A major deal
In more M&A
CF Corp. shareholders approved the company's pending acquisition of Fidelity & Guaranty Life for about $1.84 billion.
And a Reuters report identified the previously undisclosed buyer of select assets from the Beechwood family of reinsurance and asset management companies as Eli Global LLC unit Global Bankers Insurance Group. The Beechwood reinsurance companies were earlier said to be in talks to sell most or all of their operations as its relationship with Platinum Partners, the hedge fund manager facing multiple federal investigations, had dented the company's reputation.
A regulator exiting a closed-door meeting with Anthem Inc. executives told S&P Global Market Intelligence that the health insurer will have to explain to regulators how it will handle its most recent cybersecurity
The National Association of Insurance Commissioners' effort to create a cybersecurity standard has passed a major hurdle as a key committee signed off on a draft model law. The Insurance Data Security Model Law must still be approved by a vote of the entire NAIC in a plenary session, but if it passes muster, it could become a state accreditation standard.
Turning to earnings
Click here to read a summary of earnings reported Aug. 8 by select insurance companies covered by S&P Global Market Intelligence.
In other news,
The Texas House has given initial approval to H.B. 214, a bill that would ban insurers from including general abortion coverage in private health plans, state-offered insurance and insurance acquired through the Affordable Care Act, unless there's a life threatening situation, the Austin American-Statesman reported. A final vote on the measure is expected today.
AmTrust Financial Services Inc. intends to sign a quota share agreement with third-party reinsurers in the third quarter to reduce volatility related to the personal lines segment of its Republic business, CFO Adam Karkowsky said during an earnings call.
W. R. Berkley Corp. board increased the company's share repurchase authorization back to its previous level of 10 million common shares.
And, Blue Cross and Blue Shield of North Carolina's board of trustees elected Patrick Conway as the company's new president and CEO. Conway currently serves as the Centers for Medicare and Medicaid Services' deputy administrator for innovation and quality, and director of the Center for Medicare and Medicaid Innovation.
Featured news
Trump's opioid vows; Novo Nordisk, Lundbeck report Q2 results: U.S. President Donald Trump vowed to fight the country's opioid epidemic by working together with healthcare and law enforcement experts; and Novo Nordisk reported second quarter net income of 9.95 billion Danish kroner.
Financial news in other parts of the world
Asia-Pacific: CBA full-year cash profit up 5%; Sumitomo Mitsui, Yahoo Japan to form fintech JV
Europe: Munich Re Q2 profit drops 25%; Vantiv, Worldpay reach deal; Ageas Q2 profit down
Middle East & Africa: Incumbent takes lead in Kenya election; Qatar Insurance unit to launch IPO
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 0.35% to 27,757.09, and the Nikkei 225 was down 1.29% to 19,738.71.
In Europe, as of midday, the FTSE 100 had dropped 0.80% to 7,482.53, and the Euronext 100 had fallen 1.38% to 1,001.33.
On the macro front
The MBA mortgage applications report, the productivity and costs report, the wholesale trade report and the EIA petroleum status report are due out today.