Insured losses from Hurricane Dorian in the Caribbean and U.S. could exceed $5 billion, catastrophe modeling company Karen Clark & Co. estimated. KCC said estimated losses totaled $3.62 billion in the Bahamas, $23 million in Puerto Rico, $84 million in the U.S. Virgin Islands and $1.5 billion on the U.S. mainland.
The reinsurance market's initial insured loss estimates for Typhoon Faxai, which hit Japan early Sept. 9, range from $1.5 billion to $5 billion, The Insurance Insider reported. Sources are being cautious with the estimates as Typhoon Jebi had a similar range early on, before jumping to between $15 billion and $16 billion of insured losses, according to the report.
Rothesay Life PLC will raise at least £500 million in new equity capital from its backers as it looks to make headway in the bulk annuities market. In a trading update, the company said its shareholders agreed to put in more funding to take advantage of "unprecedented opportunity" in the defined benefit buy-in and buy-out market. It also raised £400 million via a bond issuance, the Financial Times reported.
Charles Taylor Managing Agency is being acquired by a subsidiary of Bermuda-based Premia Holdings Ltd. Charles Taylor PLC and The Standard Club Ltd. said the sale also involves Charles Taylor Managing Agency's associated companies, including The Standard Syndicate Services Ltd. and The Standard Syndicate Services Asia Pte. Ltd., as well as the Lloyd's of London corporate names.
Scor Investment Partners SE, the portfolio management company of Scor SE, completed the acquisition of Coriolis Capital Ltd., effective Sept. 10. Coriolis Capital is a fund manager specializing in insurance-linked securities and invests in catastrophe bonds, collateralized reinsurance and climate derivatives.
Manoj Gupta was named COO of TigerRisk Partners LLC after previously serving as president of Third Point Reinsurance Ltd.'s U.S. subsidiary, Reinsurance News reported.
An Enstar Group Ltd. subsidiary reached an agreement with Munich Re Co. subsidiaries to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance, primarily of long-tail insurance business.
A proposal from the Oregon Department of Consumer and Business Services is looking to lower workers' compensation insurance costs for employers to an average of $1.02 per $100 of payroll from $1.11 in 2019, which will cover workers' compensation claim costs, assessments and insurer profit and expenses.
Hong Kong Insurance Authority Chairman Moses Cheng Mo-chi said a proposed "insurance connect" scheme between Hong Kong and China has been temporarily shelved, the South China Morning Post reported. The agreement that would pave the way for cross-border sales of insurance products was put on hold due to social unrest in Hong Kong and the U.S.-China trade war.
Mirae Asset Global Investments Co. Ltd. agreed to buy 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd. for more than $5.8 billion, The Wall Street Journal reported, citing people familiar with the matter.
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'Shockingly large' claims from NY victims act likely to hit insurers, reinsurers: As New York opens a one-time window allowing victims of child sexual abuse to pursue civil action, "expect the [settlement] numbers to be shockingly large," said Timothy Lytton, a professor of law at Georgia State University.
Deal positions Berkshire to continue rapid student health insurance growth: The Wellfleet business of Berkshire Hathaway already ranked among the largest U.S. providers of group student health insurance prior to a proposed acquisition of renewal rights to National Guardian Life's policies in that niche.
In other parts of the world:
Asia-Pacific: China scraps cap for overseas investors; ASIC appeals Westpac ruling
Europe: Nordea COO resigns; Commerzbank offices raided; mortgage blow for banks in Spain
Middle East & Africa: Abu Dhabi Commercial Bank exits India; Zimbabwe forms monetary policy committee
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng gained 1.78% to 27,159.06, and the Nikkei 225 increased 0.96% to 21,597.76.
In Europe, around midday, the FTSE 100 climbed 0.92% to 7,334.87, and the Euronext 100 was up 0.46% to 1,084.33.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
On the macro front
The PPI-FD index, the Atlanta Fed business inflation expectations report, the wholesale trade report and the EIA Petroleum Status Report are due out today.
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