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Weekly news: UnitedHealth guidance; Barbican execs leaving; Moody's P&C outlook


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Weekly news: UnitedHealth guidance; Barbican execs leaving; Moody's P&C outlook

Life and health

MetLife Inc. will acquire PetFirst Healthcare LLC. The deal is expected to close in the first quarter of 2020, subject to closing conditions and approvals. Talks over Generali's possible acquisition of the majority of MetLife's European assets have been held up because of differences over price, Reuters reported, citing four sources.

Prudential Financial Inc. has created new global environmental commitment goals after reviewing the sustainability landscape and industry best practices.

Property and casualty

Arch Capital Group Ltd. closed its acquisition of Barbican Group Holdings Ltd. from funds managed by Carlson Capital LP. A number of Barbican Group executives are leaving and some senior staff are at risk of losing their jobs after the deal, The Insurance Insider reported, citing sources.

Argo Group International Holdings Ltd. is urging shareholders not to sign or revoke any written request cards sent by activist investor Voce Capital Management LLC, which is seeking a special meeting to consider replacing some of the insurer's board members.

Madison Dearborn Partners LLC and HPS Investment Partners LLC signed a deal to acquire Dublin-based general insurance broker Arachas Corporate Brokers Ltd., The Insurance Insider reported.

Catalina Holdings (Bermuda) Ltd. agreed to acquire Singapore-based Asia Capital Reinsurance Group Pte. Ltd.

Economic growth is slowing, but the global property and casualty insurance industry benefits from solid capitalization and positive pricing trends, according to Moody's. The rating agency's outlook on the sector is stable.

Managed Care

Centene Corp.'s proposed acquisition of WellCare Health Plans Inc. received regulatory approval in Illinois and New Jersey. This means that all 27 required states have provided approvals of Centene taking control of WellCare domestic insurers, according to a joint statement.

UnitedHealth Group Inc. said its projected net EPS and adjusted net EPS for 2019 will approach $14.25 and $15.00, respectively, which are at the higher end of the outlook it provided with its third-quarter earnings release.

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