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BoE to test on climate risk; MS Amlin to exit some lines; Aegon-Canada Life deal

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

Risk and regulation

* Europe's occupational pensions institutions' investments have a relatively high carbon footprint, the EU's insurance and pensions regulator found.

* Insurers in the U.K. will be stress-tested against the effects of different climate change scenarios in what the Bank of England claims will be pioneering tests. The BoE will test the balance sheets of the U.K.'s biggest insurers to see how they would cope with more frequent severe weather events such as floods and subsidence.

* France is planning to implement measures that would ease the pressure on insurers' prudential ratios in the low interest rate scenario. The government will sign off a decree in the coming days allowing life insurers to take back part or all of the provision for profit sharing, which belongs to insured parties.

* Bulgaria's Financial Supervision Commission revoked Euroamerican Insurance Co.'s license due to a gross violation of the insurance code. The regulator appointed Stefan Stefanov conservator until a liquidator is named.

Deal book

* Bermuda-based Monument Re Ltd. acquired a closed book of life business from Belgian mutual insurance company Curalia OVV. The portfolio transfers into the Belgian carrier of the Monument Re Group, Monument Assurance Belgium NV.

* Santa Lucía SA is requesting an extension of the bidding process for Caser Seguros as it missed the original Dec. 3 deadline. The Spanish insurer had written a letter to all parties involved in the bid to ask for a delay in the process so it could present its offer.

Executive moves

* RSA Insurance Group PLC unit Codan Forsikring A/S named Christian Baltzer as CEO, effective Feb. 1, 2020. The appointment is subject to approval by the Danish Financial Supervisory Authority.

* U.K.-based AA PLC appointed Kevin Dangerfield CFO. Dangerfield was most recently CFO of Wilmcote Holdings PLC.

* Allianz Benelux SA CEO Wilfried Neven departed the company with immediate effect. He was replaced by Kathleen Van den Eynde.

In other news

* MS Amlin Ltd. will stop underwriting corporate property, casualty and package binders via its U.K. property and casualty business, effective Jan. 31, 2020. The decision follows a review that identified product lines and operations that are no longer aligned with its strategy.

* Aegon NV entered into a long-term longevity reinsurance agreement with Canada Life Reinsurance Ltd. covering risks associated with €12 billion of liabilities in the Netherlands.

* Bankinter SA plans to off-load a majority stake in wholly owned insurance company Línea Directa Aseguradora SA Compañía de Seguros y Reaseguros and then list it on the stock market. The Spanish lender will divest an 82.6% stake in the unit by distributing the shares to its own stockholders, valuing the stake at €1.18 billion and the business as a whole at €1.43 billion.

* Howden, a part of U.K.-based Hyperion Insurance Group Ltd., raised its investment in the United Arab Emirates and partnered with Guardian Insurance Brokers LLC. Fawaz Moukayed will be chairman of the Abu Dhabi business.

Featured during the week on S&P Global Market Intelligence

EU regulator: Stress test shows pension funds have much more to do on ESG risks: European Insurance and Occupational Pensions Authority Chairman Gabriel Bernardino said pension funds need to tackle the exposure to carbon-intensive industries in their investments, but that it should be done gradually.