evans practicing for the second straight day, the Ravens were surprisingly without two Pro Bowl defensive players on Thursday.Safety Ed Reed and linebacker Terrell Suggs did not practice after neither was listed on the injury report on Wednesday. Reed was listed with a shoulder injury, which isn’t a shock after the All-Pro defensive back suffered a stinger in the loss to Jacksonville last month and has dealt with a chronic nerve impingement in his neck and shoulder over the last few seasons.However, the appearance of Suggs on the injury report was a bit more concerning as the rush specialist missed practice due to a knee issue. It is unknown whether Suggs suffered an injury during Wednesday’s practice since he was not listed on Wednesday’s injury report.Running back Anthony Allen also missed practice as the rookie continues to deal with a thigh injury.Center Matt Birk returned to practice as a full participant after sitting out on Wednesday.BALTIMOREDID NOT PARTICIPATE: S Ed Reed (shoulder), LB Terrell Suggs (knee), RB Anthony Allen (thigh)LIMITED: LB Brendon Ayanbadejo (head), LB Dannell Ellerbe (thigh), WR Lee Evans (ankle), TE Kris Wilson (calf)FULL: C Matt Birk (neck)SEATTLEDID NOT PARTICIPATE: LB David Vobora (concussion)LIMITED: TE Cameron Morrah (toe, knee), WR Sidney Rice (foot)FULL: QB Tarvaris Jackson (pectoral)last_img read more

Keshi returns without Amokachi

first_imgThe Nigeria Football Federation is  set to announce Stephen Keshi as the ‘new’ Super Eagles coach – but without Daniel Amokachi serving as assistant.The two parties have been in talks over a new contract, with the NFF offering him a two-yearcontract extension in March.From Left: National Team Goalkeeper Trainer, Ike Shorunmu; Assistant Coach, Daniel Amokachi, and Super Eagles Chief Coach, Stephen Keshi during a media parley in AbujaAnd sources at the NFF have informed that Keshi will sign the contract in the next ‘few days’, with reports having it that it might be as soon as today, Friday, April 17. The contract will see Keshi remain on the N5m monthly salary he earned in his previous contract, but he will now report directly to the NFF technical director and the NFF technical study group.The announcement will see the Glass House name a substantive coach for the Super Eagles for the first time in nine months – since last July when Keshi’s initial contract expired.The announcement also comes ahead of the 2017 Africa Cup of Nations qualifiers which starts in June, with Nigeria in the same group as Egypt, Tanzania and Chad.Meanwhile, it is also understood that Keshi’s return will mean the end for former Super Eagles striker, Daniel Amokachi, who has been Keshi’s first assistant since November 2011 when he replaced another former Nigeria international, Samson Siasia as the Super Eagles head coach.Neither the NFF, nor Keshi, have directly confirmed or denied this development, but it is strongly believed that Amokachi may have done his last bit with the team when he took them to Nelspruit, South Africa for that 1-1 draw in friendly in March.last_img read more

Dodgers’ Dave Roberts is runner-up to Diamondbacks’ Torey Lovullo for NL Manager of the Year

first_img Hulk Hogan, divorce lawyer spar outside court Lovullo wins the award as a first-year manager just as Roberts did following the 2016 season. Roberts was one of five managers to receive first-place votes this year – Lovullo (18 first-place votes), Roberts (five), Black (three), Milwaukee’s Craig Counsell (three) and Washington’s Dusty Baker (one).Lovullo, a product of UCLA like Roberts, was Boston’s bench coach when he ran the Red Sox for 48 games in 2015 while Manager John Farrell underwent cancer treatment.Powered by Paul Goldschmidt, Jake Lamb and midseason acquisition J.D. Martinez, and led by pitchers Zack Greinke and Robbie Ray, the Diamondbacks made the playoffs this year. They beat Colorado in the NL wild-card game before getting swept by the Dodgers in the Division Series.The Minnesota Twins’ Paul Molitor (18 first-place votes) was the American League winner. The Cleveland Indians’ Terry Francona, the 2016 winner, was the runner-up with 11 first-place votes. Houston Astros manager A.J. Hinch received the only other first-place vote and finished third. Newsroom GuidelinesNews TipsContact UsReport an Error Torey Lovullo of the Arizona Diamondbacks has won the NL Manager of the Year award after his first full season as a big league skipper.Lovullo won the honor in voting by members of the Baseball Writers’ Association of America. The prize was announced Tuesday on MLB Network.The 52-year-old Lovullo guided the Diamondbacks to a 93-69 record and their first playoff spot since 2011, a year after they went 69-93.Related Articles Dave Roberts of the Dodgers was second and Colorado’s Bud Black was third. Voting was completed before the playoffs began.last_img read more

Igokea defeated Krka with 84:75

first_imgIn the 25th round of regional ABA League, basketball club ‘Igokea’ from Laktaši defeated basketball club ‘Krka’ from Novo Mesto with 84:75, and with this victory ‘Igokea’ has secured its first place at the table score one round before the end of the competition.The most efficient player of ‘Igokea’ was Jorović with 24 points, Edwards with 17, and Štemberger with 13.In the last, 26th round which is going to played on 23 March, Igokea will play against Cibona in Zagreb, and Široki Wwin will play against Cedevita.last_img read more