Arch CapitalGroup Ltd., AXIS CapitalHoldings Ltd., EnduranceSpecialty Holdings Ltd., EverestRe Group Ltd., RenaissanceReHoldings Ltd., ValidusHoldings Ltd. and XL GroupLtd. could have exposureif Hurricane Matthew follows a similar path to Hurricane Irene, Artemis reported,citing KBW analysts. The analysts said potential losses from the storm could impactreinsurers but the industry has sufficient capital to absorb such losses. The forecastshows that Hurricane Matthew could hit Florida and the Carolinas. A state of emergencyhas been declared for parts of eastern and central NorthCarolina, as well as Florida,in anticipation of the storm.
Intact FinancialCorp. estimatesits third-quarter catastrophe losses, net of reinsurance, to be about C$170 millionon a pretax basis, C$124 million after tax or 95 Canadian cents per share.
In health care-related news, Baptist Health Plan Inc. will withdraw from the individual health care federal exchangemarketplace for 2017.
EvergreenHealth Cooperative Inc. will convertto a for-profit insurance company and be acquired by a consortium of private investors,The Baltimore Sun reported, citing EvergreenCEO Peter Beilenson.
Following in the footsteps of insurers like Blue Crossand Blue Shield of Illinois and UnitedHealthcare, Medica will no longer pay brokerscommission on sales of newly issued individual health plans in 2017, the Minneapolis/St. Paul Business Journal reported.Medica has also decided to stop selling individual health plans outside of MNSure.
Over in New Jersey, Assemblyman Reed Gusciora introduced theNew Jersey Public Option Health Care Act, a proposed bill that would create a state-run,publicly funded health plan.
NationwideFinancial Services Inc.'s pending acquisition of JeffersonNational Life Insurance Co. is credit positive for both companies, accordingto Moody's. Jefferson National's proprietary technology platform will help NationwideFinancial in its bid to improve efficiency and profitability. Jefferson Nationalwill enjoy the advantages of being part of the Nationwide family from a capitaland brand name perspective.
Sun LifeFinancial Inc. plans to enter Singapore andThailand to take advantage of the increasing demand for insurance products inAsia, Reuters reported, citing Asia President Kevin Strain. The expansion couldinvolve acquisitions.
Refusing to hear an appeal by Berkshire Hathaway Inc.'s GEICO General Insurance Co., the U.S. Supreme Court upheld alower court ruling that said the insurer has to pay overtime to its claims investigators,Reuters reported.
The Florida Office of Insurance Regulation the removal of up to 97,390 policiesfrom Citizens Property Insurance Corp.for the December takeout period.
In executive moves, Hamilton Insurance Group appointed Seraina Maag CEO of Hamilton USA.
Martin Thompson was appointed president and CEO of RSA Canada.
Financialnews in other parts of the world
Asia-Pacific: Australianbanks to face probe; Canadian fund manager to buy stake in Edelweiss unit
Middle East & Africa: Kenya's Family Bank to shed jobs; Mozambican banks 'in good health'
Europe: INGfaces union ire; Novo Banco sees Chinese interest; Russian central bank overhauls
Early morning futures indicators pointed to a higher openingfor the U.S. market.
In Asia, the Hang Seng rose 0.45% to 23,689.44, and theNikkei 225 was up 0.83% to 16,735.65.
In Europe as of midday, the FTSE 100 was up 1.64% to 7,098.27,and the Euronext 100 rose 0.78% to 888.46.
On themacro front
The Redbook and the Gallup US ECI are due out today.