Aegon-Wilton Re reinsurance deal; Generali shareholder pact mulls wind down

TOP NEWS IN GLOBAL INSURANCE

* Aegon NV announced that its Transamerica unit reinsured $1.4 billion of universal life secondary guarantee reserves with Wilton Re Ltd. The insurer's share price was down in morning trading after the company reported lower operating capital generation and solvency levels than analysts were expecting. Aegon's fourth-quarter 2021 net result rose to €526 million from €271 million in the fourth quarter of 2020.

* Assicurazioni Generali SpA investors CRT Foundation and Leonardo Del Vecchio are considering winding down their shareholder pact following the withdrawal of fellow Generali investor Francesco Caltagirone, MF reported. Market watchdog Consob and insurance regulator IVASS will present their verdict soon regarding whether the three investors acted in concert over Generali, according to a report from Il Sole 24 Ore.

➤ AF Group, Farmers Insurance raise commercial auto rates in December 2021

AF Group could see the biggest increase in aggregate premiums out of any group, thanks to rate hikes approved in Texas.

➤ Scor cuts catastrophe exposure at Jan. 1 over inadequate pricing

The French reinsurer increased property-catastrophe prices across its book by 13% at the renewal period, but the resulting profit margins would not be enough to compensate for increasing retrocession prices, claims inflation and climate change.

PROPERTY AND CASUALTY

* Intact Financial Corp. posted fourth-quarter 2021 net income of C$701 million, or C$3.85 per share, up 85% from C$378 million, or C$2.55 per share, in the prior-year quarter.

* Sampo Oyj's fourth-quarter 2021 profit before taxes rebounded to €1.20 billion from a €675 million loss in the prior-year period.

* French insurers are split over the government's agricultural insurance reform plan that would involve sharing customer lists, Les Echos reported. Sector leaders Crédit Agricole and Groupama Group were in favor of the planned reform, while Allianz France SA, Abeille Assurance and L'Etoile Société Agricole de l'Assurance found it less favorable.

* Argo Group International Holdings Ltd. expects net adverse prior-year reserve development of $130 million to $140 million to negatively affect its fourth-quarter 2021 results. The reserve charge is primarily related to claims within the company's construction defect business in the U.S. from 2017 and prior underwriting years.

* Truist Insurance Holdings Inc. will acquire national title insurance agency Kensington Vanguard National Land Services LLC for undisclosed financial terms in a transaction expected to close later in the first quarter.

* China Rongtong Property Insurance Co. has received approval from the China Banking and Insurance Regulatory Commission to commence business, Asia Insurance Review reported.

LIFE AND HEALTH

* There are "no exceptions" in Centene Corp.'s portfolio review of noncore assets, with Centene management being "very clear-eyed" and prioritizing the "largest and most independent of assets" when it comes to the review process, Vice Chair Sarah London said during an earnings call.

* Southeast Life Insurance PCL and Thai Insurance PCL will provide refunds to 387,000 policyholders who successfully applied for full premium refunds for coverage against COVID-19, starting Feb. 9, Krungthep Turakij reported.

REINSURANCE

* Vantage Group Holdings Ltd. has completed its acquisition of admitted lines carrier Vantage Risk Assurance Co., formerly Heritage Casualty Insurance Co. Additionally, funds managed by The Carlyle Group Inc. and Hellman & Friedman LLC committed up to an additional $200 million of capital for Vantage Group.

Yael Schrage, Brian McCulloch, Sarun Saelee and Ben Dyson contributed to this report.

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