S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.
M&A corner
* HSBC Holdings PLC is looking to make a bid for the Asian operations that Aviva PLC might sell, Bloomberg News reported. If a deal is inked between the two entities, it would expand HSBC's insurance presence in Singapore and other parts of Southeast Asia. There are other bidders eyeing Aviva's assets but it is uncertain whether those deliberations will lead to an offer.
* Nova Ljubljanska banka d.d. and KBC Group NV are examining options to sell NLB Vita d.d., Slovenia's second-largest life insurer, to a single potential buyer. The divestment is part of Nova Ljubljanska's partial privatization deal with the European Commission.
* Sampo Oyj and Nordic Capital Fund IX agreed to acquire a 17.47% stake in Oslo-based digital bank Norwegian Finans Holding ASA from Norwegian Air Shuttle ASA for a total consideration of 2.22 billion Norwegian kroner, with the deal expected to be completed in two tranches. Nordic Capital and Sampo will own 64% and 36%, respectively, of the joint shareholding.
* U.K.-based managing general agency Avid Insurance Services Ltd. sold a majority stake to Beech Tree PE LLP after securing regulatory approval.
Moves
* RSA Luxembourg SA CEO Richard Turner will step down from his role at the end of 2019. The company's parent, RSA Insurance Group PLC, named Rachel Conran interim CEO of the Luxembourg unit, pending regulatory approval.
* Brightside Group Ltd. named James Slade CFO, pending regulatory approval, and Derek Henry managing director of broking, replacing Russell Bence. Henry's appointment is effective Sept. 1.
* Old Mutual Ltd. has once again fired its former CEO Peter Moyo and told shareholders that it will continue fighting his bid for reinstatement. Moyo was initially sacked in June over a conflict of interest but he took it to court and got a temporary reinstatement order.
* Malta-based legacy insurance business acquirer Darag named James Insley group CFO, effective Sept. 2 and subject to regulatory approval.
In other news
* ASR Nederland NV's first-half operating result rose 21% to €459 million from €380 million a year ago.
Featured during the week on S&P Global Market Intelligence
Swiss Re: Insurers targeting 2%-5% loss ratio cuts using analytics: The insurance industry has been slower than others to adopt new technology, but that is set to change with up to $22 billion in annual spending on data and analytics, the reinsurer said in a new report.
Finance leaders back claims in leaked government report on Brexit disruption: With Brexit scheduled for Oct. 31, the leaked Operation Yellowhammer document warns of cross-border financial services troubles in the event of a "no deal" Brexit and the finance industry has called for better guidance from the government.
Judge blocked £12B Prudential PLC deal over policyholder objections, reinsurance: Justice Richard Snowden wrote that policyholders had chosen Prudential on the strength of its age and reputation, and that a reinsurance agreement with Rothesay Life achieved the intention of the deal without the need to transfer policies.
