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Weekly news: Patriot National files for Chapter 11; UnitedHealth closes deal

Risk and regulation

Scottish Re Group Ltd. units Scottish Annuity & Life Insurance Co. (Cayman) Ltd. and Scottish Holdings Inc. have commenced U.S. Chapter 11 proceedings in the United States Bankruptcy Court of Delaware.

The mounting financial woes of Patriot National Inc.'s primary customer impeded the efforts of several investment banks to find a buyer for Patriot National, which filed for Chapter 11 bankruptcy protection Jan. 30.

Property and casualty

After a historic catastrophe season in the second half of 2017, 2018 will see a "brutal battle" for insurance-linked securities market share, according to the latest quarterly ILS market update from Willis Towers Watson Securities.

The catastrophe bond market reached a record combined total capacity of $10.7 billion in 2017, according to the latest insurance-linked securities report by Aon Securities.

Opportunities for recently launched reinsurer Langhorne Re will not be new risks to Reinsurance Group of America Inc. as they will be consistent with the risks that the company has been writing for the last decade, Reinsurance Group of America CEO Anna Manning said in a Jan. 30 earnings call.

W. R. Berkley Corp. plans to continue expanding its personal lines brand, Berkley One, which is expected to be in two more states by the end of the first quarter.

Liberty Mutual is looking for buyers for an estimated $1 billion worth of investment holdings in private equity and real estate, The Wall Street Journal reported, citing "people familiar with the matter."

Insurers received nearly 45,000 claims and saw losses of over $11.79 billion from the wildfires that raged across California in October and December 2017, according to California Insurance Commissioner Dave Jones.

Marsh & McLennan Cos. Inc. President and CEO Daniel Glaser said there is potential for a "slightly better operating environment" in 2018 compared with 2017, one of the costliest catastrophe loss years in U.S. history.

RenaissanceRe Holdings Ltd. President and CEO Kevin O'Donnell said the reinsurance market saw "acceptable" rate increases during the Jan. 1 renewal season and that momentum should continue later this year when a greater portion of its loss-affected programs will be up for renewal.

XL Group Ltd CEO Mike McGavick is confident that the company will deliver solid results going forward using lessons learned in 2017.

Life and health

Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co. are working together to launch a technology-focused healthcare company offering cheaper healthcare to their U.S. employees and their families.

UnitedHealth Group Inc. has closed its acquisition of Empresas Banmédica, a major healthcare provider and insurer serving Chile, Colombia and Peru.

Though few details are known about a healthcare industry-disrupting partnership signed by Amazon, Berkshire Hathaway and JPMorgan, Cigna Corp. executives called the venture an "opportunity" rather than a threat to the insurer's business.

Aflac Inc. expects no revisions to its 2018 financial targets in the wake of allegations from former agents that the company misled new hires and illegally cross-sold products, Chairman and CEO Daniel Amos said.

Unum Group executives on a fourth-quarter 2017 earnings call sought to differentiate the company's long-term care reserve position from General Electric Co.'s, outlining in four points on how its long-term care business will not experience the same fate.

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