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Zurich sued over NotPetya; Fed backs NAIC capital regime; European winter storm


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Zurich sued over NotPetya; Fed backs NAIC capital regime; European winter storm

The Federal Reserve is supportive of using the National Association of Insurance Commissioners' existing capital framework for its proposed "building block approach" to setting consolidated capital requirements, Fed Vice Chairman Randal Quarles said yesterday.

Food manufacturer Mondelez sued Zurich Insurance Group AG over the latter's refusal to pay a $100 million "silent cyber" claim related to the NotPetya cyberattack in 2017, the Financial Times reported. Zurich used a "hostile or warlike action" exclusion in Mondelez's property insurance policy to disclaim liability.

Deadly winter weather has hit Europe, killing at least 13 people, mostly from avalanches, over the past week, The Associated Press reported. Hundreds of people were trapped in Alpine regions, and heavy snowfall and strong winds were reported over central Scandinavia. There were reports of snow on many of Greece's islands as well.

In the U.S., meanwhile, the lower Mississippi River is set to flood, Insurance Journal noted.

Total estimated insured losses from Hurricane Michael have climbed to about $4.89 billion, according to the Florida Office of Insurance Regulation.

Axa is set to shift employees to Ireland from Britain and France as Brexit inches closer to realization in March, Reuters reported, citing CEO Thomas Buberl. European large risks and reinsurance will be overseen from Dublin, while U.K. business will remain in London, Reuters noted.

In deals, U.S. insurance broker Hub International Ltd. acquired the assets of Chicago-based Sheridan Road Financial LLC and certain of its affiliates. Insurance broker Hilb Group LLC acquired Maryland-based D'Camera Group, effective Jan. 1, and Highland Village, Texas-based Integrity Marketing Group LLC acquired Hot Springs, Ark.-based Eldercare Insurance Services Inc.

The family office of Rana Kapoor, co-founder of India's Yes Bank, is in talks to buy a large stake from consumer goods company Dabur's Burman family in a life insurance joint venture with Aviva PLC, The Economic Times reported, citing people with knowledge of the matter.

Mapfre Re has become the first affiliated reinsurance company in Vermont after the state passed legislation in 2018 to give companies operating offshore an alternative now that the U.S. Base Erosion Anti-Abuse Tax has taken effect, Reinsurance News reported.

According to Goldman Sachs analysts, rate rises in reinsurance and retrocession at future renewals through 2019 may be "self-defeating" for traditional reinsurers, Artemis reported. Attractive pricing may encourage new capacity to flow into the sector.

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More geographically diverse med-mal group takes 2nd crack at stock conversion: A novel transaction is intended to enhance the competitive positioning of a group of Pennsylvania-focused insurers that offer professional liability coverage to healthcare providers.

UK NICE rejects Novartis, Amgen's Aimovig; House votes to intervene in ACA suit: The U.K. National Institute for Health and Care Excellence rejected Amgen and Novartis's migraine drug, and three Republicans joined House Democrats in adopting a resolution to intervene in a lawsuit challenging the constitutionality of the ACA.

In other parts of the world

Asia-Pacific: CITIC Securities in M&A deal; China to launch medium-term lending facility

Europe: US investor sues Danske Bank; Deutsche Bank shares take another beating

Middle East & Africa: Abraaj gets stake in C&I; Al Baraka eyes Asia; Zenith Bank's retail push

The day ahead

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

In Asia, Hang Seng increased 0.22% to 26,521.43, while the Nikkei 225 fell 1.29% to 20,163.80.

In Europe, around midday, the FTSE 100 fell 0.11% to 6,899.04 and the Euronext 100 was down 0.54% to 930.56.

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 EIA natural gas report, Fed balance sheet and Jobless Claims consensus is due out today.

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