Former health officials have launched an initiative to encourage people to sign up for coverage under the Affordable Care Act for 2018, The Hill reported. Lori Lodes and Joshua Peck, who oversaw enrollment efforts during former President Barack Obama's administration, have created a group called Get America Covered to promote ACA after President Donald Trump's administration slashed advertising budget for the upcoming open enrollment period. Also joining the initiative are former Acting Administrator of the Centers for Medicare and Medicaid Services Administrator Andy Slavitt and insurance industry veteran Mario Molina, The Associated Press reported.
Tropical Depression Sixteen has strengthened into Tropical Storm Nate, according to a public advisory issued by the National Hurricane Center at 8 a.m. ET. It has maximum sustained winds of nearly 40 miles per hour. JLT Re projects that it is likely to strengthen into Hurricane Nate and could make a U.S. landfall this weekend, The Insurance Insider reported.
Morgan Stanley expects property catastrophe reinsurance prices to see double-digit rate increases in the wake of the recent spate of natural catastrophes, and two powerful earthquakes, Business Insurance reported, citing a research note from the investment bank.
Several insurers disclosed estimated losses from recent catastrophes. State Auto Financial Corp. estimated $32.5 million in pretax losses from the impact of Hurricane Harvey and $23.0 million from Hurricane Irma. Total pretax losses for the third quarter are expected to be $56.1 million.
Third Point Reinsurance Ltd. expects initial net losses of less than $10 million from third-quarter catastrophes.
RenaissanceRe Holdings Ltd. projects an initial net negative impact of $625 million from the recent round of hurricanes to hit the U.S. and an earthquake in Mexico City.
W. R. Berkley Corp. has initially estimated that it will see cat losses of less than $110 million, before tax, or $72 million, after tax, from hurricanes Harvey, Irma and Maria and the earthquakes in Mexico.
In deal news, private equity-backed insurance broker Integro is in exclusive talks to acquire Lloyd's of London broker Tysers, The Insurance Insider reported. AmWINS Group Inc. and Calera Capital Advisors LP-owned RFIB Holdings Ltd. had also submitted bids to acquire Tysers, the publication earlier reported.
The North Carolina Department of Insurance approved China Oceanwide Holdings Group Co. Ltd.'s planned acquisition of Genworth Financial Inc.'s North Carolina-domiciled insurance companies, including Genworth Mortgage Insurance Corp. The regulator's approval is conditioned on the receipt of all other required regulatory approvals, the protection of Genworth's "personally identifiable" information and the closing of the transaction within 90 days after the approval date.
Hub International Ltd. has acquired the assets of Costello & Sons Insurance Brokers Inc., a specialist in commercial lines insurance for technology, venture capital and private equity firms as well as private client services. Terms of the deal were not disclosed.
Lawsuit updates: A New Orleans law firm has filed dozens of federal breach of contract suits stemming from the Baton Rouge, La., floods of August 2016 and has pledged to file hundreds more, claiming that National Flood Insurance Program, or NFIP, carriers allegedly failed to provide adequate compensation for losses sustained by their insureds.
Inovio sees early positive Zika vaccine results; Gilead HIV therapy passes trial: Inovio Pharmaceuticals Inc. said it saw positive results for its Zika vaccine in a phase 1 trial. Results published in the New England Journal of Medicine showed that the DNA-based vaccine induced high levels of binding antibodies in 100% of participants.
Financial news in other parts of the world
Asia-Pacific: Prudential seeks Vietnam consumer biz sale; Bangladesh, India ink financing deal
Europe: Theresa May's Brexit warning; Novo Banco gets key approval; Banca Carige concern
Middle East & Africa: Qatar says reserves enough to boost banks; no bad loan concerns in Saudi
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Nikkei 225 climbed 0.01% to 20,628.56.
In Europe, around midday, the FTSE 100 rose 0.20% to 7,482.17, while the Euronext 100 was up 0.11% to 1,045.34.
On the macro front
The international trade report, the jobless claims report, the factory orders report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.