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Weekly news: CopperPoint buy; state regulators approve Centene/WellCare deal

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Weekly news: CopperPoint buy; state regulators approve Centene/WellCare deal

Life and health

The New York State Department of Financial Services has fined American Progressive Life and Health Insurance Co. of New York $260,000 for revoking life insurance policies without policyholders' consent.

The SEC charged two Prudential Financial Inc. subsidiaries with failing to disclose conflicts of interests and making misleading disclosures to the boards for 94 insurance-dedicated mutual funds they advised.

Managed care

Centene Corp.'s pending deal to acquire WellCare Health Plans Inc. has been approved by 17 state insurance regulators.

The Connecticut Insurance Department approved an average increase of 3.65% for individual plans and 9.19% for small group plans for the 2020 coverage year.

Property and casualty

Employers Mutual Casualty Co. has closed the acquisition of all of the remaining EMC Insurance Group Inc. shares that it did not already own for $36.00 apiece.

CopperPoint Insurance Cos. will acquire Alaska National Corp. and subsidiary Alaska National Insurance Co.

Atlas Financial Holdings Inc. received a deficiency notification letter from the Nasdaq Stock Market LLC stating that the company was not in compliance with listing requirements because the market value of its publicly held shares for the last 30 consecutive business days was below the minimum requirement of $5 million.

Insured losses on the U.S. mainland from Hurricane Dorian are likely to cost between $500 million and $1.5 billion, catastrophe risk modeling company Risk Management Solutions Ltd. estimated.

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