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Weekly news: Intact, Syncora deals; MI Canada sale; Allstate July cat losses

Life and health

Aflac Inc. will file for the delisting of its common shares from the Tokyo Stock Exchange after receiving authorization from the company's board.

The New York Department of Financial Services decreased the overall premium rates requested by health insurers for individuals and small group plans for 2020 to 6.8% from 9.2% and to 7.9% from 12.2%, respectively.

Managed care

Centene Corp. is widening its offerings on the health insurance exchanges for the 2020 plan year. The company is expanding its footprint in 10 states: Arizona, Florida, Georgia, Kansas, North Carolina, Ohio, South Carolina, Tennessee, Texas and Washington.

Property and casualty

Allstate Corp. recorded an estimated $235 million in pretax catastrophe losses, or $186 million after tax, for July.

Ambac Financial Group Inc. President and CEO Claude LeBlanc is urging the PROMESA oversight board to incorporate recent economic and political progress in Puerto Rico in its fiscal plan for the commonwealth.

Arch Specialty Insurance Co. filed a complaint against the University of Southern California after the school demanded the removal of the existing abuse or molestation exclusion from its excess healthcare professional liability policies. Separately, Arch Insurance North America agreed to acquire managing general underwriter Ventus Risk Management.

The Florida Office of Insurance Regulation and the Louisiana Department of Insurance approved FedNat Holding Co.'s pending acquisition of 1347 Property Insurance Holdings Inc.'s homeowners operations.

Intact Financial Corp. will acquire Guarantee Co. of North America and Frank Cowan Co. Ltd. from Princeton Holdings Ltd. for about C$1 billion in cash.

McGill & Partners signed an agreement with Marsh Ltd. and JLT Specialty Ltd. to acquire renewal rights to certain specialty business from Marsh in London.

Kingsway Financial Services Inc. said it is unable to timely file its quarterly report for the period ended June 30 because it has not yet filed its first quarter Form 10-Q.

The California Supreme Court rejected Mercury Insurance Co.'s petition for review, thereby upholding a $27.6 million fine that the state's insurance department imposed on the insurer for charging illegal fees.

Navigators Group Inc. will no longer write marine hull business out of London, Insurance Insider reported.

Global economic and insured losses fell in the first half, according to Swiss Re Institute's preliminary sigma estimates. Losses from natural catastrophes reached $40 billion in the first half, compared with $45 billion in the year-earlier period.

Insurance broker

Syncora Holdings Ltd. agreed to sell New York-based subsidiary Syncora Guarantee Inc. to Star Insurance Holdings LLC for $392.5 million in cash, subject to adjustment.

Mortgage guaranty

Brookfield Business Partners LP agreed to acquire 48,944,645 common shares of Genworth MI Canada Inc. from Genworth Financial Inc. for approximately C$2.4 billion, or C$48.86 per share. Genworth Financial's shares climbed more than 14% in midmorning trading Aug. 13 after the company announced the deal.

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