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Weekly news: CEO succession at MetLife; AssuredPartners to be auctioned

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Weekly news: CEO succession at MetLife; AssuredPartners to be auctioned

Property and casualty

Arch Capital Group Ltd. expects pretax losses of $110 million to $130 million, net of reinsurance recoveries and reinstatement premiums, from catastrophic events in the fourth quarter of 2018.

The New York State Department of Financial Services fined Arch Insurance Co. and American International Group Inc. unit National Union Fire Insurance Co. of Pittsburgh Pa. a combined $2.2 million over state insurance law violations.

Total estimated insured losses from Hurricane Michael have climbed to about $4.89 billion, according to the Florida Office of Insurance Regulation.

Multiline

AssuredPartners Inc. will be put up for auction at a valuation of approximately $4.5 billion later in the first quarter, The Insurance Insider reported.

Life and health

Michel Khalaf will become MetLife Inc.'s president and CEO on May 1, succeeding Steven Kandarian.

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