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Dorian could threaten Florida; reinsurance discipline; silent cyber exposure

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Dorian could threaten Florida; reinsurance discipline; silent cyber exposure

Dorian strengthened to a hurricane and is expected to become a major hurricane on Friday, although it mostly spared Puerto Rico. There are no coastal watches or warnings in effect, but people in the northwestern and central Bahamas should monitor the progress of the storm, according to the National Hurricane Center's early morning bulletin. All indications are that by Labor Day weekend, a powerful hurricane will be near or over the Florida peninsula, the center warned.

Credit Suisse anticipates that a major landfall could cause insurance industry losses reaching $30 billion, Reinsurance News reported. Keefe Bruyette & Woods analysts said any sizable hurricane event and/or one that impacts a meaningful portion of Florida's east coast would likely affect reinsurers more than primary Florida insurers.

A.M. Best in a new report questioned whether the global reinsurance market can sustain the underwriting control it showed at the midyear 2019 renewals, when the sector held back capacity.

The insurance sector is considerably less concerned about silent cyber exposures than it was in 2018. The finding applies to all commercial lines of business and industry groups, according to a new Willis Re report.

A district court in Kansas signed an order that places Physicians Standard Insurance Co. into rehabilitation. The order of rehabilitation was signed with the consent of Physicians Standard's board. The insurer will continue to operate and its current policies will stay effective.

Michigan's Priority Health and Total Health Care will merge, subject to state approval, Modern Healthcare reported. Under the merger plan, Total Health Care will become a wholly owned subsidiary of Priority Health. The deal is expected to be finalized later in 2019, according to the report, citing Marti Lolli, Priority Health's chief marketing officer.

Integrity Marketing Group LLC received a strategic investment from funds managed by private equity company Harvest Partners LP.

WageWorks Inc.'s stockholders approved the company's acquisition by HealthEquity Inc. The transaction is expected to close Aug. 30.

Switzerland's Helvetia Holding AG reported net income after tax of CHF289.7 million in the first half, up from CHF223.9 million a year ago.

IDB Development received a binding offer to acquire up to 26% of Clal Insurance Enterprises Holdings Ltd. on better terms from four underwriters after it rejected an initial offer from the same group, Globes reported. IDB Development owns 20.3% of Clal Insurance, and is exposed to swap deals for 24% more of the company's shares.

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Florida's Citizens posts largest Q2 underwriting loss in 14 years: The second quarter produced unfavorable year-over-year comparisons in underwriting results for a number of Florida-focused property insurers, including the state's insurer of last resort.

Interest rates, inflation and markets: "Americans will always do the right thing — after exhausting all the alternatives." When it comes to interest rates, inflation, and financial markets, that hopeful outcome is being sorely tested.

A new life for 'Old Yeller' as insurer returns to mortgage lending: Nearly nine years after shutting down its U.S. mortgage brokerage business, a life insurer focused on middle-income consumers is laying the groundwork to reenter the market in a measured way.

In other parts of the world

Asia-Pacific: China Construction Bank H1 profit up 4.87% YOY; Shinhan Card issues ESG bonds

Europe: Johnson to suspend UK Parliament; UBS reshuffles; Italian parties strike deal

Middle East & Africa: Tadawul's full inclusion on MSCI emerging markets index; Israel holds rate

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.34% to 25,703.50, and the Nikkei 225 fell 0.09% to 20,460.93.

In Europe, around midday, the FTSE 100 was up 1.07% to 7,190.97, and the Euronext 100 rose 1.47% to 1,057.66.

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 GDP report, the international trade in goods report, the jobless claims report, the corporate profits report, the retail inventories [Advance], the wholesale inventories [Advance], the Pending home sales index, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

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