Sampo becomes sole owner of Hastings; S&P's insurance expectations

TOP NEWS IN GLOBAL INSURANCE

* Sampo Oyj has completed its acquisition of the remaining 30% stake it does not already own in Hastings Group Holdings Ltd. from Rand Merchant Investment Holdings Ltd. for £685 million. The transaction also includes Rand Merchant's option to acquire 10% of Hastings' share capital from Sampo by May 2022.

* S&P Global Ratings expects property and casualty insurers' technical performance to return to pre-pandemic levels over 2022 following lockdown-induced loss ratio improvements last year. Strong-performing P&C markets typically display prudent underwriting with disciplined pricing, strong distribution channels and digitization, according to the rating agency.

➤ Omicron poses more uncertainty with life industry death benefits on record pace

The U.S. life industry is on pace to incur death benefits in 2021 that exceed 2020's record total after a third quarter characterized by adverse mortality primarily, but not exclusively, linked to COVID-19.

➤ Another La. property insurer may succumb to Hurricane Ida losses

Americas Insurance Co. is "insolvent," according to statements made by the insurer's management team within the company's latest regulatory filing.

PROPERTY AND CASUALTY

* Lloyd's of London will change its business planning process in 2023 in a bid to close the gap between the planned and actual results of the market's syndicates.

* BRP Group Inc.'s indirect unit, Millennial Specialty Insurance LLC, has acquired substantially all the assets of Texas-based national insurance agency and program administrator Arcana Insurance Services LP.

* Hub International Ltd. has acquired McAllen, Texas-based business and personal insurance provider Cameron Investment Co. Inc., which does business as Shepard Walton King Insurance Group, for undisclosed terms.

* Intact Financial Corp. appointed Ken Norgrove CEO of RSA U.K. and international business, effective Jan. 10, 2022, subject to regulatory approval.

* Workers' compensation insurers are focused on ongoing loss cost decreases and their impact on premium levels, according to a report from The National Council on Compensation Insurance surveying more than 100 workers' compensation insurance executives.

LIFE AND HEALTH

* Citigroup Inc. has selected Taiwan-based Fubon Financial Holding Co. Ltd. as the preferred bidder for its assets in China in a deal expected to raise up to $200 million, Bloomberg News reported, citing people familiar with the matter. No final decision has been made and deliberations are still ongoing.

* A Nevada state court jury found United Healthcare Insurance Co. and five of its subsidiaries liable for $60 million in punitive damages for underpaying out-of-network emergency medical providers, The Associated Press reported.

* Trupanion Inc.'s share price surged Dec. 7 after the pet insurer announced that it entered into a partnership with Chewy Inc., under which the e-commerce platform will offer pet health insurance and wellness plans starting in spring 2022.

REINSURANCE

* The Farmers Insurance Group-sponsored Topanga Re Ltd. series 2021-1 catastrophe bond is now targeting up to $160 million of collateralized reinsurance protection against named storms, earthquakes, severe weather and wildfires in the U.S., Artemis reported.

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