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Power Corp., Power Financial reorg; Argo board chair retiring; Centene targets

Power Corp. of Canada and Power Financial Corp. announced a reorganization under which the dual-holding company structure will be eliminated. Each Power Financial common share will be exchanged for 1.05 subordinate voting shares of Power Corp. and 1 Canadian cent in cash.

Argo Group International Holdings Ltd. announced that Gary Woods will retire as the chairman of the company's board and that four other directors targeted by an activist investor will also retire.

Centene Corp. expects total revenues of $78.6 billion to $79.4 billion, EPS of $4.17 to $4.33, and adjusted EPS of $4.64 to $4.84 for 2020.

California utility Pacific Gas and Electric Co. and its parent company PG&E Corp. late Dec. 12 filed an updated plan of reorganization.

Genworth Financial Inc. completed the sale of its majority stake in Genworth MI Canada Inc. to Brookfield Business Partners LP for C$48.86 per share, or a total transaction value of approximately C$2.4 billion.

OneConnect Financial Technology Co. Ltd., the financial technology unit of Ping An Insurance (Group) Co. of China Ltd. priced its IPO of 31.2 million American depositary shares at $10 per ADS.

Swiss Re AG is seeking to secure at least $175 million of retrocession against U.S. named storm losses by sponsoring its second Matterhorn Re Ltd. catastrophe bond, Artemis reported.

Newly launched Sproutt Insurance has raised $12 million in series A funding from State of Mind Ventures, Moneta Capital and Guardian Life.

Ageas SA/NV and Helvetia Holding AG moved closer to potentially acquiring Caser Seguros as the auction valuing the Spanish insurer at €1 billion reached its final stages, Reuters reported, citing unnamed sources.

The Central Bank of Ireland has ordered CBL Insurance Europe DAC to cease making claims payments due to its "deteriorating financial position."

The Munich Re supervisory board named Achim Kassow to the board of management, effective May 1, 2020. Kassow will assume responsibility for Asia-Pacific and Africa, as well as for the central procurement and services divisions.

Australia-based Suncorp Group Ltd. appointed Jeremy Robson group CFO and Lee Hatton CEO of its banking and wealth division.

The Insurance Regulatory and Development Authority of India will allow insurers to invest in debt exchange-traded funds with underlying debt securities of Central Public Sector Enterprises, or CPSEs.

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Insurance industry executive talent crunch is underway: The industry has for years projected a wave of executive retirements without enough experienced management to fill leadership roles. Research shows that time might have arrived.

New York Life could become major underwriter in group disability, AD&D: The sale of Cigna's nonhealth subsidiary to New York Life would make the insurer a major player in the group disability and accidental death and dismemberment market.

Johnson's victory clears way for Brexit, but shape of future trade deal unclear: Conservatives' stunning majority is biggest since Thatcher and now there is certainty that the U.K. will leave the European Union at the end of next month but future trade deal still beset by uncertainty.

In other parts of the world

Asia-Pacific: Bank of Baroda sells Caribbean unit; Bangkok Bank to buy Bank Permata

Europe: Johnson wins UK poll; ING capital requirement up; Moneta signs €180M deal

Middle East & Africa: Fitch downgrades Lebanon; Mozambique's central bank holds key rate

The day ahead

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

In Asia, the Hang Seng inched up 2.57% to 27,687.76, and the Nikkei 225 rose 2.55% to 24,023.10.

In Europe, around midday, the FTSE 100 was up 1.84% to 7,406.99, and the Euronext 100 increased 1.11% to 1,138.63.

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 retail sales report, the import and export prices, the business inventories report and the Baker-Hughes Rig Count are due out today.

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