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Weekly news: Allstate's February cat losses; Premia, AmTrust in sale talks


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Weekly news: Allstate's February cat losses; Premia, AmTrust in sale talks

Life and health

RiverSource Life Insurance Co. entered into a reinsurance agreement with Global Atlantic Financial Group Ltd. subsidiary Commonwealth Annuity and Life Insurance Co. covering about 20% of the in-force fixed annuity account balances of RiverSource's parent company Ameriprise Financial Inc.

A deal that would see Principal Financial Group Inc. acquire Wells Fargo & Co.'s retirement plan service business for more than $1 billion could be announced later in March if negotiations end successfully, Reuters reported, citing sources.

Managed care

HealthEquity Inc. issued guidance for the fiscal year ending Jan. 31, 2020, including net income in the range of $58 million to $62 million.

Property & Casualty

Bermuda-based insurer Premia Holdings Ltd. is in talks with AmTrust Financial Services Inc. to buy the parts of AmTrust's Lloyd's of London operation, AmTrust at Lloyd's Ltd., that are not being sold to Canopius AG, Insurance Insider reported.

Allstate Corp. sustained estimated catastrophe losses of $151 million pretax, or $119 million after tax, in the month of February.

Arthur J. Gallagher & Co. subsidiary Alesco Risk Management Services Ltd. will arrange a $3.5 billion reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.

With the completion of its acquisition by RenaissanceRe Holdings Ltd., Tokio Millennium Re (UK) Ltd. is parting ways with a few of its senior staff members, Insurance Insider reported.

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