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Weekly news: Argo, Voce sign pact; Jan. 1 renewals; RenRe prices cat bond


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Weekly news: Argo, Voce sign pact; Jan. 1 renewals; RenRe prices cat bond

Life and health

Health Insurance Innovations Inc. signed an agreement with Washington's insurance commissioner to settle an investigation into the company, and will pay the state $1.5 million.

Blue Cross Blue Shield of Arizona Inc. completed its acquisition of Steward Health Choice Arizona Inc. after securing all regulatory approvals.


Guy Carpenter & Co. LLC's global property-catastrophe rate on line index rose by 5% at the Jan. 1 renewals, based on preliminary calculations, the company said.

According to Willis Re Inc., liability reinsurance experienced the "most prominent pricing pressure" during the recent reinsurance renewal period. Some of the biggest increases were seen in U.S. general third-party liability excess-of-loss business, where prices rose 15% to 30% on a risk-adjusted basis for business on which there had been claims.

Property and casualty

Argo Group International Holdings Ltd. entered into a cooperation agreement with activist investor Voce Capital Management LLC to change up the composition of the insurer's board. As part of the arrangement, Carol McFate will join the board, subject to regulatory approval and completion of due diligence.

Arthur J. Gallagher & Co. acquired Walsdorf Agency Inc., a Huntington, N.Y.-based commercial and personal lines insurance agency.

First American Financial Corp. fully acquired Title Security Agency LLC. The target, which specializes in title and escrow services for residential and commercial transactions, becomes part of the direct operations of First American Financial subsidiary First American Title Insurance Co.

Palomar Holdings Inc. completed reinsurance programs renewing and incepting Jan. 1, 2020. The company renewed $300 million of its core reinsurance program and bought $145 million of incremental limit to support its growth.

RenaissanceRe Holdings Ltd.'s Mona Lisa Re Ltd. (Series 2020-1) catastrophe bond is now priced at $400 million in size, Artemis reported.

California's State Compensation Insurance Fund plans to distribute an approximately $55 million dividend to its qualifying policyholders with policies that took effect between Aug. 20, 2019, and Dec. 31, 2019. The company will start issuing the dividend during the second half of 2020.

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