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Weekly news: Neon going into runoff; Intact Q4'19 cat losses; Aetna ILS deal


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Weekly news: Neon going into runoff; Intact Q4'19 cat losses; Aetna ILS deal

Insurance broker

Shane Doyle, CEO of Beach & Associates Ltd.'s specialty business, is leaving to pursue opportunities in the underwriting and managing general agency sector, The Insurance Insider reported.

Life and health

Voya Financial Inc. held sale talks in late 2019 with American International Group Inc., Principal Financial Group Inc. and Prudential Financial Inc., among others, sources told the Financial Times. Although the talks did not result in a deal, the Voya board remains open to a possible sale and could revisit the topic this year.

Managed Care

Aetna Inc. established a special purpose vehicle for a $200 million insurance-linked securities transaction, Artemis reported.

Molina Healthcare Inc. agreed to acquire Chicago-based Nextlevel Health Partners Inc. for about $50 million, net of certain tax benefits.


American International Group's international general insurance CEO, Chris Townsend, stepped down, The Insurance Insider reported.

American Financial Group Inc. is placing Lloyd's of London insurer Neon Underwriting Ltd. into runoff. The exit from the business is planned for 2020 and will allow American Financial to reallocate capital to its other insurance businesses and opportunities that have the potential to earn targeted returns on investment.

Property and casualty

Argo Group International Holdings Ltd. is winding up its operations in Miami, The Insurance Insider reported.

Intact Financial Corp. is expecting catastrophe losses of about C$115 million pretax, or 60 Canadian cents per share after tax, for the fourth quarter of 2019.

United Insurance Holdings Corp. renewed its reinsurance agreements, which provide coverage for in-force, new and renewal business, effective Jan. 1.

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