Insurance Alternative Rises
Unlike traditional insurance, “parametric” coverage pays out after a triggering event, regardless of actual losses.
Cigna to Buy Express Scripts in Big PBM Move
The $54 billion deal is the latest move by an insurer to cut health care costs by bringing pharmacy benefits and medical claims under one roof.
AXA Buys XL for $15B to Boost P&C Business
The deal is a "unique strategic opportunity" for the French insurance giant to diversify away from life and savings products.
AmTrust Financial to Go Private for $2.7B
The buyout comes after a "rocky year" for the insurer, which was forced to restate its financials due to a series of accounting errors.
Beijing Seizes Control of Anbang Insurance
China's move against the owner of the Waldorf Astoria "appears to be an unprecedented takeover — a Chinese-style hostile takeover."
Kemper to Buy Infinity Auto Insurer for $1.3B
The deal will create "a leader in nonstandard auto insurance" for drivers who may have been denied coverage by standard insurers.
Apple, Cisco Move Into Cyber-Insurance Market
The tech giants are offering protection against cyber attacks to businesses that primarily use their equipment.
GE Improves Cash Flow But Loses $10B in Q4
The company also discloses an SEC investigation of the $6.2 billion charge it took for its long-term care insurance business.
Tax Cuts Come With Writedowns for Insurers
S&P estimates the cut in the corporate tax rate will result in an aggregate writedown of about $14 billion of life insurers' deferred tax assets.
Insurance Losses Hurt Berkshire Hathaway
For a second straight quarter, the insurance group dragged down the conglomerate's operating profit, though its BNSF railroad keeps rolling along.
AIG, IBM Partner on Novel Blockchain Contract
The 'smart contract' is said to streamline complex insurance policies for multinational clients.