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Weekly news: 2 states OK Cigna/Express Scripts deal; Allstate Nov. wildfire loss


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Weekly news: 2 states OK Cigna/Express Scripts deal; Allstate Nov. wildfire loss

Property and casualty

Allstate Corp. expects to book $670 million of pretax net losses from the two wildfires that devastated California in November. California's insurance commissioner said the state's most recent wildfires are estimated to have generated a total of $9.05 billion in insured losses so far.

Progressive Corp. will end its annual variable dividend policy beginning in 2019 and replace the payouts with regular quarterly dividends on common shares. The board is targeting quarterly dividends of 10 cents per share

Horace Mann Educators Corp. agreed to acquire Dallas-based National Teachers Associates Life Insurance Co. for about $405 million. The addition of National Teachers Associates Life Insurance is expected to diversify the acquirer's revenue mix, reduce earnings volatility and add new geographies, Horace Mann CEO Marita Zuraitis said during a call to discuss the deal.

Life and health

New York and California approved Cigna Corp.'s pending acquisition of Express Scripts Holding Co.

Health Insurance Innovations Inc. will pay $3.4 million to settle a multistate market conduct examination. It had been under regulatory scrutiny since the second quarter of 2016 for marketing short-term, limited insurance products as Affordable Care Act-compliant

Japan Post Holdings Co. Ltd. is looking to buy 7% to 8% of Aflac Inc. by the end of 2019 and will seek to make the U.S.-based insurer an affiliate four years later, Tokyo's The Nikkei reported.

New York state's financial regulator will require life insurers to adopt a new reserving system with effect from Jan. 1, 2020.

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