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Weekly news: WellCare divestment; BRP Group IPO; PG&E settlement

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Weekly news: WellCare divestment; BRP Group IPO; PG&E settlement

Insurance broker

Tampa, Fla.-based independent insurance distribution company BRP Group Inc. has filed for an IPO of its common shares. The proposed maximum aggregate price is $100 million, estimated solely to calculate the registration fee. BRP currently conducts its business through Baldwin Risk Partners LLC.

Life and health

The New York Department of Financial Services has entered into a consent order under which six U.S.-based life insurers will pay a collective $1.8 million for leading customers to swap their "more financially favorable" deferred annuities with immediate annuities.

Managed care

Blue Cross and Blue Shield of North Carolina CEO Patrick Conway tendered his resignation at the request of the company's board, The Wall Street Journal reported. The move came after North Carolina Insurance Commissioner Mike Causey urged Conway to resign after the insurer allegedly covered up his arrest in June on suspicion of drunk driving and child neglect.

Anthem Inc. agreed to acquire WellCare Health Plans Inc.'s Missouri and Nebraska Medicaid plans in a deal connected to Centene Corp.'s proposed acquisition of WellCare. Also, Centene and WellCare announced that their transaction has received regulatory approval in California and Wisconsin.

Property and casualty

Triple-S Management Corp. and subsidiary Triple-S Propiedad Inc. remain "comfortable" with the subsidiary's reserves for hurricane-related claims. Triple-S Propiedad has paid $687.8 million in claims related to Hurricane Maria, resolving 96% of the 17,746 total claims received as of Sept. 23.

Bankrupt utility PG&E Corp. and its Pacific Gas and Electric Co. subsidiary reached a settlement resolving all insurance subrogation claims related to the 2017 Northern California wildfires and 2018 Camp Fire. The settlement is with entities representing approximately 85% of insurance subrogation claims, formalizing an $11 billion agreement in principle announced earlier.

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