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Lloyds exits Standard Life Aberdeen; XL Group approves Axa takeover

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

Capital markets

* Lloyds Banking Group PLC sold its remaining 3.3% stake in Standard Life Aberdeen PLC for 352.5 pence per share, raising £344 million.

* German insurance startup Coya AG attracted $30 million in its latest funding round, bringing its total fundraising to $40 million, TechCrunch reported.

M&A buzz

* Shareholders of Bermuda-based XL Group Ltd. approved the company's pending $15.3 billion takeover by French insurer Axa.

* Zurich Insurance Group AG CFO George Quinn said the Swiss insurer, which has been previously linked to a potential merger with Germany's Allianz Group, will consider only "bolt-on acquisitions."

* Vienna Insurance Group AG is wholly acquiring Gothaer Finanzholding AG's Polish insurance unit, Gothaer Towarzystwo Ubezpieczen S.A..

* U.K. insurance group Markerstudy merged its U.K.-based service firms Markerstudy Ltd., Zenith Insurance Management UK Ltd. and Zenith Marque Insurance Services Ltd. to create what it says is the country's largest managing general agency, Markerstudy Insurance Services Ltd.

* Skandinaviska Enskilda Banken AB completed the sale of Danish pension units SEB Pensionsforsikring A/S and SEB Administration A/S to Danica Pension Livsforsikrings A/S, a unit of Danske Bank A/S.

Beyond borders

* RSA Insurance Group PLC secured license approval from Luxembourg's Commissariat aux Assurances for its new unit in the country, which will become its EU headquarters once Britain exits the bloc.

* Bermuda-based insurer Arch Capital Group Ltd. is working with the Central Bank of Ireland to gain regulatory approval to continue underwriting operations of its U.K. insurer Arch Insurance Co. (Europe) Ltd. and its Gibraltar insurer Alwyn Insurance Co. Ltd. after the U.K. leaves the European Union.

New partnerships

* Italian bank UniCredit SpA has entered into exclusive strategic partnerships with Generali and Allianz Group to enhance its individual and small business bancassurance product reach in Central Eastern European countries.

* Germany-based Auto1 Group GmbH has struck partnerships with Deutsche Bank AG and Allianz Group unit Allianz SE to ease financing for customers who purchase used vehicles from the online car trading platform through a new fintech firm, Bloomberg News reported, citing Auto1 co-CEO Hakan Koc.

Game plan

* German insurer ARAG Holding SE said it expects group premium income for fiscal year 2018 to rise 3.4% year over year to €830 million, adding that it has been analyzing whether to expand in Australia, which it expects to do in 2018.

* Lloyd's Syndicate - 4444 (Canopius Managing Agents Ltd.) is reportedly withdrawing from its professional indemnity and financial institutions underwriting business lines in London.

Executive appointments

* Ascent Underwriting LLP appointed Rob Harden CFO.

* Howden Broking Group Ltd named José Manuel González deputy CEO in preparation for his takeover from David Howden as the group's CEO on Oct. 1. Howden will remain CEO of parent company Hyperion Insurance Group Ltd.

In other news

* Worldwide cyber insurance premiums will touch about $4 billion by 2021, according to Aon Inpoint, which also predicted that global commercial property and casualty premiums would increase at an annual rate of 5.3% to almost $900 billion by 2021.

* Claims management companies will have to abide by stricter rules when dealing with customers after the U.K. Financial Conduct Authority takes over regulating them in 2019, according to the regulator.

Featured during the week on S&P Global Market Intelligence

UK insurers 'disappointed' as regulator suspends work on Solvency II fix: The U.K. Prudential Regulation Authority has suspended work on changing a controversial part of rules requiring insurers to hold a risk margin above their solvency capital requirements, prompting a backlash from British insurers.

S&P: Some insurers will bolster capital to prepare for new accounting rules: The new global insurance accounting regime, IFRS 17, is expected to lead to "complex and costly changes" to the way insurers report profits and losses, according to S&P Global Ratings.

S&P: Dutch insurer numbers to fall as firms merge or close in tough market: The number of Dutch insurers will continue falling in 2018 as companies either merge or close amid tough market conditions, S&P Global Ratings said in a report on the country's insurance market.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.