Aegon completes divestment of Hungarian businesses; Root names CFO

TOP NEWS IN GLOBAL INSURANCE

* Aegon NV has completed the divestment of its Hungarian businesses to Vienna Insurance Group AG for gross proceeds of €620 million. The sales of Aegon's businesses in Poland, Romania and Turkey are expected to be completed in the course of 2022, subject to required local regulatory approvals.

* Root Inc. appointed Rob Bateman CFO, effective April 11. Bateman will succeed Dan Rosenthal, who was slated for the chief revenue and operating officer role.

➤ Sport bans add another potential source of Russia-related insurance claims

Scott Schachter, Northeast entertainment leader at Risk Strategies, does not expect sports bans against Russia to hit insurers nearly as hard as cancellations related to the COVID-19 pandemic.

PROPERTY AND CASUALTY

* Insurance Australia Group Ltd. confirmed that it had applied for special leave to appeal the Full Court's finding related to JobKeeper payments for businesses affected by COVID-19. The company said its net provision for potential business interruption claims remains unchanged at A$1.22 billion.

* Carrot General Insurance Corp. entered into an "exclusive strategic alliance" with Hanwha General Insurance Co. Ltd. and Lotte Non-Life Insurance Co. Ltd. to create a joint venture, Hero Claims Management Inc. The joint venture will commence operations in April.

* Acrisure LLC is acquiring managing general agency Volante Global for undisclosed terms. The transaction includes all of Volante Global's brands, including Aesir Space, Horizon Europe AG, Volante Germany and Volante Canada.

* NSI Insurance Group has acquired Florida-based digital insurance agency HoneyQuote.com.

* Coface SA's exposure to the ongoing war between Russia and Ukraine was €5 billion as of the end of February, according to estimates from Deutsche Bank AG, Business Insurance wrote, citing a Reinsurance News report. Approximately half of Coface's exposure was related to export business, with the remaining attributed to domestic exposure.

* At least one person has been reported dead after a tornado tore through the New Orleans metro area on March 22, with reports suggesting major roof and structural damage spanning as many as eight blocks of the metro, Artemis reported.

* MS Amlin Underwriting Ltd.'s board has committed to achieving net-zero carbon emissions by 2050 for all aspects of operations. The company also adopted the United Nations Sustainable Development Goals as a framework for its sustainability agenda.

* Lemonade Inc. unveiled The Lemonade Crypto Climate Coalition, a decentralized autonomous organization dedicated to building and distributing insurance at-cost based on blockchain.

LIFE AND HEALTH

* Pension Insurance Corp. PLC entered a £380 million buy-in transaction covering the liabilities of about 1,400 members under the Air Canada (U.K.) Pension Trust Fund.

* Società Cattolica di Assicurazione SpA finalized the sale of its investment in IMA Italia SpA, equivalent to 35% of its share capital, for €9.7 million. The company also sold its shareholding in Ima Servizi SCARL, equivalent to 10% of its share capital.

Gerard O'Dwyer contributed to this report.

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