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Weekly news: Allstate November losses; Voya selling individual life biz

Insurance broker

Reliance Global Group Inc. applied to move its stock to the OTCQB Venture Market from the OTC Pink Market.

Life and health

Prudential Financial Inc.'s board signed off on the repurchase of up to $2.0 billion of its outstanding common stock during the period from Jan. 1, 2020, through Dec. 31, 2020.

New York Life Insurance Co. is acquiring Cigna Corp.'s group life and disability insurance business for $6.3 billion. The deal is expected to close in the third quarter of 2020.

Sun Life Financial Inc. intends to acquire an 80% interest in infrastructure and real estate investment manager InfraRed Capital Partners for consideration that includes a closing payment of £300 million.

Voya Financial Inc. is divesting its individual life and other legacy non-retirement annuities businesses to Resolution Life Group Holdings Ltd. in a transaction expected to provide $1.7 billion of deployable capital to Voya.

Managed care

Humana Inc. agreed to acquire privately held hospice pharmacy and benefit management provider Enclara Healthcare from Consonance Capital Partners and Enclara management.


Peter Zaffino has been named president of American International Group Inc., effective Jan. 1, 2020. He will continue as global COO of AIG and CEO of general insurance.

Property and casualty

Allstate Corp. recorded an estimated $33 million in pretax catastrophe losses, or $26 million after tax, for the month of November. The losses stemmed from four events that had a cumulative estimated pretax cost of $19 million, or $15 million after tax, plus unfavorable reserve re-estimates of prior-period catastrophe losses. Also, the insurer will retire its Esurance brand in 2020 as a part of a new growth plan.

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