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Weekly news: Allstate estimates April cat loss; MassMutual seeks LTC rate hikes

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Weekly news: Allstate estimates April cat loss; MassMutual seeks LTC rate hikes

Property and casualty

Allstate Corp. projects pretax catastrophe losses for April of $211 million, or $167 million on an after-tax basis.

Assured Guaranty Ltd. and Assured Guaranty Municipal Corp. are urging the Financial Oversight and Management Board for Puerto Rico to revoke its approval of the island's "unlawful" revised fiscal plan.

Aspen Insurance Holdings Ltd. submitted an application to the Central Bank of Ireland for the authorization of a new insurance subsidiary in Dublin.

Life and health

Merger discussions between Cigna Corp. and Express Scripts Holding Co. picked up steam in mid-February with the two sides exchanging offers before reaching an agreement on price at the end of that month.

Massachusetts Mutual Life Insurance Co. is seeking rate increases averaging about 77% per customer on its long-term care insurance policies, The Wall Street Journal reported.

Insurers have submitted 2019 proposed rates for individual health plans to the Oregon Division of Financial Regulation, with Kaiser Foundation Health Plan of the Northwest seeking a rate increase of 14.3% and PacificSource Health Plans asking for a decrease of 9.58%.

A study by the Centers for Medicare and Medicaid Services' chief actuary, Paul Spitalnic, warned that President Donald Trump's plan to expand access to short-term health insurance policies with less comprehensive benefits could add billions of dollars to the federal government budget, The New York Times reported.

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