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FAIR Plan change opposed; PG&E settlement; UnitedHealth pharmacy deal


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FAIR Plan change opposed; PG&E settlement; UnitedHealth pharmacy deal

Editor's Note: Today's edition of the Daily Dose was published late due to technical issues. We apologize for the inconvenience.

The head of California's fire insurer of last resort asked the state regulator to withdraw a rule change mandating that the program offer more comprehensive insurance coverage. Anneliese Jivan, president of the FAIR Plan, said the association has seen no demand from brokers to include coverage for things like water damage, liability and theft as an add-on to backstop fire insurance, which the recent order requires.

PG&E Corp. reached a $13.5 billion settlement agreement with victims of California wildfires linked to its electric transmission infrastructure, a move that could assist the company in its bankruptcy proceedings.

UnitedHealth Group Inc.'s OptumRx Inc. will merge with Michigan-based specialty pharmacy Diplomat Pharmacy Inc.

Flooding and inland storms in western and southern Europe in November resulted in multibillion-dollar economic losses, according to Aon PLC's latest Global Catastrophe Recap. In Italy, total aggregated economic losses, including the effects of tidal flooding in Venice, amounted to approximately $1.9 billion.

Everest Re Group Ltd.'s Kilimanjaro Re Ltd. catastrophe bond issuance vehicle issued two series of notes that will provide the company with $850 million of retrocession across multiple years, Artemis reported.

Also from Artemis, Axa XL opted for a $475 million Galileo Re Ltd. (Series 2019-1) catastrophe bond, after seeking at least $400 million of protection at launch.

Chilean retailer Cencosud SA has filed a claim on its Chubb Ltd.-led property policy for property damage and business interruption from fires and looting due to social unrest in the country, The Insurance Insider reported. Aon PLC, the supermarket chain's broker, was able to reduce an early loss notification of about $84 million to about $76 million, according to the report.

Watford Holdings Ltd. agreed to acquire French property and casualty insurer Axeria IARD from the APRIL Group.

Centricus has launched an insurance platform with the European Insurance Consolidation Group.

The Pennsylvania Insurance Department approved AIG Property Casualty Co.'s request to redomesticate to Illinois.

Magellan Health Inc. appointed James Murray president and COO, effective Dec. 9.

AUB Group Ltd. canceled its proposed acquisition of Pemba Capital Partners Pty Ltd.'s interest in Coverforce Holdings Pty. Ltd. AUB Group said it did not receive due diligence materials on the date agreed upon with Pemba Capital.

Phoenix Group Holdings PLC will not be buying any more business "for the foreseeable future" following its planned purchase of Swiss Re AG's U.K.-based closed life acquisition business, ReAssure Group PLC, CEO Clive Bannister told analysts Dec. 6.

The New South Wales Rural Fire Service said that as of late afternoon on Dec. 8, 87 fires were burning across the Australian state, with 39 yet to be contained. It warned of widespread very high and severe fire danger.

Now featured on S&P Global Market Intelligence

Aflac shares slip as company reveals 2020 outlook; big P&C stocks mixed: For the week ending Dec. 6, the S&P 500 ticked up 0.16% to 3,145.91, while the SNL U.S. Insurance Index edged down 0.18% to 1,149.45.

Insurtech firm's 73% gain in November was highest among US financial stocks: EverQuote had a stellar November, bringing its year-to-date return above 700%. Other high-performing stocks during the month were merger targets.

In other parts of the world

Asia-Pacific: KB Financial to cancel shares; China eases ownership rules for life insurers

Europe: HSBC risk chief to leave; Swedbank revamps executive team; M&G suspends 2nd fund

Middle East & Africa: Boubyan Bank to acquire BLME; S&P acts on Senegal; GCB Bank's digital drive

On the macro front

The TD Ameritrade Investor Movement Index is due out today.

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