French insurer Axa said revenues crossed the €100bn (£84bn, $105bn) mark for the first time in the company’s history as chief executive Thomas Buberl distanced himself from a bid for Generali’s German life insurance business.

Insurance companies looking for shelter from the stormy winds of macroeconomic uncertainty swirling around the Eurozone are starting to fear that their carefully constructed and risk-matched portfolios are uncomfortably vulnerable.

This week, Willis Re reported that insured losses from natural catastrophes reached $39.5bn last year -the highest since 2012.

Insurers and asset managers struggling to see how Brexit will impact them found the way ahead becoming just a little clearer over the last week.

This week, Insurance Europe highlighted Solvency II issues which need to be addressed, and Clyde & Co commented on the UK Government's Brexit White Paper, which provided some comfort to the insurance industry.

The transaction will represent LCCG’s first acquisition in the UK and is expected to form the platform for further acquisitions in the UK.