S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.
Tryg logs lower Q3 profit
* Denmark-based insurer Tryg A/S reported third-quarter profit of 599 million Danish kroner, down from 627 million kroner a year ago. Gross premium income rose on a yearly basis to 5.58 billion kroner from 4.70 billion kroner.
Completed acquisitions
* U.K.-based CFC Underwriting Ltd. acquired Texas-based incident response provider Solis Security, with the purchase expanding the company's cyber incident response capabilities.
* U.K-based PSP Insurance and Financial Solutions Ltd. bought Paul Hicks Insurance Services for undisclosed terms. Paul Hicks Insurance's employees will remain with the business, which will continue operating out of its location in Launceston, Cornwall, in southwestern England.
* Bank of Cyprus Holdings PLC completed the sale of its entire 49.9% stake in CNP Cyprus Insurance Holdings Ltd. to France-based CNP Assurances SA, which owns the remaining 50.1% of the company, after securing regulatory approval.
Expected transactions
* Swiss asset manager GAM Holding AG said it is not in M&A discussions with any company, following media reports regarding a potential deal with Italian insurance firm Generali.
* Spanish lender Banco Bilbao Vizcaya Argentaria SA confirmed that it has received offers from "several interested parties" for its non-life insurance business in several geographies, and said it is carrying out negotiations with the goal of eventually establishing bancassurance alliances.
Investments
* France-based Crédit Mutuel Arkéa SACC recapitalized its life insurance unit, Suravenir SA, by €540 million, amid an environment of negative interest rates that could negatively impact life insurance companies.
* Germany's Munich Re Co. invested an additional $250 million in Next Insurance Inc.'s series C funding round, raising its stake in the U.S. insurer to approximately 27.5%.
In other news
* U.K.'s Rothesay Life PLC concluded a £2.8 billion buy-in transaction with the National Grid UK Pension Scheme. The transaction involves the purchase of a bulk annuity, funded by fixed-interest securities, under which Rothesay Life will reimburse the trustee for all pension payments to those covered by the transaction.
* Danish insurer Gefion Insurance A/S raised €6 million through the issuance of subordinated notes with funds managed by Fermat Capital Management LLC. Proceeds from the placement will be used to strengthen the insurer's capital base and support its business in the European non-life market.
* Munich Re will cease reinsuring digital managing general agency Hippo Jan. 1, 2020, while Guy Carpenter & Co. LLC is reportedly putting together a reinsurance panel for the MGA.
Featured during the week on S&P Global Market Intelligence
Lloyd's insurers welcome risk exchange, want more detail on syndication overhaul: Underwriters acknowledge that modernizing the 330-year-old insurance market will be difficult and expensive, but are confident that the Future at Lloyd's plan will be successful.
Pending legislation expected to more than double cannabis insurance capacity: Industry experts say there is cause for concern about "wild swings" in the marketplace if players' lack of expertise leads to bad underwriting.
No sign yet of 'Brexit slump' for London insurers, says trade body: London-based international insurers are writing more European business thanks to the new subsidiaries they have set up to cope with the U.K.'s pending exit from the EU, according to the International Underwriting Association.
