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Weekly news: Progressive Q3 earnings; Everest Re, RenRe project cat losses


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Weekly news: Progressive Q3 earnings; Everest Re, RenRe project cat losses

Life and health

Foresters Financial Services Inc. agreed to sell Foresters Financial Holding Company Inc. and unit Foresters Life Insurance and Annuity Co. to Nassau Financial Group LP, parent company of Nassau Life Insurance Co.

Managed care

Blue Cross & Blue Shield of North Carolina and Cambia Health Solutions Inc. have formally ended their plan for a merger.

UnitedHealth Group Inc.'s third-quarter earnings from operations grew to $5.01 billion from $4.59 billion a year earlier, led by double-digit growth rates across each of the Optum businesses.

Property and casualty

ABRY Partners LLC has brought in J.P. Morgan as an adviser to consult on the potential sale of its majority stake in insurance broker Hilb Group LLC, Insurance Insider reported.

Applied Underwriters Inc. founder Steve Menzies has acquired the company and subsidiary North American Casualty Co. in a transaction valued at $920 million. The transaction included the buyout of all other shareholders, including the 81% stake held by Berkshire Hathaway Inc.

Arch Mortgage Insurance Co. obtained $577.3 million of indemnity reinsurance on a pool representing $7.2 billion of mortgages from Bellemeade Re 2019-4 Ltd.

AXIS Capital Holdings Ltd. is joining a number of its peers in reducing its exposure to fossil fuels by implementing a new thermal coal and oil sands underwriting and investment policy.

Progressive Corp.'s net income attributable to the company declined to $841.7 million in the third quarter from $928.4 million a year earlier.

United Insurance Holdings Corp. projects about $46 million of net retained catastrophe losses, pretax, for the third quarter.


Everest Re Group Ltd. recording $280 million in pretax catastrophe losses, net of reinsurance recoveries and reinstatement premiums, for the third quarter.

RenaissanceRe Holdings Ltd. is expecting that losses from catastrophe events will have a net negative impact of roughly $155 million on its third-quarter results.

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