Lloyd's of London still has work to do to improve its underwriting profit despite early signs that its efforts are bearing fruit, according to Performance Management Director Jon Hancock. He acknowledged that the work Lloyd's syndicates had put in to rid their books of unprofitable business was "starting to come through," but added that "more improvement on the underwriting account is needed."
Charles Taylor PLC has agreed to a £261 million takeover bid from Jewel Bidco Ltd., which is backed by Lovell Minnick Partners LLC. The offer was 315 pence per Charles Taylor share, a 34% premium on the stock's Sept. 18 closing price of 235 pence, and a 39.5% premium to the three-month volume-weighted average share price to Sept. 18.
Liberty Mutual provides general liability and excess casualty coverage to Purdue Pharma LP, the now-bankrupt opioid manufacturer, The Insurance Insider reported, citing court filings. The policies are scheduled to expire on Oct. 1. Other insurers that write policies for the company are Zurich Insurance Group AG, Tokio Marine HCC, Chubb Ltd. and American International Group Inc.
Hurricane Humberto should start to weaken today, and it is expected to become a post-tropical cyclone by Friday, the National Hurricane Center said in an early morning bulletin. The center of Humberto will continue to move away from Bermuda, it added. Meanwhile, Tropical Storm Jerry is forecast to become a hurricane later today, with little change in strength anticipated on Friday or Saturday. The center of Jerry will be near or north of the northern Leeward Islands on Friday and pass north of Puerto Rico on Saturday.
EMC Insurance Group Inc. shareholders voted in favor of the company's deal with Employers Mutual Casualty Co. during a Sept. 18 special meeting. Employers Mutual will acquire EMC Insurance shares it does not already own for $36.00 apiece.
Legal & General Assurance Society Ltd. completed a £930 million full buy-in for the members of the Tate & Lyle Pension Scheme.
Axa Liabilities Managers SAS completed the acquisition of the nonlife legacy portfolio of Munich Re Malaysia, effective Oct. 1.
U.K.-based Just Group PLC made David Richardson its permanent CEO, effective immediately. Richardson has been serving as interim CFO since October 2018 and became interim CEO in April, when Rodney Cook vacated the role.
Markel Corp. named Brenton Slade president of Lodgepine Capital Management Ltd., its new retrocessional insurance-linked securities fund based in Bermuda.
In a divided decision, Federal Reserve officials lowered the bank's benchmark interest rate by 25 basis points on Sept. 18, easing policy for the second time this year to stave off worries about a potential slowdown. The federal funds rate will move down to a new target range of 1.75% to 2%, according to the post-meeting statement from the Federal Open Market Committee.
Meanwhile, the Bank of England today held its benchmark rate at 0.75%.
Optimism among CEOs and CFOs of major U.S.-based companies weakened in the third quarter amid persistent trade uncertainty, slowing global economic growth and expectations of a 2020 recession, two new surveys released Sept. 18 said.
Now featured on S&P Global Market Intelligence
Private workers' comp writers to pair up after lengthy 'dating' process: CopperPoint is poised to break into the ranks of the top 25 U.S. workers' comp groups by virtue of an acquisition that promises additional diversification by geography and product line.
Group segment strength bolsters US life insurance premium growth in Q2: The industry's group life premiums surged to $10.36 billion, up 12.2% versus the prior year. Overall, life insurance premiums rose by nearly 5% year over year.
In other parts of the world
Asia-Pacific: US Fed cuts rates; DBS Bank eyes Thailand in AUM expansion plans
Europe: Deutsche, Barclays named in German tax fraud trial; Nordea CFO to depart
Middle East & Africa: Saudi Arabia, UAE cut rates; Banque Centrale Populaire H1 profit up
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng dropped 1.07% to 26,468.95, and the Nikkei 225 rose 0.38% to 22,044.45.
In Europe, around midday, the FTSE 100 was up 0.59% to 7,357.54, and the Euronext 100 climbed 0.25% to 1,091.33.
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 jobless claims report, the Philadelphia Fed business outlook survey, the current account report, existing home sales report, leading indicators report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
