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Weekly news: Cigna vs. Icahn; Colorado Bankers Life hit by phishing attack


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Weekly news: Cigna vs. Icahn; Colorado Bankers Life hit by phishing attack

Property and casualty

Preliminary aggregated estimates of economic losses from recent catastrophes registered into the billions of dollars as worsening drought-related and wildfire conditions hit several regions in July, according to Aon Benfield's Impact Forecasting.

Assured Guaranty Municipal Corp. has joined a restructuring support agreement related to the division of future Puerto Rico sales and use tax revenues among holders of certain senior and subordinate bonds. MBIA Inc. CEO William Fallon called the tentative settlement "mutually beneficial" for the commonwealth and its creditors.

Liberty Mutual Holding Co. Inc. will return its commercial auto insurance line back to target profitability in 18 to 24 months, according to CFO Christopher Peirce.

Life and health

Massachusetts Mutual Life Insurance Co. is discussing a potential sale of its asset manager, OppenheimerFunds Inc., Bloomberg News reported.

Activist investor Carl Icahn repeatedly called on Cigna Corp. shareholders to vote against the planned acquisition of pharmacy benefit manager Express Scripts Holding Co.., saying that the transaction could become one of the "worst blunders" in corporate history.

Cigna offered multiple responses, including one saying that Icahn is being driven by his "desire to profit off his short position in Express Scripts." Meanwhile, Cigna shareholder Glenview Capital Management threw its weight behind the deal, arguing the combined entity will save customers "billions of incremental dollars annually" and lead to "better healthcare outcomes."

Humana Inc. has completed the sale of the stock of wholly owned subsidiary KMG America Corp. to HC2 Holdings Inc. subsidiary Continental General Insurance Co.

In a bid to control a specialty channel, UnitedHealth Group Inc. entered into a tentative agreement to acquire specialty pharmacy operator Genoa Healthcare LLC from private equity firm Advent International Corp., Axios reported, citing a source familiar with the deal.

Colorado Bankers Life Insurance Co. suffered a targeted phishing attack that compromised some of its employees' cloud-based email accounts.

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