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Weekly news: UnitedHealth earnings, cat losses, Sun Life pension risk transfer

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Weekly news: UnitedHealth earnings, cat losses, Sun Life pension risk transfer

Life and health

Health Insurance Innovations Inc. extended its ongoing strategic review process, which may lead to a partial or full sale of the company.

Rio Tinto majority-owned subsidiary Iron Ore Co. of Canada Inc. executed a pension risk transfer deal with Sun Life Financial Inc. The buy-in group annuity deal, which is valued at more than C$560 million, covers more than 3,700 retirees and beneficiaries.

Managed care

UnitedHealth Group Inc.'s fourth-quarter 2019 earnings from operations increased to $5.10 billion from $4.50 billion a year earlier.

Property and casualty

Allstate Corp. logged an estimated $25 million in pretax catastrophe losses, or $20 million after tax, in December 2019.

Assured Guaranty Ltd. downplayed the U.S. Supreme Court declining to hear its appeal of a lower court's decision regarding payment of special revenues. An appellate court earlier ruled that the U.S. Bankruptcy Code permits, but does not require, continued payment of special revenues by a debtor while bankruptcy proceedings are pending.

Hanover Insurance Group Inc. expects fourth-quarter 2019 pretax noncatastrophe property losses to exceed expectations by approximately $20 million, which will be partially offset by lower-than-expected catastrophe losses.

Mercury General Corp. disclosed catastrophe loss estimates of $36 million pretax, or $28 million after tax, for the fourth quarter of 2019. Losses stemmed primarily from California wildfires and other weather-related catastrophes.

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