S&PGlobal Market Intelligence offers our top picks of insurance news stories andmore published throughout the week.
NAIC Vice President Julie McPeak warned that Germanregulators' burdensome requirementsfor U.S. companies under Solvency II could come back to hurt the Germanreinsurance market as U.S. states could impose similar regulations on Germanreinsurers. She said U.S. states could demand that German insurers operating inthe U.S. follow similar requirements, leading to higher collateral amounts and100% collateral on their reinsurance if German regulators do not relax theirrequirements.
U.S. Rep. Denny Heck, D-Wash., introduced a bill thatwould require any internationalinsurance standards agreed to by parties representing the U.S. toreflect existing U.S. laws, regulations and policies regarding insurance.
MBIAInsurance Corp. is selling its operating subsidiary, MBIA UK Insurance Ltd.,to Assured GuarantyLtd. unit AssuredGuaranty Corp. as part of its effort to address the maturity of thenotes issued by Zohar II 2005-1 CLO. The collateralized loan obligation is notexpected to have enough cash flow to repay all the notes at maturity.
The continued challenges associated withnon-weather-related water losses seem to be curbing private carriers' appetitefor assuming policies from the depopulation program of Company officials expect about 65,000 policies to be removed in 2016, down from272,492 in 2015 and 416,723 in 2014.
Most private auto insurers registered strong directpremiums written growth in the second quarter, but 's failed to keep pace withpeers.
AmericanInternational Group Inc., Hamilton Insurance Group and affiliates of willlaunch Attune, adata-enabled insurance platform for the small to medium-sized enterprisecommercial insurance market.
CNOFinancial Group Inc. units Bankers Conseco Life Insurance Co. and areterminatingreinsurance agreements with Beechwood Re after the New York State Department ofFinancial Services and the Indiana Department of Insurance determined that alarge part of the investments managed by Beechwood Re does not comply withregulatory requirements because of exposure to beleaguered Platinum Partners LP.
The rumored sale of Talcott Resolution seems toindicate that The HartfordFinancial Services Group Inc. is ready to from the U.S. variable annuitymarket. Talcott Resolution contains The Hartford's U.S. annuity operations andthe runoff of institutional and private-placement life insurance businesses andits retained yen-denominated fixed payout annuity liabilities. The Hartford'sstock fell after newsabout the sale emerged.
The dealbetween Nationwide and Jefferson National was born out of to embedJefferson National within a larger financial services enterprise, the samerationale that drove him to sell Telebanc Financial Corp. to in January2000.
In Affordable Care Act-related news, President BarackObama threatened toveto a bill that seeks to exempt enrollees in failed nonprofit health insuranceco-ops from the healthcare law's individual mandate.
The U.S. Department of Justice its claim that the pendingmerger between AnthemInc. and Cigna Corp.would negatively impact competition in the ACA individual health insurancemarket.
Several insurers, including 's ,Indiana University Health PlansInc., Blue Cross& Blue Shield of Nebraska and announced to exit certain ACAmarketplaces in2017. Wellmark BlueCross & Blue Shield will stopselling preferred provider organization plans in the individualmarket in Iowa. Highmark Inc. will continue to ACA plans for 2017 inPennsylvania, Delaware and West Virginia.
Motorists Life Insurance Co. and regulatory greenlightto offer insurance products in Arkansas.
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