According to the latest Quarterly InsurTech Briefing from Willis Towers Watson, insurers and reinsurers are increasing investments in insurance technology
Allianz Global Corporate & Specialty SE is acquiring the renewal portfolio of Liberty Mutual Insurance Co.'s U.S. product recall and special contingency business, written through Liberty International Underwriters U.S., effective Jan. 30.
Earnings:
Radian Group Inc. reported fourth-quarter 2017 net income of $6.8 million, or 3 cents per share, down from $61.1 million, or 27 cents per share, in the year-ago quarter.
Marsh & McLennan Cos. Inc. reported fourth-quarter 2017 net income attributable to the company of $29 million, or 6 cents per share, compared to $436 million, or 85 cents per share, in the year-ago period.
Validus Holdings Ltd. and XL Group Ltd are also expected to report earnings today.
Click here to read a summary of earnings reported Jan. 31 by select insurance companies covered by S&P Global Market Intelligence.
Hedge fund reinsurer
Issuance of insurance-linked securities
Insurers received nearly 45,000 claims and saw losses of over $11.79 billion from the wildfires
The new joint enterprise
The joint healthcare venture could take many shapes, including the formation of a pharmaceutical company or hospitals, an executive at one of the companies told S&P Global Market Intelligence. The executive, who spoke on background, made clear that no definitive plans have been made for the organization and that discussions are in the early stages.
Cigna said it will apply some of the net financial benefits from the U.S. tax reform to raise its minimum wage
Featured news
Roche CEO optimistic on new drug sales; Chugai, Takeda's earnings jump: Roche's CEO said Ocrevus and Tecentriq sales will help offset losses as cancer drugs go off patent; Japan's Chugai saw a 35.7% year-over-year jump in net income in 2017; while compatriot Takeda saw a a 45.4% increase in nine-month profit.
Financial news in other parts of the world
Asia-Pacific: South Korea files charges against 5 banks; Chinese bank raises 2.53B yuan in IPO
Europe: Telefónica hit dents BBVA's Q4'17 profit; EU-wide bank stress test launched
Middle East & Africa: Capitec shares fall after Viceroy report; Commercial Bank sets focus on Turkey
Latin America: Scotiabank in deal with Citi Colombia; Bradesco's Q4 profit jumps 10.9%
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was down 0.75% to 32,642.09. The Nikkei 225 rose 1.68% to 23,486.11.
In Europe as of midday, the FTSE 100 slid 0.03% to 7,531.36, and the Euronext 100 was up 0.38% to 1,067.00.
On the macro front
The motor vehicle sales report, the Market Focus report, the jobless claims report, the PMI Manufacturing index, the ISM manufacturing index, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
