S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.
Management moves
* Liverpool Victoria Friendly Society Ltd. and Allianz Group's plans to transfer their personal and commercial portfolios as part of their LV= GI joint venture may include cutting up to 400 jobs, both firms said. The plans will see about 260 employees at LV= GI who are part of the commercial broker and commercial claims teams at risk of redundancy, while 140 staff working on the personal motor and home business at Allianz may be let go. Meanwhile, 60 new roles will be created to manage the additional incoming personal lines business at LV= GI, while some 60 new jobs will be created within Allianz's small business team in the English town of Maidstone to manage the commercial business transferring from LV= GI.
* Swiss insurer Helvetia Holding AG's board of directors will propose current ad interim chairwoman and board member Doris Schurter as the company's new chairwoman at the ordinary shareholders meeting on April 20.
* Sanitas Krankenversicherung CEO Max Schönholzer stepped down from his post, effective immediately, due to differences in opinion over the Swiss insurer's future strategy and innovation. Chairman Otto Bitterli will serve as interim CEO until Schönholzer's successor is appointed, while board member Ueli Dietiker will take on the role of interim chairman.
* Janusz Wladyczak was appointed management board president at Poland's state export insurer Korporacja Ubezpieczen Kredytów Eksportowych Spólka Akcyjna.
M&A buzz
* Kazakh lender JSC Nurbank plans to merge its insurance unit Nurpolis with Victoria Insurance Company, Kazakhstan's second largest insurer in terms of assets, Kapital.kz reported.
* A group of investors led by Armor Group Ltd, a Bermuda-based group of insurance and service companies, has acquired Gibraltar-based Elite Insurance Co. Ltd. and its affiliate Elite Business Development Ltd.
* Reinsurance company Monument Re Ltd. acquired full ownership of Luxembourg-based insurer Aspecta Assurance International Luxembourg SA, subject to regulatory approval.
* CNP Assurances SA acquired a majority shareholding in insurance technology firms iSalud Health Services SL and Azimut for a total investment of around €40 million. The firm bought 60% of Spain-based iSalud through its CNP Partners unit for about €30 million and acquired 70% of France-based Azimut for approximately €10 million.
* Storebrand ASA said the acquisition of fellow Norwegian insurer Silver Pensjonsforsikring AS has been completed after it received necessary regulatory approvals. Following the deal, Silver Pensjonsforsikring will no longer be in public administration and will be a wholly owned subsidiary of Storebrand unit Storebrand Livsforsikring AS.
Game plans
* PAO Rosgosstrakh deputy head Vyacheslav Vorobyev said the Russian insurer plans to swing to profit in 2018 by improving the effectiveness of its retail network and reducing its exposure to the compulsory motor third-party liability insurance segment, Vedomosti reported.
* Società Cattolica di Assicurazione -Società Cooperativa set its targets for 2020, saying it expects its operating profit to reach around €375 million to €400 million, up more than 60% from its full-year 2016 profit of €228 million. The Italian insurer is also targeting an increase in operating return on equity of greater than, or equal to, 10%, and a Solvency II ratio of between 160% and 180%.
In other news
* Russia's Federal Antimonopoly Service allowed Moscow-based company Otkryty Mir to acquire all of the voting shares of OJSC State Insurance Co. Yugoria, Kommersant reported.
* QBE Insurance Group Ltd unit QBE European Operations Plc rebranded its U.S.-based underwriting arm Burnett & Co. Inc. as QBE International Markets, effective immediately.
* Lloyd's of London Lloyd's Syndicate - 1492 (Capita Managing Agency Ltd.) opened a regional office in Mexico City, becoming the first syndicate to join the insurance market's representative office in the country.
