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Weekly news: Tokio Marine in $3.1B US deal; MGM settlement; NYDFS investigation

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Weekly news: Tokio Marine in $3.1B US deal; MGM settlement; NYDFS investigation

Insurance broker

AmWINS Group Inc. will acquire Scottsdale, Ariz.-based general agent Stealth Partner Group, which specializes in medical stop-loss insurance.

Life and health

The New York Department of Financial Services has started an investigation into the methods life insurers and their agents use in selling retirement income products to teachers, The Wall Street Journal reported.

Managed care

Blue Cross and Blue Shield of North Carolina and Cambia Health Solutions Inc. have mutually agreed to withdraw their regulatory approval request for their proposed merger.

Property and casualty

Tokio Marine Holdings Inc. agreed to acquire high net worth specialist Privilege Underwriters Inc. and its subsidiaries, known as Pure Group, for about $3.1 billion. The sale price equates to a price-to-earnings ratio of approximately 33x based on White Plains, N.Y.-based Pure Group's expected profit after tax of $95 million in 2020.

Mercury General Corp. will pay $41.2 million to the California Department of Insurance to settle a case and a related false advertising action that had been pending on the outcome of that case.

MGM Resorts International agreed to pay up to $800 million to victims of the October 2017 Las Vegas mass shooting and their families, ending two years of lawsuits over the attack. The settlement payout is expected to be completed by late 2020. MGM's insurers will fund the settlement.

Ameriprise Financial Inc. has completed the sale of its De Pere, Wis.-based unit Ameriprise Auto & Home to American Family Insurance Mutual Holding Co. Ameriprise received gross proceeds of about $1.14 billion in cash.

The Second Judicial Circuit Court in Leon County, Fla., placed Florida Specialty Insurance Co. under the receivership of the state's Department of Financial Services, effective Oct. 2.

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