Banco BPM to buy 81% stake in life insurance JV; Baloise hit by cyberattack

TOP NEWS IN GLOBAL INSURANCE

* Banco BPM SpA is seeking to acquire an 81% stake in Bipiemme Vita SpA from joint venture partner Covéa Mutual Group Insurance Co. for €310 million in a transaction that will see Banco BPM obtain full ownership of the life insurer, Reuters reported. Bipiemme Vita also has full control of Banco BPM and Covea's non-life joint venture, Bipiemme Assicurazioni SpA.

* Bâloise Holding AG detected a cyberattack on April 11 that affected parts of its IT infrastructure. The company immediately took countermeasures to fend off the attack and identified and isolated the compromised systems. No company and customer data was stolen and no systems were encrypted following the cyberattack, the company said.

➤ Insurers' $15B Russia aviation puzzle will take years to solve

The industry expects disputes over coverage triggers and which types of cover will apply to the hundreds of foreign-owned jets stranded in Russia as a result of the Ukraine war.

PROPERTY AND CASUALTY

* Xenia Broking Group Ltd. has acquired a majority stake in Hong Kong-based Capstone Insurance Brokers Ltd., which specializes in financial lines and digital asset insurance.

* Lighthouse Property Insurance Corp. was placed into receivership after exhausting its reinsurance coverage and becoming insolvent in the aftermath of hurricanes that struck in 2020 and 2021, including Hurricane Ida. The company controlled more than 3% of the Louisiana homeowners market as of year-end 2021.

* Newfront Insurance Services LLC has secured $200 million through a series D funding round led by Goldman Sachs Asset Management LP and B Capital Group Management LP. The investment values Newfront Insurance at $2.2 billion.

* Insurance and Care NSW appointed Stuart Farquharson CFO, effective Oct. 11. Shailendra Singh will remain as acting CFO until Farquharson's appointment takes effect.

* Tom Bolt became executive vice president and chief risk officer at American International Group Inc., while Kean Driscoll became the chief underwriting officer for its general insurance business.

* Jens-Peter Riis Jensen resigned as chairman of GF Forsikring A/S's board, Finanswatch.dk reported. Deputy Chairman Torben Pedersen is expected to succeed Jensen.

* MG Non-Life Insurance Co. Ltd. could go through a forced sale if determined nonviable by the Financial Services Commission of South Korea, Yonhap News Agency reported. The regulator intends to discuss regulatory action after the insurer failed to meet the statutory risk-based capital requirement.

Gerard O'Dwyer and James Lim contributed to this report.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.