Getsafe seeks 'significant' private funding; Generali eyes Crédit Agricole unit

TOP NEWS IN GLOBAL INSURANCE

* Getsafe GmbH expects to raise a "significant" sum privately before it considers floating on the stock market, according to the insurtech's founder. The company is planning a "big" series C funding round for some time between mid-2022 and 2023-end, CEO Christian Wiens said in an interview.

* Italian insurer Assicurazioni Generali SpA has entered exclusive talks to acquire Crédit Agricole SA's La Medicale business, the two companies disclosed late Wednesday. Generali would also look to acquire the death coverage portfolio of Predica, a life insurer fully owned by Crédit Agricole's insurance business.

➤ 'Hyperinflationary environment' sends auto physical damage loss ratio soaring

The extent to which results in the auto physical damage line deteriorated stood out from a third quarter in which the U.S. property and casualty industry produced a $10.77 billion underwriting loss, according to an analysis of statutory data.

➤ Chile's fintech bill raises expectations for growth in the sector

If approved, Chile's fintech law should accelerate growth in the industry and boost funding for startups, Kevin Cowan, vice president of Chile's financial market regulator, told S&P Global Market Intelligence.

PROPERTY AND CASUALTY

* The U.K. P&I Club said it was "naturally disappointed" after S&P Global Ratings downgraded its ratings to A- from A, citing poor operating performance. The club noted it continues to "comfortably" meet all its regulatory capital requirements and it exceeds S&P's own AAA capital benchmark with free reserves of $534 million as of Aug. 20.

* Mitsui Sumitomo Insurance Co. Ltd. will establish a New York-based asset management company with LGT Capital Partners Ltd. MSR Capital Partners LLC, set to launch in January 2022, will focus on private equity investments in the U.S.

* Asta Managing Agency Ltd. announced the Medical Protection Society has been granted final approval from the Council of Lloyd's for the transition of its special purpose arrangement 1892 to a market-facing syndicate, which will commence underwriting Jan. 1, 2022.

LIFE AND HEALTH

* Chesnara PLC has agreed to acquire Robein Leven NV from Monument Re Group. The target provides traditional and linked savings products, mortgages, and annuities in the Netherlands. The transaction consideration of £13.0 million will be paid in cash at completion.

* Swiss Life Holding AG will implement a CHF 1 billion share buyback program from December 2021 to May 2023. It also set out its midterm plan aiming for higher earnings and shareholder returns as well as reductions in emissions from its operations and portfolio.

* Star Health and Allied Insurance Co. Ltd.'s IPO will open for subscription Nov. 30 with a fixed price band of 870 Indian rupees to 900 rupees apiece, The Hindu reported.

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