Macquarie has been dropped from a role as joint-lead manager on the $2bn initial public offering of Norwegian insurer Gjensidige after its lead banker on the deal left, according to a source familiar with the deal.

The $2bn IPO of Gjensidige is set to be one of the first flotations to take place after the summer break, with Goldman Sachs working as as global co-ordinator and also as joint bookrunner alongside with Bank of America Merrill Lynch.