CVS Says Aetna Deal Delayed, Will Close After Thanksgiving Holiday

Jerome Haegeli

Swiss Re: Global Economic Growth to Continue, but at Slower Pace The global economy will continue to grow during 2019 and 2020, but at a slower pace, according to Swiss Re. November 20, 2018 Full Story

A.M. BestTV

• A.M. BestTV: Wildfires Likely to Shake Up California’s Homeowners Insurance Market, Say A.M. Best Analysts: In this episode of A.M. BestTV, Jason Hopper, associate director, and David Blades, senior research analyst, both with A.M. Best, said losses from the ongoing wildfires in California will put pressure on homeowners insurers. Click on http://www.ambest.com/v.asp?v=ambcafires1118 to view the entire program. Full Story

Asia/Pacific

• Great Eastern Life Contributes to Malaysia’s Health Insurance Fund in Lieu of Divesting Stakes: Singapore’s Great Eastern Life Assurance Co. Ltd. has decided to contribute to Malaysia’s national health insurance fund in lieu of divesting at least 30% stake in its Malaysian subsidiary. Full Story

• Japan’s Recent Typhoons and Heavy Rains Losses Reach ¥938 Billion: Japan’s nonlife insurance industry has paid aggregated insured claims of ¥938 billion (US$8.35 billion) for typhoons Jebi and Trami in September and the heavy rains in July, according to the General Insurance Association of Japan. Full Story

• Philippine Regulator Mandates Reporting of Reinsurance Treaties: The Philippines Insurance Commission has required all insurance and reinsurance companies operating in the country to report particulars of reinsurance treaties that they enter as part of efforts to improve transparency and ensure prudential soundness of the industry. Full Story

Captive Market

• Runoff Specialist Darag Acquires SOBC Services, Seeks to Acquire Captive Entities: As part of an expansion effort, runoff specialist Darag Guernsey acquired SOBC Services, while at the same time a joint venture between Darag and SOBC is to acquire four insurance carriers and a Bermuda captive cell. Full Story

Commercial Coverage

• Axa XL Closes on New Ocean Alternative Capital Acquisition: Axa XL said its reinsurance operation completed the acquisition of all third-party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management Ltd. Full Story

Mergers & Acquisitions

• Group1001 LLC to Acquire Lackawanna Insurance Group: Group1001 LLC said it will acquire 100% of Lackawanna Casualty Co. and its wholly owned subsidiaries, Lackawanna American Insurance Co. and Lackawanna National Insurance Co. Full Story

People in Insurance

• Willis Towers Watson Names Executives to Two Business Units: Willis Towers Watson named executives to its growing digital and analytics business and its mergers and acquisitions advisory businesses. Full Story

Ratings

• A.M. Best Downgrades Credit Ratings of Protective Insurance Corporation and Its Subsidiaries: A.M. Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “aa-” of Protective Insurance Company (PIC) and its wholly owned subsidiary, Sagamore Insurance Company (Sagamore). These companies are collectively referred to as Protective Insurance Corporation Group (the group). Concurrently, A.M. Best has downgraded the Long-Term ICR of the organization’s publicly traded ultimate parent, Protective Insurance Corporation, to “bbb” from “a-”. The outlook for all of these Credit Ratings (ratings) remains negative. All companies are domiciled in Carmel, IN. Full Story

• A.M. Best Places Credit Ratings of Lackawanna Casualty Company and Subsidiaries Under Review With Negative Implications: A.M. Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Lackawanna Casualty Company and its subsidiaries, Lackawanna American Insurance Company and Lackawanna National Insurance Company. Lackawanna operates under an intercompany pooling arrangement, collectively referred to as Lackawanna Insurance Group (Lackawanna). All companies are domiciled in Wilkes-Barre, PA. Full Story

• A.M. Best Upgrades Credit Ratings of Fidelity & Guaranty Life Holdings and Key Subs.; Assigns Ratings to F&G Reinsurance Ltd: A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “bbb+” of the key life/health subsidiaries of Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. (See below for a detailed listing of these companies.) Concurrently, A.M. Best has assigned an FSR of A- (Excellent) and a Long-Term ICR of “a-” to F&G Reinsurance Ltd (Bermuda). The outlook assigned to these ratings is stable. These subsidiaries collectively are referred to as Fidelity & Guaranty Life Group. Full Story