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Expected Hurricane Matthew losses drop; insurers push back against Canada housing rules

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Expected Hurricane Matthew losses drop; insurers push back against Canada housing rules

In thenews

Expectedlosses from Hurricane Matthew continue to fall, The Insurance Insider reported, citing "underwriting sources."Anticipated U.S. wind only losses from the storm are not expected to hit $5 billionand all-in commercially insured losses should not top $5 billion.

Moody's said some reinsurers with business in the Southeastcould see meaningful lossesfrom damage caused by Matthew, but that the losses will be manageable.

HeritageInsurance Holdings Inc. Chairman and CEO Bruce Lucas said the insurernow expects estimated lossesfrom the calamity to come in at less than $100 million, of which the company willretain $40 million.

Florida's state insurance regulator nearly 5,000 claims related to thestorm. From Florida through Virginia, StateFarm Mutual Automobile Insurance Co. received 8,350 total homeownerclaimsand 2,150 auto claims, and USAA had about 15,000 total claims as of the afternoonof Oct. 10, The Virginian-Pilot reported.

Unrelated to Matthew, National General Holdings Corp. expects its third-quarterresults to include pretax catastrophelosses of approximately $15 million related to the August flood eventin Louisiana.


In Canada, banks and mortgage insurers are opposingnew government housing rules that would require the industry to assume some riskson mortgage defaults, Bloomberg News reported. Industry players said the requirementwill increase mortgage rates, hurt small real estate markets and push borrowerstoward unregulated lenders. "People familiar with their plans" said and CanadaGuaranty Mortgage Insurance Co. will lobby the finance department against risk sharing.


Kuvare Holdings LP formeda new reinsurer, Kuvare Life Re Ltd., and announced the execution of a closed-blockreinsurance transaction.


In executive moves, Aspen Insurance Holdings Ltd. COO Ann Haugh is the company, The Insurance Insider reported.

Global Bankers Insurance Group appointed Scott Boug chief actuary. Global Bankers InsuranceGroup is a consortium of insurance and reinsurance companies. Some of its membersare Colorado Bankers Life InsuranceCo., Southland NationalInsurance Corp. and MotheLife Insurance Co.

Symetra LifeInsurance Co. namedJoel Kneisley senior vice president and chief information officer.

Marsh &McLennan Cos. Inc. subsidiary Marsh appointed Rich Drab CEO of Dovetail Insurance.

Baylor Scott& White Holdings announced the appointment of James Hinton as president and CEO of .


Aon Plc'sglobal risk management business, Aon Risk Solutions, agreed to acquire New York-based risk management companyStroz Friedberg Inc.

Financialnews in other parts of the world

Asia-Pacific: Indiato restructure 300B rupees of loans; China to swap bad debt for equity

Middle East & Africa: QNB posts Q3 result; Kenyan bank gets CEO; Moza Banco future on table

Europe: RBSdata leak; Tryg Q3 earnings; Falcon Private Bank fined

The dayahead

Early morning futures indicators pointed to a lower openingfor the U.S. market.

In Asia, the Hang Seng dropped 1.27% to 23,549.52, andthe Nikkei 225 was up 0.98% to 17,024.76.

In Europe as of midday, the FTSE 100 was up 0.25% to 7,115.42,and the Euronext 100 rose 0.32% to 890.05.

On themacro front

The Labor Market Conditions Index, NFIB Small BusinessOptimism Index and Redbook are due out today.