The U.S. Federal Emergency Management Agency said that it is resuming the sale of new insurance policies and the renewal of expiring policies under the National Flood Insurance Program during the U.S. government shutdown.
According to Lane Financial LLC, insurance-linked securities rate-on-line index rose 15% during the fourth quarter, but the analysis indicates that rates could further rise up to 20%, Artemis reported. The increase in the rate suggests a return to "hard market territory."
A federal district judge in Texas who said the entire Affordable Care Act — former President Barack Obama's signature legislative achievement — was unconstitutional ruled in a new opinion that the law will remain in place while an appeal on his earlier decision is being fought.
China Reinsurance (Group) Corp. completed its previously announced acquisition of Lloyd's of London business Chaucer PLC from its parent company, Hanover Insurance Group Inc. Also, Hanover's board approved a new $600 million share repurchase authorization, and pursuant to that authorization, an accelerated share repurchase agreement for $250 million.
Evolem SA entered into exclusive negotiations with private equity firm CVC Capital Partners regarding the transfer of its majority stake in French broker April SA to the private equity firm. CVC is offering €22 per APRIL share for the 65.1% stake.
Insurance broker INSURICA Inc. acquired Oklahoma-based online lead generation and small business agency Commercial Insurance.net's operations, effective Nov. 1., and Texas-based McNeil and Co., effective Jan. 1, 2019.
Spanish insurer Mutua Madrileña Automovilista Sociedad de Seguros a Prima Fija signed an agreement to take a 30% stake in asset manager EDM, Europapress reported.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
Most Asian markets were closed ahead of the New Year's holiday.
In Europe as of midday, FTSE 100 was down 0.14% to 6,724.79 and Euronext 100 climbed 0.18% to 914.56.
On the macro front
No notable reports are due out today.
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