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Texas reels from Imelda; Faxai loss estimates; Centene-WellCare approvals

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Texas reels from Imelda; Faxai loss estimates; Centene-WellCare approvals

Aon PLC is anticipating economic losses in the "hundreds of millions" of dollars from Tropical Storm Imelda, The Insurance Insider reported. Private insurers will likely cover a "lower-than-normal" portion of claims, the broker added. Jefferson County, Texas, was hit by preliminary maximum rainfall of 43.15 inches on Sept. 16-19, according to Aon. A state of disaster has been declared in 13 counties.

Also, Aon analysts pegged insurance and reinsurance industry losses from major flooding last week in southeast and central Spain at over €287 million, Reinsurance News reported.

Hurricane Jerry is expected to produce heavy rains over the northern Leeward Islands as it passes to the north of that area later today. It is forecast to pass well north of Puerto Rico on Saturday, and be well east-northeast of the southeastern Bahamas on Sunday, the National Hurricane Center said.

MS&AD Insurance Group Holdings Inc. said its gross loss from Typhoon Faxai, which hit Japan on Sept. 9, will amount to approximately ¥100 billion, based on past natural disasters. Sompo Japan Nipponkoa Insurance Inc. projects that its total insurance claim payments connected to Faxai will surpass ¥110 billion, The Japan Times reported.

Centene Corp.'s pending deal to acquire WellCare Health Plans Inc. has been approved by 17 state insurance regulators, the company said.

Brazil's Caixa Seguridade Participações SA and France-based CNP Assurances SA closed a partnership agreement that will grant Caixa Econômica Federal exclusive distribution of insurance products throughout its branch network. The French insurer will pay 7 billion Brazilian reais upfront to Caixa in exchange for a 40% stake in a 25-year joint venture, of which the state-owned bank will hold the other 60%.

Employers Mutual Casualty Co. completed the acquisition of all of the remaining EMC Insurance Group Inc. shares that it did not already own for $36.00 apiece.

Cyberrisk quantifier Cytegic launched its own insurance unit.

Progressive Corp. appointed Jonathan Bauer chief investment officer, effective Jan. 3, 2020.

RFIB Group Ltd. obtained a Hong Kong license as its Hong Kong subsidiary has been approved to transact general insurance. Stephen Warwick will serve as the chief executive of RFIB Hong Kong Ltd. and will remain Asia-Pacific reinsurance CEO.

Business investment in the U.K. has been between 6% and 14% lower than it would have been in the wake of the June 2016 EU referendum vote, according to a Bank of England survey.

The government of Australia will ban companies from automatically charging life insurance to their young employees, Bloomberg News reported. Legislation passed by parliament only allows companies to provide life, disability and income protection insurance in default pension plans to new members below the age of 25 if they want to avail of it. People with risky jobs will still get automatic coverage, according to the report.

Now featured on S&P Global Market Intelligence

Low rates reinforce life insurers' expense discipline emphasis: Technological advancements promise the potential for more efficient and effective operations for U.S. life insurers at a time the industry faces increasing pressure on revenue growth from low interest rates.

New program seeks to give smaller businesses benefits of captive insurance: Large companies can run their own insurers and bet on themselves to save money if they do not need insurance reimbursements. The founder of Knox Reinsurance believes he has found a formula to give smaller companies that same cost savings option.

In other parts of the world

Asia-Pacific: MUFG to cut HK, Singapore staff in half; key rate decisions across Asia

Europe: RBS names Rose CEO; SNB, Norges Bank rate moves; low demand for cheap ECB loans

Middle East & Africa: Qatar cuts rate; Lebanese bank self-liquidates; Attijariwafa Bank H1 profit up

The day ahead

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

In Asia, the Hang Seng declined 0.13% to 26,435.67, while the Nikkei 225 rose 0.16% to 22,079.09.

In Europe, around midday, the FTSE 100 was up 0.20% to 7,371.36, and the Euronext 100 was up 0.47% to 1,099.32.

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 Baker-Hughes Rig Count report is due out today.

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