Directors and officers insurers in the U.S. have started incorporating new exclusions to coverage for companies that manufacture and distribute opioids, The Insurance Insider reported. The exclusions put into contracts over the past month seek to prevent payouts stemming from opioid litigation losses, market sources said. The exclusions are limited to renewals, according to the report.
Spain's Banco Bilbao Vizcaya Argentaria SA confirmed that it has received offers from "several interested parties" for its nonlife insurance business in several geographies. The Spanish lender said it is carrying out negotiations with the goal of eventually establishing bancassurance alliances. An earlier Reuters report stated that Germany's Allianz Group is in pole position to invest in BBVA's bancassurance business, although it must still fend off U.S. rival Liberty Mutual.
Arch Capital Group Ltd. projects pretax losses of about $65 million to $75 million, net of reinsurance recoveries and reinstatement premiums, from catastrophic events during the third quarter.
Tropical Storm Risk issued a red alert warning for Typhoon Hagibis in Tokyo, Artemis reported. The typhoon is expected to cause Category 1 or stronger wind conditions late Oct. 11 and into the next day.
The U.K. pensions minister has refused to say whether new rules for so-called pensions superfunds will be included in upcoming legislation, prompting calls for action. The next parliamentary agenda will be laid out in a Queen's Speech on Oct. 14, but it is unclear whether the Pensions Bill will be included, or whether any legislation would contain rules governing defined benefit pension consolidators, also known as superfunds.
Rothesay Life PLC has concluded a £2.8 billion buy-in transaction with the National Grid UK Pension Scheme. The £20 billion scheme is the defined benefit pension scheme primarily for previous employees of the gas industry.
Sagicor Life Inc., a unit of Sagicor Financial Corp. Ltd., agreed to acquire the traditional insurance portfolios of both Colonial Life Insurance Company (Trinidad) Ltd. and British American Insurance Co. (Trinidad) Ltd. Sagicor Life will also acquire and assume Colonial Life's pension fund administration, management and investment services contracts.
Randall & Quilter Investment Holdings Ltd. completed the acquisition of Sandell Holdings Ltd. and its wholly owned subsidiary Sandell Re Ltd.
New York Life Insurance Co. named Eric Feldstein executive vice president and CFO.
Resolution Life's Bermuda-domiciled reinsurer, Resolution Re, named Steve Hales CEO.
And Axa SA appointed Paul Adamson CEO of Axa Gulf, effective Nov. 1, The Arabian Marketer reported.
Now featured on S&P Global Market Intelligence
Diocese bankruptcy offers window into insurance impact of NY Child Victims Act: In past diocese bankruptcies, insurance companies have borne the brunt of the settlements.
Lack of earthquake coverage leaves many California homes vulnerable to 'big one': Earthquake risk is widely known in the Golden State but remote in mind when it comes to insurance. Most residents living along the fault lines do not bother to buy protection against it.
Lloyd's insurers welcome risk exchange, want more detail on syndication overhaul: Underwriters acknowledge that modernizing the 330-year-old insurance market will be difficult and expensive, but are confident that the Future at Lloyd's plan will be successful.
In other parts of the world
Europe: HKEX drops LSE bid; Wirecard ups targets; ECB warns on bank liquidity
Middle East & Africa: Egypt mulls slashing bourse fees; Lebanon seeks UAE backing; Uganda trims rate
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng rose 0.28% to 25,893.40, and the Nikkei 225 lifted 0.99% to 21,587.78.
In Europe, around midday, the FTSE 100 fell 0.31% to 7,175.52, and the Euronext 100 was down 0.96% to 1,062.34.
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 Producer Price Index - Final Demand and the Redbook Index for retail sales are due out today.
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