Flagstar Completes Acquisition

Flagstar Bank  has acquired 52 branches of Wells Fargo Bank in four Midwest states, including approximately $2 billion in deposits, along with certain related assets. The acquisition of these branches had been already been announced.

"We are excited to welcome the customers and employees of the 52 Wells Fargo Bank branches who joined the Flagstar family over the weekend," said Alessandro DiNello, president and chief executive officer of Flagstar Bancorp. "We are eager to bring Flagstar's brand of custom-crafted banking solutions to our new customers—all delivered by our new team of talented bankers. They share our tradition of superior customer service and commitment to the community."

Chub Reports $225M Loss Due to California Fires

Chubb Ltd. has reported preliminary net loss estimates in the fourth quarter of 2018 attributable to the California wildfires of approximately $225 million pre-tax, or $195 million after tax. These estimates do not include losses from Hurricane Michael or other weather events occurring across the globe in the quarter.

Chubb believes its estimated losses from Hurricane Michael are at the upper end of the range of $150 million to $250 million pre-tax that was previously disclosed. These estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company's commercial and personal property and casualty insurance businesses as well as its reinsurance operations.

Beall to Retire

Patrick Beall, group president of Stewart Information Services Corp., will retire from the company on Dec. 31, 2018.  He has served in a variety of leadership roles over a career that spanned over 33 years with Stewart Title. Tara Smith, executive vice president and agency services senior director, will be promoted and named group president for agency services. Smith has been with Stewart since 2013 as a senior member of the executive team. She will take the helm in January.