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Weekly news: Arthur J. Gallagher inks 3 deals; Ohio National exiting annuities


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Weekly news: Arthur J. Gallagher inks 3 deals; Ohio National exiting annuities


Randall & Quilter Investment Holdings Ltd. issued $146 million of loss portfolio transfer reinsurance covering commercial auto liability risks for a U.S.-based risk retention group.

France's Scor SE rejected an acquisition offer from SGAM Covéa after determining that it reflected "neither the intrinsic value nor the strategic value" of the company. Scor this week also denied a news report that it has been in discussions about merging with fellow reinsurer PartnerRe Ltd.

Six global insurers and reinsurers suffered higher losses from natural catastrophes in 2017 than expected, according to a new report from reinsurance broker Willis Re.

Fitch has set a stable outlook on the global reinsurance industry for the first time in five years but is also warning that price competition could start to intensify again given recent catastrophe-induced increases.

Deal activity

Arthur J. Gallagher & Co. has acquired United Dealer Services LLC, a New York-based retail insurance broker and program administrator. It also acquired Woodland Hills, Calif.-based Wheatman Insurance Services LLC and Australia-based Super-Advice Corporate Services Pty Ltd. and Personal Advice Services Pty Ltd., which does business as Super-Advice.

Hub International Ltd. subsidiaries Hub International Investment Services Inc. and Hub International Midwest Ltd. have acquired the retirement plan consulting and financial services business of Cash & Associates. The parent company acquired the assets of Idaho-based Harman Agency LLC, an agency specializing in crop, farm, ranch and livestock insurance.

Canada-based Great-West Lifeco Inc. is looking to sell a block of insurance contracts worth about $2 billion, Reuters reported, citing three people familiar with the matter.

Property and casualty

Fairfax Financial Holdings Ltd. announced that Morgan Keegan & Co. LLC paid $20 million to settle claims against it in a 2006 lawsuit seeking damages for the alleged manipulation of Fairfax stock.

Kingsway Financial Services Inc. appointed John Fitzgerald president and CEO, effective Sept. 5.

Life and Health

Ohio National Financial Services Inc. is exiting its annuities and retirement plan businesses, a move that will lead to approximately 300 job cuts.

Fitch Ratings has downgraded Cigna Corp.'s issuer default rating to BBB from A- and also lowered the company's short-term issuer default rating to F3 from F2.

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