Life and health
Power Corp. of Canada and Power Financial Corp. announced a reorganization under which their dual-holding-company structure will be eliminated. Each Power Financial common share will be exchanged for 1.05 subordinate voting shares of Power Corp. and 1 Canadian cent in cash.
Genworth Financial Inc. completed the sale of its majority stake in Genworth MI Canada Inc. to Brookfield Business Partners LP for C$48.86 per share. That comes to a total transaction value of approximately C$2.4 billion, or US$1.81 billion.
Prudential Financial Inc. is "a little cautious" about the longer-term pipeline of its pension risk transfer business as funding for pension plans significantly fell due to lower interest rates, Vice Chairman Robert Falzon said.
New York Life Insurance Co. is in discussions to acquire Cigna Corp.'s nonhealth benefits unit in a deal that could value the subsidiary at up to $6 billion, The Wall Street Journal reported, citing people familiar with the matter.
Centene Corp. expects total revenues of $78.6 billion to $79.4 billion, EPS of $4.17 to $4.33, and adjusted EPS of $4.64 to $4.84 for 2020.
UnitedHealth Group Inc.'s OptumRx Inc. will merge with Michigan-based specialty pharmacy Diplomat Pharmacy Inc.
American International Group Inc.'s pending sale of a majority of its holdings in Fortitude Reinsurance Co. Ltd. signals an end to the company's legacy life and annuity segment. The transaction would leave AIG with 3.5% ownership in the reinsurer, resulting in its legacy segment dwindling to a "de minimis amount," according to President and CEO Brian Duperreault.
Property and casualty
Argo Group International Holdings Ltd. announced that Gary Woods will retire as the chairman of the board and that four other directors targeted by an activist investor will also retire.
Allstate Corp. has seen fewer accidents but higher repair costs in claims involving autonomous driving technology, according to Chairman, President and CEO Thomas Wilson.
Progressive Corp. recorded net income attributable to the company of $306.1 million in November, up from $242.4 million a year ago. Separately, Progressive's board of directors declared a quarterly dividend of 10 cents per share and an annual common share dividend of $2.25 per share.
Insurance industry executive talent crunch is underway
New York Life could become major underwriter in group disability, AD&D
Wash. regulator 'nervous' about California's pause on homeowners nonrenewals
Wells Fargo continues to pare down insurance operations, makes another sale