Risk and regulation
Centene Corp. unit Coordinated Care Corp. has agreed to fix its provider network deficiencies and other ongoing issues and pay a $1.5 million penalty with $1 million suspended, pending no further violations over the next two years.
Massachusetts and New York state regulators said they are investigating MetLife Inc. after the insurance company disclosed that it cannot locate less than 5% of its total group annuitant population of roughly 600,000 in the retirement business, Reuters reported.
Arthur J. Gallagher & Co. has sued rival Alliant for poaching its broker, support staff and a dozen of its clients, costing it about $1 million in business, The Insurance Insider reported.
Property and casualty
Swiss Re AG estimated total insured losses from natural and man-made catastrophes in 2017 at $136 billion, up from $65 billion in 2016.
Navigators Group Inc. has agreed to buy all shares of Belgium-based Assurances Continentales – Continentale Verzekeringen NV and Bracht Deckers & Mackelbert NV for €35 million, or about $41.2 million, in cash.
Federated National Holding Co. is withdrawing from automobile business and its board has authorized an additional $10 million share repurchase program.
Realized gains on the surrender of Bank of America Corp. preferred stock and the exercise of warrants to purchase common stock during the third quarter by the property and casualty units of Berkshire Hathaway Inc. kept the U.S. property and casualty insurance industry from posting its first statutory net loss since the second quarter of 2011.
Life and health
Humana Inc., Welsh Carson Anderson & Stowe and TPG Capital Management LP are acquiring Kindred Healthcare Inc. in an all-cash deal valued at $4.1 billion.
The $4.1 billion takeover of Kindred Healthcare has become the latest example of a deal pairing businesses once seen as strange bedfellows in the healthcare industry. Humana joins rival insurers in branching out into other segments of the healthcare industry through acquisitions after two significant efforts to consolidate failed.
Confirming an earlier report, Voya Financial Inc. said it agreed to divest substantially all of its closed block variable annuity segment and its individual fixed and fixed indexed annuity business to an investor group led by affiliates of Apollo Global Management LLC, Crestview Partners LP and Reverence Capital Partners LP.
Voya Financial's represents an ongoing "restructuring" within the life insurance industry, according to Athene Holding Ltd. Chairman and CEO James Belardi. Athene agreed to reinsure approximately $19 billion of Voya Financial's fixed and fixed indexed annuities.
Anthem Inc. completed the acquisition of HealthSun, an integrated Medicare Advantage health plan and healthcare delivery network in Florida.
Just over 8.8 million people selected Affordable Care Act health insurance plans, Centers for Medicare and Medicaid Services said Dec. 21.
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