S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.
On the deal table
* VTB Bank (PJSC) agreed to sell 100% of unit VTB Insurance Ltd. to JSC Sogaz. On top of an undisclosed cash consideration, the bank will get a 10% stake in the merged entity as part of the deal, which will create the largest insurer in Russia.
* Generali unit Generali CEE Holding BV, based in Prague, will buy a 100% stake in Slovenian insurer Adriatic Slovenica Zavarovalna druzba d.d. after entering into an agreement with KD Group financna družba d.d. Generali is also set to buy all of Polish life insurance firm Concordia Capital SA and non-life insurance firm Concordia Polska TUW from German shareholders Concordia Versicherung and Vereinigte Hagelversicherung.
* Ardonagh Group Ltd. is reportedly seeking to divest its general commercial managing general agent business in the U.K., with Aviva PLC, Axa, Allianz Group and RSA Insurance Group PLC said to be among the likely bidders for the unit.
* U.S.-based Warburg Pincus LLC has made the highest offer among all bidders to acquire the 26% stake in IndiaFirst Life Insurance Co. Ltd. owned by Legal & General Group PLC, insiders told Mint. The deal value is expected to be around $150 million, subject to change as deal talks progress.
Austrian insurers by the numbers
* Uniqa Insurance Group AG reported first-quarter consolidated net profit attributable to shareholders of the group of €54.4 million, up 87% from €29.1 million in the year-ago period, driven by a one-time gain of €47.4 million from the sale of the group's indirect interest in Casinos Austria Aktiengesellschaft. CEO Andreas Brandstetter said the group will save roughly half of the earnings from the sale of the Casinos Austria Aktiengesellschaft shares to make provisions for future claims.
* Vienna Insurance Group AG reported a first-quarter net result after noncontrolling interests of €75.5 million, up 9.4% from €69.1 million a year earlier.
Executive moves
* Sarah Bates decided to retire as chair and a director of St. James's Place Plc. Iain Cornish, currently senior independent director, will succeed Bates.
* Paul Lee will step down as head of corporate governance of Standard Life Aberdeen PLC's funds arm, The Telegraph reported. His departure is said to be related to the company's earlier merger with Aberdeen Asset Management.
* MS Amlin PLC named Simon Smith chief operating officer and Vivian Leinster chief people officer, Re-insurance.com reported. Meanwhile, Kim Hvirgel, CEO of Amlin Insurance SE and global managing director of MS Amlin PLC's property and casualty business, is leaving the company, The Insurance Insider reported.
Industry news
* A further surge in data breach and other security failure insurance claims is likely after the EU's General Data Protection Regulations take effect May 25, AIG Europe research found.
* The Russian insurance market will expand by 10.5% in 2018, with the annual growth accelerating further to between 11% and 14% in the medium term, according to Russia's Analytical Credit Rating Agency.
Courtroom battles
* Princess Juliana International Airport, located in the Caribbean island of Sint Maarten, which is part of the Kingdom of the Netherlands, has reportedly sued National General Insurance Corp. N.V. over the insurer's refusal to appraise in full the airport's insurance claim worth about $193.4 million.
* Tryg A/S said a court has ruled in favor of unit Tryg Forsikring A/S in a case over a pension scheme adjustment that the Danish company made in 2014.
In other news
* Zurich Insurance Group AG completed a share buyback program under which it repurchased about 1,740,000 shares at an average purchase price of CHF315.0387 each, or a total purchase value of about CHF548.2 million.
* Lloyd's of London obtained a license approval from the National Bank of Belgium for its Brussels unit, which would be its EU base when the U.K. exits the bloc.
* Ageas SA/NV expects to make as much as €200 million from the sale of its 26% stake in Indian insurer IDBI Federal Life Insurance, De Tijd reported.
* Generali CEO Philippe Donnet said the Italian insurer is aiming to expand its operations in parts of Asia and Latin America, particularly Argentina and Brazil, Reuters reported.
Featured during the week in S&P Global Market Intelligence
Tackling new EU data rules could cost insurers more than Solvency II: Preparing for and operating under the European Union's new data protection rules could cost insurers more than tackling the region's Solvency II insurance capital regime, according to one consultant.
UK insurance broker M&A spree surges on despite headwinds: Although takeover activity in U.K. insurance broking shows no signs of abating despite several potential hurdles, the momentum cannot last forever as the number of attractive targets dwindles, according to one prominent buyer.
ESG more than just PR for European insurers, Moody's says: Insurers' factoring of environmental, social and governance considerations into underwriting and investment decisions is "not just PR" but "something they really are taking seriously," according to a Moody's analyst.
