In the news
MetLifeInc. is nearing a decision to expand its operations in Ireland, BloombergNews reported. An official announcement could come in November, accordingto the report.
AmWINS GroupInc. entered into a partnership with Dragoneer Investment Group LLC, under which Dragoneerwill own 35% of AmWINS. The transaction, which values AmWINS at approximately$2.6 billion, will see NewMountain Capital LLC exit its investment in the company.
CatalinaHoldings (Bermuda) Ltd. unit Catalina Holdings UK Ltd. the of AGF InsuranceLtd. from Allianz SE unit AGF Holdings (UK) Ltd., following approval from the PrudentialRegulation Authority, the InsuranceJournal reported, citing the company.
What PennMutual Life Insurance Co. internally labeled as its"Decade ofOpportunity" is a step closer to coming to fruition. Thecompany's agreementto merge withVantis Life InsuranceCo. gives Penn Mutual, which offers life insurance and annuityproducts principally to affluent individuals, professionals and owners of smallto midsized businesses, a foothold in the middle market and could serve as theprecursor for more deals of the kind, said Chairman and CEO Eileen McDonnell.Windsor, Conn.-based Vantis is a provider of life insurance and annuityproducts distributed through agreements with 150 banks and credit unions acrossa 45-state footprint.
League Inc., a Toronto-based , secured alicense to operate as an insurance broker in Ontario, Reuters , citing CEO MikeSerbinis. Royal Bank ofCanada's RBC Insurance will initially underwrite League's life,accidental death, critical illness and other insurance plans. The startup willadd more underwriters for its offering.
Embroker Inc., a San Francisco-based business insuranceplatform, launchedits technology platform. The system will allow businesses to digitize existingpolicies and data, analyze, compare, buy new coverages, and file and manageclaims all in one place.
The National Council onCompensation Insurance filed for an overall rate decrease of 1.2% in workers' compensation insurancein Idaho for 2017, the state's insurance department said.
AmericanFamily Mutual Insurance Co.'s board has unanimously approved a planto convert theorganization's structure to a mutual holding company. American Family will nowask for policyholder approval of the plan.
AMERCO, the parent company of , declared aspecial cash dividendof $1 per share.
PHHCorp. hopes an appellate court's to overturn a ConsumerFinancial Protection Bureau's penalty will clarify the mortgage industry'sreliance on long-standing regulations. The CFPB had ordered the company todisgorge $109 millionin premiums collected by the company's former reinsurance business — paymentsthe agency deemed to be illegal kickbacks.
The G-7 has adopted a set of cybersecurity principles to help defendthe financial sector from destabilizing threats. The group of countries agreedon eight high-level elements necessary for strong defense of the sector,crafted to apply to entities of all sizes, from banks to payment systems tothird-party providers, according to Deputy Treasury Secretary Sarah BloomRaskin. The principles, designed to be flexible and tailored for differentfinancial institutions, also pertain to insurance companies.
Kroll Bond Rating Agency has identified1,307 properties that secure 1,016 mortgage loans with an aggregate allocatedloan balance of $14.5 billion spread across 157 transactions that have exposureto Hurricane Matthew. Almost 90% of the properties were located in Florida,followed by North Carolina and South Carolina.
Hamilton USA, the U.S. platform of insurance operations ofHamilton InsuranceGroup, appointed Michael Garceau COO, effective Oct. 17.Garceau joins from AmericanInternational Group Inc.
Financial newsin other parts of the world
Financial newsin other parts of the world
Middle East & Africa:Atlas Mara names interim chair;bank stocks fall as Gordhan summoned
The day ahead
U.S.markets are expected to start the day's trading on a lower note as the Nasdaqcomposite index, the S&P 500 and the Dow Jones Industrial Average weretrading below fair value in early morning futures trading.
InAsia, the Hang Seng dropped 0.60% to 23,407.05, and the Nikkei 225 was down1.09% to 16,840.00.
In Europeas of midday, the FTSE 100 was down 0.24% to 7,053.66, and the Euronext 100 hadfallen 0.06% to 883.03.
On the macro front
TheBank Reserve Settlement report, the MBA mortgage applications report, the JOLTSreport and the FOMC minutes are due out today.