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Weekly news through Oct. 6


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Weekly news through Oct. 6

Life and health

Nevada approved an average rate hike of 31.6% for individual plans in 2018, drawing in seven health insurance companies to sell plans on and off the health insurance exchange in the state. Over in Minnesota, premium rates for individual plans will either increase modestly or decline after two years of large rate hikes.

Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. again withdrew their joint voluntary notice with the Committee on Foreign Investment in the U.S. The companies plan to refile the transaction with additional mitigation proposals, including potentially working with a U.S. third-party service provider. The North Carolina Department of Insurance approved the pending acquisition of Genworth's North Carolina-domiciled insurance companies. The U.S. insurer's share price suffered during the week.

Prudential Financial Inc. was "encouraged" by the Financial Stability Oversight Council's decision to remove American International Group Inc.'s designation as a systemically important financial institution, the company said in a statement.

The U.S. Federal Trade Commission granted early termination of the antitrust waiting period in Centene Corp.'s deal to buy substantially all the assets of Fidelis Care.

Property and Casualty

Public and private insurers could face payouts exceeding $10 billion from hurricanes Irma and Maria, Aon Benfield's Impact Forecasting said. The National Flood Insurance Program received more than 87,000 claims related to Hurricane Harvey and incurred more than $819 million in losses as of Sept. 26, according to Property Claim Services.

A number of property and casualty insurance companies, including Hanover Insurance Group Inc., Navigators Group Inc., State Auto Financial Corp., W. R. Berkley Corp., AmTrust Financial Services Inc., American Financial Group Inc., The Hartford Financial Services Group Inc., projected their losses stemming from the recent catastrophe activity.

Though third-quarter insured losses from hurricanes may be among the highest in the last two decades, U.S. insurers are "well capitalized" to absorb them, Moody's said.

Tokio Marine HCC agreed to acquire the medical stop-loss operations of AIG through HCC Life Insurance Co.

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