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In This List

Weekly news: Arch's Barbican buy; Mercury ups reinsurance; National General sued

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Weekly news: Arch's Barbican buy; Mercury ups reinsurance; National General sued

Property and casualty

Arch Capital Group Ltd. agreed to purchase Barbican Group Holdings Ltd. from funds managed by Carlson Capital LP.

Marsh & McLennan Cos. Inc. CEO Dan Glaser said a drop in underlying revenue at Guy Carpenter & Co. LLC was one impact from the acquisition of Jardine Lloyd Thompson Group Ltd.

ProSight Global Inc. completed its IPO of 7,857,145 common shares, receiving about $51.6 million of net proceeds from its sale of 4,285,715 common shares.

Allstate Corp. reported second-quarter adjusted net income of $735 million, or $2.18 per share, versus $710 million, or $2.00 per share, in the prior-year quarter. The company will be investing to boost its property-liability marketshare using several factors executives are confident will expand a high-margin line.

After devastating and deadly wildfires in 2018, Mercury General Corp. is more than doubling its catastrophe reinsurance and retention limits.

Life and health

Aflac Inc. is pushing back against some recent media reports that Japan Post Co. is close to implementing a temporary suspension of sales of private insurance at post offices after recently discovered mismanagement of insurance policies.

Unum Group reported second-quarter net income of $281.2 million, or $1.33 per common share, compared with $285.5 million, or $1.29 per common share, in the same period in 2018.

Genworth Financial Inc. logged second-quarter adjusted operating income of $204 million, or 40 cents per share, an increase from $200 million, or 40 cents per share, in the second quarter of 2018.

Multiline

National General Holdings Corp. is facing a class-action lawsuit over its alleged role in a "fraudulent" collateral protection insurance scheme with Wells Fargo & Co. National General also completed the acquisition of National Farmers Union P&C Co. from QBE North America.

Managed care

Blue Cross Blue Shield of Michigan Inc. was sued over allegations of underpaying and wrongfully denying claims connected to treatment for substance abuse and other behavioral health disorders of more than 4,000 patients.

Humana Inc. reported second-quarter adjusted consolidated pretax income of $1.07 billion, or $6.05 per share, up from $812 million, or $3.96 per share, from the year-ago period. The company's president and CEO, Bruce Broussard, said the company will face "significant 2020 headwinds" in terms of reducing costs if the moratorium on the Affordable Care Act's health insurance fee expires at the end of the year.

HealthEquity Inc. and WageWorks Inc. have received antitrust-related approval for the former's pending acquisition of the latter.

Reinsurance

Everest Re Group Ltd. appointed Juan Andrade COO, effective Sept. 1. Andrade will succeed Dominic Addesso as Everest Re's president and CEO, effective Jan. 1, 2020. Andrade joined the company from Chubb Ltd. Everest Re is looking to pick up reinsurance business where other reinsurers are making capacity cutbacks.

Reinsurance Group of America Inc. reported second-quarter adjusted operating income of $210.8 million, or $3.31 per share, up from $202.1 million, or $3.10 per share, in the prior-year quarter.

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