Lloyd's of London CEO John Neal pledged to address inappropriate behavior in the marketplace after a culture survey found that 8% of some 6,003 respondents had witnessed sexual harassment over the prior 12 months. Other findings of the survey — commissioned in the wake of reports of sexual harassment in the Lloyd's market — included that women responded more negatively than men to every question asked.
Tampa, Fla.-based independent insurance distribution firm BRP Group Inc. filed for an IPO of its common shares. The IPO's proposed maximum aggregate price is $100 million, estimated solely to calculate the registration fee.
About half a dozen companies are looking to acquire the Singapore and Vietnam businesses of Aviva PLC for a combined deal value of between $2 billion and $2.5 billion, Reuters reported, citing sources. These include Allianz Group, Nippon Life Insurance Co., MS&AD Insurance Group Holdings Inc. and Sun Life Financial Inc.
Karen has become a tropical storm again south of Puerto Rico, the National Hurricane Center said. Heavy rain and strong gusty winds are expected across Puerto Rico and the Virgin Islands later today. A tropical storm warning is in effect for the U.S. Virgin Islands; Puerto Rico, including Vieques and Culebra; and the British Virgin Islands.
Tropical Storm Lorenzo is forecast to become a hurricane later today and could become a major hurricane Thursday. It is located about 310 miles southwest of the southernmost Cabo Verde Islands.
Political violence losses are unlikely after Saudi Arabian Oil Co.'s Abqaiq and Khurais oil processing plants caught fire after being targeted in drone attacks, The Insurance Insider reported. Sources said Saudi Aramco does not have a stand-alone political violence policy, although a power plant at the Abqaiq facility is covered by a $200 million all-risk policy. Hiscox Ltd. is reportedly the lead insurer for this cover, with MS Amlin PLC also said to be on the hook.
Trov Inc. is drawing up a plan to place its consumer insurance into runoff in 2020 as it focuses on becoming a business-to-business vendor of on-demand insurance cover, the Insider reported.
Berkshire Hathaway Specialty Insurance entered the Spanish insurance market, opening an office in Madrid and naming Ignacio Almazan country manager.
Columbus, Ohio-based commercial insurance technology provider Bold Penguin has closed a $32 million series B funding round.
Newly opened CAC Specialty has named Mike Rice as its CEO, the Insider reported. CAC Specialty, which offers a broking and investment banking platform, was launched by Birmingham, Ala.-based risk management and insurance broker Cobbs Allen in August.
Reliance Capital Ltd.'s deal to sell its entire stake in its asset management joint venture to its partner Nippon Life will be completed by the end of September, the Press Trust of India reported, citing the joint venture's CEO, Sundeep Sikka.
An alliance of the world's largest pension funds and insurers — responsible for directing more than $2.4 trillion in investments — has committed to carbon-neutral investment portfolios by 2050. Allianz, Swiss Re AG and Zurich Insurance Group AG are some of the members of the Net-Zero Asset Owner Alliance.
Now featured on S&P Global Market Intelligence
California, insurers brace for another round of severe wildfires: Vegetation produced by a wet winter and a mild spring has dried out, as have trees and limbs felled by snowfall at higher elevations, creating potential fuel for major wildfires in the Golden State.
Currency shift, flight to luxury juiced Anbang's return on hotel portfolio sale: The Chinese insurer surprised some observers in the lodging industry by turning a healthy profit in a reported $5.8 billion transaction with Mirae Asset Global Investments.
AmTrust tumbles in workers' comp rankings; premiums down overall YOY in H1: Travelers held on to its position as the biggest writer of workers' compensation policies even as its premiums fell 1.19% compared to a year earlier.
Amid global push for sustainable investing, AI could be crucial catalyst: Some experts say artificial intelligence will act as a catalyst for environmental, social and governance investing because it will mine essential data for investors, although others question its ability to filter unreliable data.
In other parts of the world
Asia-Pacific: Chinese bank gets Hong Kong IPO approval; Japan mulls further easing in October
Europe: Greece's Piraeus, German bank fined; top Deutsche investor looking for new chair
Middle East & Africa: Tanzania fines 5 banks for anti-money laundering breach; Kenya holds rate
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.22% to 26,281.00, and the Nikkei 225 lifted 0.09% to 22,098.84.
In Europe, around midday, the FTSE 100 fell 0.12% to 7,317.41, and the Euronext 100 was up 0.24% to 1,091.47.
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 Redbook Index for retail sales, the S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence report and the Richmond Fed manufacturing index are due out today.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
