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Weekly news: Potential MetLife/Generali deal; Centene asked to mull sale

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Weekly news: Potential MetLife/Generali deal; Centene asked to mull sale

Life and health

MetLife Inc. is in early talks to sell its Central European assets to Generali, Bloomberg News reported, citing sources.

Unum Group Executive Vice President and CFO John McGarry will retire, effective Oct. 31. Steven Zabel, president of the company's closed block of business, will assume McGarry's roles, effective July 1. The company's board also approved the repurchase of up to $750 million of the company's outstanding common stock until Nov. 23, 2020.

Managed care

Activist hedge fund Third Point LLC wants Centene Corp. to weigh a sale before sealing its pending acquisition of WellCare Health Plans Inc., The Wall Street Journal reported, citing unnamed sources familiar with the matter.

Multiline

The Hartford Financial Services Group Inc. completed its previously announced acquisition of Navigators Group Inc. in an all-cash transaction for $70 per share, or $2.2 billion, including expenses.

Fairfax Financial Holdings Ltd. Vice President and CFO David Bonham died suddenly over the weekend of May 18-19, Fairfax said May 21.

Property and casualty

Voce Capital Management LLC opted to abandon its activist campaign as it lacked the shareholder support it needed for its proposals and director nominees, Argo Group International Holdings Ltd. said. Voce, meanwhile, said Argo had actively lobbied the insurance departments of Virginia and Illinois to revoke their approvals of Voce's proxy solicitation. Argo shareholders elected all five of the company's class III directors and also narrowly voted in favor of the company's nonbinding advisory resolution on executive compensation.

Safe Auto Insurance Group Inc. launched an initial public offering of common shares. The company applied to list its shares on the Nasdaq Global Select Market under the ticker symbol SAIG.

ProAssurance Corp.'s board named Edward Rand Jr. CEO, effective July 1.

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