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Wednesday Express:Colo. CU eyes bank; Berkshire divestiture; reinsurance outlook

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Wednesday Express:Colo. CU eyes bank; Berkshire divestiture; reinsurance outlook

* In Colorado, Elevations CU intends to purchase the assets of Cache Bank & Trust in a deal expected to close in the first quarter of 2020. Financial terms of the acquisition were not made public.

* Meanwhile in Wisconson, institutional money manager Riverwater Partners increased its assets under management to more than $500 million with the acquisition of Germantown, Wis.-based Falcons Rock Investment Counsel.

* Digital lender Kabbage agreed to acquire San Franciso-based small business data platform Radius Intelligence. Financial terms of the deal were not disclosed.

* New York-based asset manager Tiedemann Advisors partnered with Swiss capital consultancy firm Constantia Partners to launch Tiedemann Constantia. The newly created firm will provide investment and wealth management services globally.

* Cboe Global Markets' European unit, Cboe Europe, will proceed with its planned October launch of a hub in Amsterdam with or without Brexit, the Financial Times reports. The company had stalled its plans to open the hub in March after Britain was given an extension to leave the European Union.

* Federal Reserve Bank of Boston President Eric Rosengren said risks to the U.S. economy are higher at this time but have not undermined the outlook to an extent that requires the Federal Reserve to take aggressive action.

* A Financial Industry Regulatory Authority arbitration panel ordered TD Ameritrade to pay an investor $720,816 for failing to oversee an investment adviser charged with securities fraud and other violations, InvestmentNews reported.

* Berkshire Hathaway has agreed to sell off 81% of its stake in a group of companies led by property and casualty insurer Applied Underwriters for $737.1 million, according to filings released by the Iowa Insurance Division ahead of a Sept. 17 public hearing.

* S&P Global Ratings forecasted a combined ratio of between 95% and 98% for the top 20 global reinsurers in 2019 and 2020, an improvement on its previous forecast of between 96% and 99%. However, the rating agency kept its collective return on equity forecast for the 20 reinsurers static at between 7% and 9%, giving a return on capital of between 6% and 8%.

* Meanwhile, Moody's said the outlook for the reinsurance sector is stable even though risks associated with climate change continue to surmount. The rating agency said reinsurers' use of retrocession has helped reduce their catastrophe losses but warned that reinsurers too dependent on retrocession could see a weakening in their capital quality.

* According to Fitch Ratings, Bermuda reinsurers' 15-year record of releasing reserves faces threat this year. Graham Coutts, senior director of insurance ratings, said reserve releases at Bermudian reinsurers had been on a downward trend and redundancies in reserves in 2018 were lower in more recent accident years.

* Hurricane Dorian is heading towards the U.S. mainland after ravaging the Bahamas over the Labor Day weekend. As of the National Hurricane Center's latest advisory, the center of Dorian's circulation is forecast to remain offshore, but coastal communities from Florida to North Carolina are likely to experience high winds, storm surge and a deluge of rain as it moves first northwest, then turns northeast along the coastline.

The Daily Dose: Express Edition is updated as of 6:30 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.