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Minuteman members get more time to select plan; Harvey loss estimated at $15.9B


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Minuteman members get more time to select plan; Harvey loss estimated at $15.9B

The federal government has given 20,000 Minuteman Health Inc. members more time to find a new individual health insurance plan for 2018. The deadline to select a health plan has been extended to March 1, 2018, from Dec. 15. Minuteman in June said that it would not offer plans in 2018.

After its second survey of claims related to Hurricane Harvey, PCS has estimated insured industry loss from the storm at $15.9 billion, The Insurance Insider reported, citing sources. PCS this week lowered its initial loss estimate by $15 million.

A first look at third-quarter statutory data finds a third-straight favorable year-over-year comparison in the private auto liability direct incurred loss ratio. A moderation in loss frequency combined with five quarters' worth of high-single-digit percentage growth in premiums earned has benefited industry results.

American International Group Inc. wrote the first $25 million of the $750 million excess casualty placement for MGM Resorts International, The Insurance Insider reported, citing sources. MGM owns the Las Vegas hotel where a shooter fired from and the music venue he targeted.

Suffering property catastrophe losses and facing a rising number of liability claims, U.S. casualty insurers are hoping to secure rate hikes of up to 10% early next year, The Insurance Insider reported.

Hiscox executives said insurance and reinsurance rates could rise for two years in the wake of major catastrophes this year, according to Artemis.

Anthem Inc. has accepted about $185.1 million of 7.000% notes due 2019 under a tender offer.

Sun Life Financial Inc. intends to issue in Canada C$400 million principal amount of series 2017-1 subordinated unsecured 2.75% fixed/floating debentures due 2027.

Prudential Financial Inc. has commenced offers to exchange existing notes with new notes.

Featured news

Illumina wins prenatal testing patent suit; FDA issues guidance on opioids: Illumina won a U.K. patent suit over its prenatal diagnostics; and the U.S. Food and Drug Administration issued final guidance regarding the development of generic abuse-deterrent opioids.

Financial news in other parts of the world

Asia-Pacific: Apple pulls Skype, VoIP apps in China; Tencent market value surpasses Facebook

Europe: Sky to show 50 original series; MEO denies executive president's exit

Middle East & Africa: Mugabe resigns; Leumi Q3 profit drops; Nigeria rate on hold

Latin America: Banco Finansur lands buyer; Argentina central bank 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 0.62% to 30,003.49 and the Nikkei 225 climbed 0.48% to 22,523.15.

In Europe, around midday, the FTSE 100 gained 0.47% to 7,446.25 and the Euronext 100 rose 0.05% to 1,039.58.

On the macro front

The EIA Petroleum Status Report, EIA Natural Gas Report and the Federal Open Market Committee Minutes are due out today.