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Allianz in multiple deals; Aviva eyes UK split; NN Group cuts coal investments


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Allianz in multiple deals; Aviva eyes UK split; NN Group cuts coal investments

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

M&A buzz

* German insurer Allianz Group will buy out the remaining 30.1% stake in LV= General Insurance that it does not already own from Liverpool Victoria Friendly Society Ltd. for up to £365 million. Allianz will also acquire 100% of Legal & General Group PLC's general insurance business, Legal & General Insurance Ltd., for £242 million.

* CVC Capital Partners Ltd. is in discussions with rival buyout firms, including Centerbridge Partners LP, Warburg Pincus LLC and Apax Partners LLP, about a sale of its local subsidiary, warranty provider Domestic & General Group Ltd., for £1.25 billion, insiders told Sky News. CVC Capital Partners is also reportedly eyeing a potential stock market listing of the unit.

* U.K.-based Rural & Commercial Holdings Ltd. acquired managing general agent incubator and insurance provider Precision Partnership Ltd., Insurance Age reported.

* Monument Re Ltd. unit Monument Monument Assurance Belgium NV completed the acquisition of a runoff portfolio of traditional life and credit life business from Alpha Insurance S.A., a Belgian composite insurance company owned by Bermuda-based reinsurer Enstar Group Ltd.

* Bermuda-based Argus Group Holdings Ltd. plans to acquire Malta-based FirstUnited Insurance Brokers Ltd., subject to regulatory approvals.

Shifting game plans

* British insurer Aviva PLC is considering separating its U.K. business into life and nonlife insurance divisions as part of a restructuring plan that could be announced in the week of June 3, sources told the Financial Times. Such a move would undo a 2017 decision to combine the two businesses.

* Dutch insurer NN Group NV and its asset manager NN Investment Partners Holdings NV outlined plans to restrict investments in companies with exposure to thermal coal, in line with the Paris Agreement on climate change, with a goal of generally phasing out coal investments within 10 years. NN Group also said it will stop underwriting companies that have more than 30% thermal coal mining-based revenue or use at least 30% thermal coal used for power generation, effective July 1.

* American International Group Inc.'s U.K.-based unit Talbot Underwriting Ltd. is combining its regional underwriting capabilities into a single hub based in Singapore.

Featured during the week in S&P Global Market Intelligence

Lloyd's shake-up forcing business shift for managing general agents: Lloyd's of London could lose business to the rest of the London insurance market as its drive to improve profitability pushes managing general agents to look elsewhere for capacity.

Hiscox UK 'through the worst' of IT woes, says CEO: Growth in the specialist insurer's U.K. division was "subdued" as it continued to adapt to a new IT system, CEO Bob Thaker said.