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Weekly news: NWS Holdings unit buying FTLife; FEMA suspends NFIP renewals

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Weekly news: NWS Holdings unit buying FTLife; FEMA suspends NFIP renewals

Property and casualty

The New York State Department of Financial Services approved Plymouth Rock Assurance Corp.'s application to acquire MAPFRE Insurance Co. of New York.

The U.S. Federal Emergency Management Agency ceased writing and renewing flood insurance policies under the National Flood Insurance Program, citing a "lapse in federal funding" as a result of the U.S. government shutdown.

Reinsurance

A wholly owned subsidiary of Enstar Group Ltd. completed the acquisition of Maiden Reinsurance North America Inc. for net consideration of $272.4 million.

Hannover Re facilitated another $60 million in private catastrophe bonds through its Bermuda-domiciled segregated accounts vehicle, Kaith Re Ltd., Artemis reported.

Managed Care

Most integration between CVS Health Corp. and Aetna Inc. could push through while a U.S. federal judge reviews the consent decree related to the two entities' merger, Reuters reported.

Multiline

An indirect subsidiary of NWS Holdings Ltd. conditionally agreed to purchase the entire issued share capital of Hong Kong-based FTLife Insurance Co. Ltd., a unit of Tongchuangjiuding Investment Management Group Co. Ltd., for HK$21.5 billion (US$2.75 billion) in cash, subject to adjustments.

Zurich Takaful Malaysia Berhad CEO Salim Majid Zain is leaving to join another company in the same industry, The Sun Daily reported, citing a source. He is reportedly stepping down Jan. 13, 2019.

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