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Weekly news: Liberty Mutual selling units; Transatlantic cat bond upsizes

Life and Health

Genworth Financial Inc. and China Oceanwide have agreed to once again extend the closing date for their planned merger. The deal's completion deadline is now April 30.


Assurant Inc. expects potential double-digit growth in its net operating income per share in 2019. The company said it anticipates 6% to 10% year-over-year growth, excluding catastrophe losses, and including an estimated negative impact of about 2% due to incremental reinsurance costs, for the full year.

Liberty Mutual Holding Co. Inc. is selling London-based Pembroke Managing Agency Ltd., Dublin-based Ironshore Europe DAC and Dubai-based Visionary Underwriters to Hamilton Insurance Group.

Property & Casualty

Progressive Corp. reported net income attributable to the company of $327.6 million, or 55 cents per share, in February, up from $129.1 million, or 22 cents per share, a year ago.

Arthur J. Gallagher & Co. acquired Merit Insurance Inc., a Shelton, Conn.-based retail property and casualty broker, and Cedar Rapids, Iowa-based Hammerberg Insurance Services Inc., which does business as First Iowa Insurance Agency Inc.

Transatlantic Holdings Inc. increased the size of the Bowline Re Ltd. (Series 2019-1) catastrophe bond that it will issue to $250 million from $200 million, Artemis reported.

Maiden Holdings Ltd. reported a fourth-quarter 2018 non-GAAP operating loss attributable to common shareholders of $212.4 million, or $2.56 per share, compared with a loss of $126.4 million, or $1.51 per share, in the fourth quarter of 2017.

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