Axa considers Banco BPM insurance deal; Lloyd's closes headquarters amid protest

TOP NEWS IN GLOBAL INSURANCE

* Axa SA is in talks to acquire a controlling stake in Banco BPM SpA's insurance businesses, valued at about $1.6 billion, Bloomberg News reported, citing people with knowledge of the matter. Any deal would be subject to Banco BPM taking full ownership of insurance businesses where it has partners. Early-stage discussions could still fall through following Crédit Agricole SA's purchase of a 9.18% stake in Banco BPM, according to the report.

* Lloyd's of London shuttered its London headquarters for the day April 12 as it dealt with activist group Extinction Rebellion protesting on site, demanding the company stop underwriting fossil fuel projects. The group blocked more than 25 entrances to prevent staff from entering the building, Reinsurance News reported. Lloyd's instructed staff to work from home or alternative locations for the day and said its security team was helping staff vacate the building.

➤ J.P. Morgan Securities tops insurance debt offerings league table in Q1

The underwriter finished the period with $1.53 billion in deal credit from nine offerings in the first quarter of 2022, including Prudential Financial's $1 billion debt offering in February.

➤ Goldman Sachs tops insurance underwriter M&A league table in Q1

Sica Fletcher LLC led the insurance broker deal volume league standings, followed by Reagan Consulting Inc. and Marsh Berry & Co.

PROPERTY AND CASUALTY

* United Insurance Holdings Corp. intends to seek regulatory approval to merge Journey Insurance Co. into American Coastal Insurance Co. Inc. under a proposed reorganization plan, with American Coastal Insurance emerging as the surviving entity.

* W. Stancil Starnes will retire from ProAssurance Corp.'s board of directors as executive chairperson and will not stand for reelection at the end of his term.

* Old Republic International Corp. is launching a new specialized excess and surplus lines insurance-focused company, Old Republic Excess & Surplus Inc. Ralph Sabbagh will be president of the new venture.

LIFE AND HEALTH

* NN Group NV has completed the sale of its asset management business, NN Investment Partners Holdings NV, to The Goldman Sachs Group Inc. The transaction generated total cash proceeds of about €1.7 billion for NN Group.

* Investment banks approached OneDegree Hong Kong Ltd. regarding a public listing through a merger with a special purpose acquisition company, Bloomberg News reported, citing OneDegree Hong Kong co-founder Alvin Kwock. The company has yet to decide on the matter, according to Kwock.

* Teresa White will retire as president of Aflac U.S., effective March 31, 2023.

REINSURANCE

* Scor SE will propose to raise the age at which a sitting chairperson is expected to resign to 72 years at its next general meeting on May 18, Les Echos reported. The resolution would allow Denis Kessler to remain as Scor's chairperson for two more years.

* UnipolSai Assicurazioni SpA is seeking €100 million of reinsurance protection against earthquakes impacting Italy and neighboring countries through the Azzurro Re II DAC series 2022-1 catastrophe bond, Artemis reported.

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