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Bain bids for UK insurer; proxies back Cigna; Talanx Q2 profit dips

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Tracking Credit Risk of a Major U.S. Retailer

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Q&A: Navigating Climate Risk as a Financial Risk


Bain bids for UK insurer; proxies back Cigna; Talanx Q2 profit dips

Bain Capital Private Equity offered to buy U.K. personal lines insurer esure Group Plc for 280 pence a share, or £1.17 billion based on the 419.09 million shares esure has outstanding. Shares in the company were up more than 30% as of just after midday London time.

Glass Lewis & Co. recommended that shareholders vote to approve health insurer Cigna Corp.'s $54 billion acquisition of Express Scripts Holding Co., making it the second shareholder advisory firm to back the transaction after ISS did so on Friday.

Talanx AG reported second-quarter consolidated group net income after noncontrolling interests of €219 million under International Financial Reporting Standards, down from €225 million in the year-ago period. Fellow German insurer Wüstenrot & Württembergische AG reported first-half consolidated net profit attributable to shareholders of €115.7 million, down from €154.2 million in the year-ago period.

Australian health insurer Nib Holdings Ltd. estimated that underlying group operating profit for the year to June 30 will be about A$184 million, above the previous guidance of A$165 million thanks to a benign claims environment, particularly in its Australian residents health insurance business.

Click here to read a summary of earnings reported Aug. 10 by select insurance companies covered by S&P Global Market Intelligence.

Tokio Marine & Nichido Fire Insurance Co. Ltd., a unit of Tokio Marine Holdings Inc. estimated that incurred losses due to heavy rains that hit Japan in July will be approximately 50 billion yen ($453 million).

Taiwan's Financial Supervisory Commission gave Fubon Financial Holding Co. Ltd. two months to better separate its financial business from affiliated industrial operations, the Taipei Times reported.

China Property & Casualty Re Co. Ltd. completed setting up its noninsurance unit, China Re Catastrophe Risk Management Co. Ltd., with a registered capital of 100 million yuan.

SOBC DARAG, a joint venture between German insurer DARAG Deutsche Versicherungs-und Rückversicherungs-AG and New York-based run-off specialist SOBC, agreed to acquire Peachtree Casualty Insurance Co.

Bermuda-based Arch Capital Group Ltd. is marketing a $653.3 million insurance-linked securities transaction to provide colllateralized reinsurance for its mortgage insurance book, Artemis reported. Arch's fifth such transaction is its largest yet.

The fire that burned down the Mackintosh Building at the Glasgow School of Art in Scotland is expected to result in about £100 million of insurance losses, The Insurance Insider reported. Lloyd's of London Syndicate 5000 is reportedly the lead insurer on the construction all risks policy.

Meanwhile, the London Market Group, a body representing the city's insurance market, will begin publishing so-called league tables of individual syndicates' take-up of Lloyd's electronic platform, known as the PPL, the Insider also reported. Anonymous figures for the second quarter showed that 63% of Lloyd's businesses are ahead of the market's 10% quarter-end target, but the average of 16.3% of business placed electronically is short of the 20% threshold to be met by the end of the third quarter.

Now featured on S&P Global Market Intelligence

Cigna's stock slides as tiff with Icahn over Express Scripts deal rages on: But Ambac and Assured Guaranty posted gains after an agreement was reached over Puerto Rico's tax revenues.

Bayer plummets after Monsanto cancer ruling; Alnylam rare drug wins FDA approval: Bayer's shares plunged after Monsanto was ordered to pay $289 million over allegations that its weedkiller caused cancer; and the U.S. drug regulator approved Alnylam's RNA-based treatment of a disease caused by a rare genetic disorder.

In other parts of the world

Asia-Pacific: State Bank of India posts Q1 loss; CIMB gets M&A nod; S&P changes ORIX outlook

Europe: Lira woes weigh on European markets; Talanx Q2 profit dips; Fitch hikes Greece

Middle East and Africa: Turkish lira turmoil hits MEA markets; S&P revises outlook on Rwanda

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng was down 1.52% to 27,936.57. The Nikkei 225 retreated 1.98% to 21,857.43. In Europe as of midday, the FTSE fell 0.51% to 7,628.81, and the Euronext 100 slipped 0.43% to 1,057.93.

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

No notable reports are due out today.

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