Berenberg Bank has been promoted to joint global coordinator on German insurer Talanx's third attempt at an initial public offering this year, while JP Morgan and Citigroup have been dropped to joint-bookrunners on the deal.

Talanx's attempt to list has been one of the more controversial equity stories this year. Last week, the firm dropped its plans to float for €700m in Frankfurt, blaming the investment banks on the deal for mis-pricing the firm.