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Nat cat loss estimates; ASR issues CoCos; Tryg Q3 profit dips YOY

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Nat cat loss estimates; ASR issues CoCos; Tryg Q3 profit dips YOY

S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.

Nat cat impact

* SCOR SE and Lancashire Holdings Ltd. unveiled their preliminary loss estimates from hurricanes Harvey, Irma and Maria — which largely affected parts of the Caribbean and the U.S. — as well as the recent earthquakes that hit Mexico. SCOR estimated that the total private insured market loss for the combined hurricanes and earthquakes will reach about $95 billion, while Lancashire estimated its net ultimate losses arising from the catastrophes to be in the range of $106 million to $212 million.

* Storm Xavier, which hit northern Germany on Oct. 5, is likely to cost the country's insurers and reinsurers between €150 million and €200 million, according to actuarial firm Meyerthole Siems Kohlruss, Artemis reported.

M&A corner

* Aviva Plc unit Aviva International Holdings Ltd. agreed to sell its entire 49% stake in joint venture First-Aviva Life Insurance Co. Ltd. to Taiwan's First Financial Holding Co. Ltd.

* Separately, Aviva is in advanced discussions to purchase Achmea BV's Ireland-based life assurance, pensions and investment unit Friends First, which was put up for sale in recent months.

* Lloyds Banking Group Plc agreed to acquire Zurich Insurance Group AG's U.K. workplace pensions and savings business with AUM of £19 billion. Financial terms of the transaction were not disclosed.

* The Ardonagh Group exchanged contracts in relation to the acquisition of U.K.-based Carole Nash Insurance Consultants Ltd. and Mastercover Insurance Services Ltd., subject to regulatory approvals.

* The Finnish Financial Supervisory Authority approved the merger between local insurance companies Ilmarinen Mutual Pension Insurance Co. and Keskinäinen Eläkevakuutusyhtiö Etera.

Minority investments

* Finnish financial group Sampo Oyj acquired 8.5 million shares, or a 7.6% stake, in Swedish bank Nordax Group for about €40 million.

* A company controlled by Berkshire Hathaway agreed to acquire a 9.047% stake in Società Cattolica di Assicurazione -Società Cooperativa from Banca Popolare di Vicenza, leading to a jump in the shares of the Italian insurer.

Bigwig moves

* Allianz Group named Carsten Quitter chief investment officer. He will also become managing director and co-lead of Allianz Investment Management SE alongside Claus Stickler, effective Jan. 1, 2018. He succeeds Andreas Gruber. Quitter most recently was the chief investment officer for the insurer's Italian unit. He will be replaced in that role by Fabiana Rossaro.

* Hiscox Ltd. named Kate Markham CEO of its London Market business, a newly created position. Markham most recently was managing director of the insurer's U.K. direct to consumer operations. The appointment is subject to regulatory approval.

In other news

* Tryg A/S reported third-quarter net profit of 671 million Danish kroner, down from 732 million kroner in the same period in 2016. Third-quarter gross premium income rose on a yearly basis to 4.58 billion kroner from 4.51 billion kroner, while gross claims also increased year over year to 2.95 billion kroner from 2.69 billion kroner.

* ASR Nederland NV priced an inaugural €300 million Restricted Tier 1 contingent convertible capital instrument. The insurer wants to keep Tier 2 capital and Tier 3 bond issues, which are easier to complete, for rainy days.

* The Central Bank of the Russian Federation prepared a package of draft legislative amendments aimed at introducing a financial recovery mechanism for troubled insurance companies with the participation of an insurance sector consolidation fund, to be set up by the regulator.

* Allied World Assurance Co. Holdings AG and Hudson Structured Capital Management are funding insurance startup Vault, which focuses on high-net-worth clients.

* Italy's Court of Cassation upheld a four-year sentence against former Generali Chairman Cesare Geronzi over his involvement in the 2003 collapse of Italian food company Cirio.

Featured during the week on S&P Global Market Intelligence

European insurance indexes continue upward trend in Q3: Natural disasters in the third quarter failed to make a dent in the upward trend of European insurers' performance since the start of 2017.

Tryg may have to raise prices to make insuring electric cars profitable: Tryg may have to raise premiums again to make insuring electric cars profitable, CFO Christian Boris Baltzer told analysts during a third-quarter earnings call.