Life and health
Nationale-Nederlanden Levensverzekering Maatschappij NV has agreed to acquire 100% of ABN AMRO Verzekeringen NV's life insurance subsidiary, ABN AMRO Levensverzekering NV, for €253 million in a transaction expected to close in the second half of 2022, subject to regulatory approvals.
CNP Assurances SA will no longer finance any new oil and gas exploration or production projects, nor will it provide direct investments in companies developing new exploration or production projects in the sector, L'Agefi reported.
Property and casualty
Assicurazioni Generali SpA Chairman Gabriele Galateri di Genola has decided not to seek a new term, withdrawing his name from consideration for the company's upcoming board renewal.
Allianz SE logged a fourth-quarter 2021 net loss attributable to shareholders of €292 million, or a loss of 74 cents per share, compared with net income of €1.82 billion, or €4.39 per share, in the prior-year quarter. The company's full-year 2021 net income declined year over year to €7.11 billion, or €15.83 per share, from €7.13 billion, or €16.32 per share.
Additionally, Allianz is looking to acquire European Reliance General Insurance Co. SA for €207 million through share purchase agreements covering 72% of European Reliance and a voluntary tender offer for the remaining shares.
A Willis Towers Watson PLC report found that the framework of the Prudential Regulation Authority's Quantitative Impact Study does not satisfy the objectives of the government's Solvency II review.
Corvinus Nemzetközi Befektetési Zrt will acquire a 45% noncontrolling minority interest in VIG Magyarország Befektetési Zrt, Aegon Hungary Holding BV and Aegon Hungary Holding II BV for about €350 million as part of its cooperation with Vienna Insurance Group AG.
Axa UK & Ireland has acquired the renewal rights to Ageas (UK) Ltd.'s commercial business, excluding the back book, for an initial consideration of £47.5 million.
A shareholder pact that controls about a 30% stake in Unipol Gruppo SpA intends to appoint CEO Carlo Cimbri as chairman when Pierluigi Stefanini steps down in April, Il Sole 24 Ore reported.
Gjensidige Forsikring ASA intends to fully merge Denmark-based NEM Forsikring A/S into its group operations this year, Finanswatch.dk reported.
The Joint War Committee, comprising underwriting representatives from the Lloyd's and International Underwriting Association company markets, has added Ukrainian and Russian waters around the Black Sea and the Sea of Azov to its list of high-risk areas.
Featured during the week on S&P Capital IQ Pro
Some insurer-owned banks show outsized growth as rising interest rates await
Insurers lower workers' compensation rates again in Q4'21
Heather O'Brian, Gerard O'Dwyer, Stéphanie Salti and Arno Maierbrugger contributed to this report.
