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Weekly news through Oct. 7


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Weekly news through Oct. 7

S&P Global MarketIntelligence offers our top picks of insurance news stories and more publishedthroughout the week.

Risk & Regulation

The U.S. Department of Labor is aiming for a possiblefederal role in thestate workers' compensation system, considering new minimum national standardsthat would trigger federal involvement if states fall short of the programstandards. 

The NAIC is formally considering to state guaranty funds toaddress the way long-term care insurance company insolvencies are handled,including which businesses might be responsible for paying for them in thefuture.

The Obama administration's quiet reliance on"offsetting" to recoup millions in loans to failed health co-ops hasdrawn the ire of state regulators, who say the prevents policyholders andproviders from receiving the money they're owed.

Assemblyman Reed Gusciora the New Jersey Public OptionHealth Care Act, which would require the commissioner of health to form apublicly funded health plan in consultation with the commissioner of bankingand insurance. 


Tokyo-based Sompo Holdings Inc. agreed to acquire 100% of Bermuda-based forapproximately $6.30 billion. The deal for Endurance, Sompo's largest to date, the Japaneseinsurer with an operatingbase in the U.S.

S&P Global Ratings affirmed the ratings of Sompo Holdings' subsidiariesfollowing the announcement of the transaction.

Hurricane Matthew has strengthened and could have "potentially disastrousimpacts for Florida," according to the National Hurricane Center.

The insurance industry's exposure to personal and commercial residential propertypolicies with wind coverage in the 17 Florida counties that were subject tohurricane warnings as of 10 a.m. ET on Oct. 6 likely approaches $1 trillion,according to an S&P Global Market Intelligence estimate that is based on areview of quarterly supplemental data collected by the state's Office of InsuranceRegulation.

Though the number of policies in force at state-runCitizens Property InsuranceCorp. appears to have bottomed out earlier in the year, a review ofrecently released Florida personal and commercial residential propertyinsurance data finds strongyear-over-year growth by a number of private carriers during the second quarter.

Life and health

MetLifeInc. will spinoff its retail business into the newly branded, publicly tradedBrighthouse Financial.

Moody's has downgraded a pair of MetLife's units, because they willbecome part of this new holding company.

CenteneCorp. unit Health NetLife Insurance Co. is seeking a premium of 9.9% for off-exchangepreferred provider organization individual and family plans in California for2017.

In Oklahoma, the state insurance department expects healthinsurance premiums to riseby an average of 76% for individual coverage through the Affordable Care Act'smarketplace.

The Minnesota Department of Commerce released the 2017insurance company rates for individual and small group health plans, withrate increases forthe seven individual market insurers ranging from 50% to 67%.

BaptistHealth Plan Inc. willwithdraw from the individual healthcare federal exchangemarketplace for 2017, citing the ACA's risk assessments as an unsustainableburden for the company.

Evergreen Health Cooperative Inc. to a for-profit insurancecompany and be acquired by a consortium of private investors, The Baltimore Sun reported.

Common GroundHealthcare Cooperative has secured an unspecified amount offunding from aprivate source to remain in business in 2017, the Milwaukee Business Journal reported.

Also featured on SNL

Likeothers, Sompo pays premium for specialty lines

Molina,Centene rise above peers in individual direct premiums written

UK Lloyd'smarket a top target for deal-hungry, deep-pocketed insurers

Homeownersinsurers see YOY premium growth in H1'16

MetLife sharessurge after it details retail biz spinoff

S&P Global Ratingsand S&P Global Market Intelligence are owned by S&P Global Inc.