Global Aerospace writes at least 10% of a Marsh-brokered product liability policy expected to be invoked following the grounding of over 100 Boeing 737 Max 8 aircraft in China and Indonesia, The Insurance Insider reported. Sources said Boeing's policy contains a $500 million per grounding sublimit and a total limit of approximately $2.5 billion.
The U.S. Federal Emergency Management Agency intends to use private sector data in calculating flood threats, which could result in higher flood insurance premiums and lower property values in the most flood-prone areas in the U.S., Bloomberg News reported.
President Donald Trump's proposed 2020 budget, citing "overly generous" subsidies, would cut the Department of Agriculture's budget by $3.6 billion to $20.8 billion and would lower crop insurance premium subsidies to 48% from 62%, Bloomberg also reported.
U.S. commercial insurance prices grew by just under 2% in the fourth quarter of 2018, according to Willis Towers Watson PLC's Commercial Lines Insurance Pricing Survey.
Berkshire Hathaway Inc. unit Applied Underwriters Inc. is the subject of an enforcement action by the New Jersey Department of Banking and Insurance on charges of marketing and selling unfiled and unapproved workers compensation programs in the state, Business Insurance reported.
The U.K.'s Financial Reporting Council will be replaced with a stronger accounting regulator, the Audit, Reporting and Governance Authority, following an independent review that revealed several weaknesses in the FRC's effectiveness.
Pool Reinsurance Co. Ltd. put £10 million into a U.K. multi-agency interactive information sharing platform that will aid in protecting businesses against terrorism risks.
Arthur J. Gallagher & Co. acquired Merit Insurance Inc., a Shelton Conn.-based retail property and casualty broker and employee benefits consultant. Hub International Ltd. acquired Rockville, Md.-based The Insurance Exchange Inc. for undisclosed terms.
Two named windstorms since the start of March caused about €800 million in insured property losses in Germany, Artemis reported, citing actuaries.
Willis Re Corporate Solutions is advising Charles Taylor PLC and The Standard Club on a possible sale of Charles Taylor Managing Agency and certain liabilities of Lloyd's of London Syndicate 1884, The Insurance Insider reported.
The Insurance Regulatory and Development Authority of India asked Life Insurance Corp. of India to submit a proposal to cut down its shareholding in IDBI Bank Ltd., The (India) Financial Express reported.
And Ping An Insurance (Group) Co. of China Ltd. said net profit attributable to shareholders of the parent company jumped 20.6% year over year to 107.40 billion Chinese yuan from 89.08 billion yuan in 2017. EPS rose to 6.01 yuan from 4.99 yuan.
Now featured on S&P Global Market Intelligence
Auto Club Exchange, Farmers increased Calif. private auto rates in 2018: Auto Club, which was the fifth-largest private auto insurer in California in 2017 with an 8.5% share of the market, got approval for a 5.9% rate increase in January 2018.
Trump seeks NIH cuts in 2020 budget; S&P sets negative outlook on pharma sector: President Donald Trump said the U.S. National Institutes of Health's spending should be decreased by about $5 billion; and S&P Global Ratings assigned a negative outlook to the pharmaceutical industry due to increasing M&A activity, among others.
In other parts of the world
Asia-Pacific: Citi to open Singapore currency trading hub; ORIX mulls overseas asset arm sale
Europe: New Brexit deal up for vote; US targets Evrofinance; Denmark zeroes in on banks
Middle East & Africa: Regulator clears 2 Saudi banks' merger; Absa, Old Mutual post higher results
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was up 1.46% to 28,920.87. The Nikkei 225 rose 1.79% to 21,503.69.
In Europe before midday, the FTSE 100 was up 0.23% to 7,146.65 and the Euronext 100 was down 0.11% to 1,019.31.
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 Redbook, Consumer Price Index and the NFIB small business optimism index are due out today.
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