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In this list

Delta Lloyd shoots down NN Group's offer; up to 75,000 jobs at risk in Brexit fallout

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Delta Lloyd shoots down NN Group's offer; up to 75,000 jobs at risk in Brexit fallout

S&P Global MarketIntelligence offers our top picks of insurance news stories and more publishedthroughout the week.

Delta Lloyd shoots down NN Group's €2.4Btakeover bid

*Delta Lloyd NVrejected NN GroupNV's unsolicited offer to acquire the company at a price of €5.30 per ordinaryshare, saying theproposal "substantially undervalues" Delta Lloyd. DeltaLloyd said the terms of NN Group's proposed offer represent only 0.64x its bookvalue as of June 30, while the 29% premium over Delta Lloyd's closing stockprice Oct. 4 is "below market norms for cash transactions of this type andfor companies at our stage of recovery."

Brexit fallout

* TheBritish financial services sector is at risk of losing between £32 billion and £38 billion inrevenues as a result of Brexit, assuming limited passporting rights, if any,while 65,000 to 75,000 jobs could be lost in the long term, according to areport by management consultancy firm Oliver Wyman.

More M&A news

* the entire sharecapital of Icelandic insurance company Vørður from for 5.3 billionIcelandic kronur before transaction costs and taxes.Faroe Islands-based BankNordik expects to pay out 100 million Danish kronerfrom the sale to shareholders, subject to approval at the 2017 annual generalmeeting.

* completed the of Liberty Ubezpieczenia,Liberty Mutual Insurance Group's Polish P&C operations, for a totalconsideration of 101.3 million Polish zlotys ($26.5 million). AXA said the transaction allows it to furtherstrengthen its presence in Poland.

* completed the acquisition of 100% of Grupo Previsora Bilbaína afterreceiving the necessary administrative approvals. Catalana Occidente acquiredGrupo Previsora Bilbaína's insurance business for €76.6 million, its funeralbusiness for €36.6 million and insurance mediation company Azkarán for €16.7million.

Grupo Previsora Bilbaína will continue to independentlyoperate its insurance and funeral businesses following the acquisition.

* HamiltonInsurance Group unit Hamilton UK Holdings the disposal of insurancebroker Kinetic Insurance Brokers to London-based Torlea Group, IntelligentInsurer reported.

In other news

* DeltaLloyd will combineits Belgian life insurance business into its Dutch life insurance division aspart of an initiative to simplify the corporate structure of its Belgianoperations.

* HeliosUnderwriting Plc placed through an accelerated 3.5 million new ordinaryshares with investors at a price of 150 pence per share, raising gross proceedsof approximately £5.3 million. Helios also intends to raise up to a further£3.2 million through a conditional open offer to existing shareholders on thebasis of 1 new ordinary share for every 5 ordinary shares held. Upon completionof both the placing and the open offer, the new ordinary shares will representa maximum of about 34.6% of Helios' enlarged share capital.

* PZUSA plans to earmark at least 50% of its annual profit for dividendpayments under a new capital and dividend policy spanning through 2020. No morethan 20% of a given year's profit will be retained to finance organic growthand innovation and to pursue growth initiatives, and no more than 30% will beretained to fund potential M&A deals and other activities under theinsurer's strategy.

Featured during the week on S&P GlobalMarket Intelligence

: Delta Lloyd is likely to get a bettertakeover deal from NN Group if it refuses the €2.4 billion offer, analysts toldS&P Global Market Intelligence.

: PZU said its M&A plans will not affect a pledge to payout at least half of its profit as dividends. But one analyst said the state'sdesire to make its role felt in the Polish economy brings a measure of unpredictability.

: Lloyd's of London has become apopular hunting ground for companies willing to pay a premium for internationalgrowth, after Canada Pension Plan Investment Board became the ninth acquirer inless than two years to pay more than $1 billion for a Lloyd's platform.