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Weekly news: HealthEquity/WageWorks deal closes; NatGen selling Swedish ops

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Weekly news: HealthEquity/WageWorks deal closes; NatGen selling Swedish ops

Life and health

Although analysts recognize the steep price tag attached to Prudential Financial Inc.'s planned acquisition of an insurtech startup, several still described the deal as a "wise use" of corporate cash. The life insurer has agreed to buy Assurance IQ Inc. for about $2.35 billion, comprising $1.2 billion in cash, $680 million in debt and $470 million in equity.

Managed care

HealthEquity Inc. completed its acquisition of WageWorks Inc. The acquirer also disclosed it will invest between $80 million and $100 million over the next 24 to 36 months to improve service and strengthen data security and privacy protections.

Multiline

National General Holdings Corp. agreed to sell its Euro Accident Health and Care Insurance Sweden operation to an investor group arranged by Impilo AB for about $138 million.

Property and casualty

American International Group Inc. will either affirmatively cover or exclude cyber exposures in "virtually all" of its commercial property and casualty insurance policies, starting in January 2020.

The total insured and uninsured losses from Hurricane Dorian in the Bahamas will be $7 billion, catastrophe modeling company Karen Clark & Co. estimated.

Proxy advisory firm Glass Lewis & Co. recommended that EMC Insurance Group Inc. shareholders approve Employers Mutual Casualty Co.'s proposed acquisition of all of the insurer's shares that it does not already own.

Star Insurance Holdings LLC will now acquire Syncora Guarantee Inc. for an increased cash purchase price of $429 million, versus the previous price of $392.5 million, as part of an amended agreement.

Insurance broker

Arthur J. Gallagher & Co. acquired Brentford, U.K.-based Rentguard Ltd., Home & Travel Ltd. and RGA Underwriting Ltd., collectively referred to as RGA Group.

Marsh and Construction Risk Partners LLC entered into an agreement whereby the latter's management will buy back the company's stock from JLT Specialty USA, a unit of Jardine Lloyd Thompson Group Ltd.

Arthur J. Gallagher & Co.Also featured

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