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Weekly news: Fidelity National/Stewart deal off; rise in uninsured US children

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Weekly news: Fidelity National/Stewart deal off; rise in uninsured US children

Financial guaranty

MBIA Inc. subsidiary National Public Finance Guarantee Corp. has agreed to join the restructuring support agreement struck by the Puerto Rico Electric Power Authority with bondholders and other parties.

Managed care

The number of uninsured children in the U.S. has climbed for the second year in a row, with 425,000 more children losing their healthcare coverage in 2018 compared to 2017.

Property and casualty

Despite a general hardening of rates due to recent losses, especially those related to tailings dams, global mining insurance is "not yet a truly hard market," according to a Willis Towers Watson PLC risk review. Another report from the company also stated that the U.S. commercial insurance sector saw prices increase by nearly 4% during the second quarter, an increase of about 1% from the prior-year quarter.

Insured losses from Hurricane Dorian in the Caribbean and U.S. could exceed $5 billion, catastrophe modeling company Karen Clark & Co. estimated. Risk Management Solutions Ltd. estimated that insured industry losses from Dorian in the Caribbean will be between $3.5 billion and $6.5 billion.

Markel Corp. launched a retrocessional insurance-linked securities fund manager in Bermuda, Lodgepine Capital Management Ltd., together with reinsurer Lodgepine Re.

Progressive Corp.'s net income attributable to the company fell 36% to $175.9 million in August from $274.7 million a year earlier.

Title

Fidelity National Financial Inc. and Stewart Information Services Corp. agreed to terminate their proposed transaction due to the U.S. Federal Trade Commission filing an administrative complaint seeking to block the deal.

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