UK regulator OKs Gallagher/Willis deal; US P&C logs $6.1B underwriting loss

TOP NEWS IN GLOBAL INSURANCE

* The U.K.'s Competition and Markets Authority has cleared Arthur J. Gallagher & Co.'s planned acquisition of Willis Towers Watson PLC's treaty reinsurance business. The deal was announced in August after Aon PLC and Willis Towers Watson's planned merger collapsed following opposition from the U.S. Justice Department.

* The U.S. property and casualty insurance industry saw a $6.1 billion underwriting loss during the first nine months of 2021 owing to increased losses and expenses, according to a report from A.M. Best. The industry recorded an 8.2% year-over-year growth in net earned premiums and a 53.4% decline in policyholder dividends, which were offset by a 12.1% increase in incurred losses and loss adjustment expenses and a 5.9% increase in underwriting expenses.

➤ Willis Towers Watson up modestly amid board shake-up; reinsurance stocks fall

The S&P 500 added 0.32% to finish the week ending Nov. 19 at 4,697.96, while the S&P 500 Insurance index tumbled 2.33% to 533.17.

PROPERTY AND CASUALTY

* A lawsuit filed by hospitality group Corbin & King against Axa SA in a dispute over coverage for COVID-19-related business interruption losses will be heard in the U.K.'s High Court in January, Financial Times reported.

* Kaplansky Insurance Agency Inc. has acquired Dorchester, Mass.-based Judith M. Flynn Insurance Agency Inc., Insurance Journal reported.

* FedNat Holding Co. COO Patrick McCahill has resigned from the company, effective Dec. 31.

LIFE AND HEALTH

* Great-West Lifeco Inc. has closed the sale of its Colorado-based subsidiaries, EverWest Real Estate Investors LLC and EverWest Advisors LLC, to Sagard Holdings ULC. In exchange, Great-West now owns a minority stake in Sagard Holdings Management Inc.

* American Equity Investment Life Holding Co.'s board of directors authorized the repurchase of an additional $500 million of common stock and declared a 34-cent dividend, a 6.3% increase from the 32-cent payout it made in late 2020.

* Liverpool Victoria Financial Services Ltd. urged members to vote in favor of the proposed transaction with Bain Capital, noting that the board carried out a detailed strategic review in 2020 before concluding that the transaction would be the best outcome for members, employees and stakeholders.

REINSURANCE

* British terrorism reinsurer Pool Reinsurance Co. Ltd. said CEO Julian Enoizi has decided to depart in spring 2022. Pool Re has started looking for Enoizi's successor and an announcement will be made in due course.

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