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Prudential Financial reclassifying vapers; CNA Hardy exit; Hagibis targets Japan

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Prudential Financial reclassifying vapers; CNA Hardy exit; Hagibis targets Japan

Prudential Financial Inc. intends to classify customers who vape as smokers instead of nonsmokers, which will likely lead to them paying more for life insurance, Bloomberg News reported. Electronic cigarette use has come under increased scrutiny. Centers for Disease Control and Prevention Director Robert Redfield said more than 1,000 identified lung-injury cases connected to vaping could very well just be "the tip of the iceberg."

Poor market conditions and under-profitability have forced insurer CNA Hardy to plot its exit from the North American property binders and renewable energy business, The Insurance Insider reported. CNA Hardy is expected to depart from North American property binders at the Jan. 1, 2020, renewals, according to sources.

Thirty-two companies in the FTSE 100 London benchmark have moved to transfer longevity risk related to their pension schemes, either through bulk annuities or longevity swaps, Artemis reported, citing Aon PLC. Transaction volume has reached £70 billion.

Danish insurer Tryg A/S logged third-quarter profit of 599 million kroner, down from 627 million kroner a year earlier. Gross premium income jumped year over year to 5.58 billion kroner from 4.70 billion kroner, while gross claims swelled to 3.79 billion kroner from 3.28 billion kroner.

The Japan Meteorological Agency warned that some areas of the country could experience massive amounts of rain due to Typhoon Hagibis, which was heading north Thursday, public broadcaster NHK reported. The typhoon may make landfall in the eastern part of Japan on Oct. 12. Coastal areas may also see big waves even if Hagibis is far to the south of the archipelago, meteorologists warned.

Separately, Rugby World Cup pool-stage matches between New Zealand and Italy and England and France on Oct. 12 have been canceled. Also, Formula 1 bosses and other concerned parties are "closely monitoring" the situation ahead of the 2019 Japanese Grand Prix on Oct. 13.

John Panagakis has been appointed CEO of American International Group Inc. investment unit First Principles Capital Management LLC.

Tokio Marine HCC named Sharon Brock and Tom Weist co-CFOs, effective Oct. 1. Brock and Weist replaced Brad Irick, who is set to join Tokio Marine Kiln Group Ltd. as CEO, effective Jan. 1, 2020.

Lloyd's of London Chairman Bruce Carnegie-Brown is set to take on a similar role at local car insurance startup Cuvva, according to the Financial Times. Carnegie-Brown told the FT he expects the role to enable him to "understand ways of working in the digital market." He also insisted that he has sufficient time for the new role even as Lloyd's proceeds with major reforms designed to reduce costs and draw in more business.

Crédit Mutuel Arkéa SACC recapitalized its life insurance unit, Suravenir SA, by €540 million, Reuters reported, citing a report from French newspaper Les Echos.

Arthur J. Gallagher & Co. acquired Louisville, Ky.-based Garrett-Stotz Co., a commercial and personal lines property and casualty and benefits agency.

The Insurance Council of Australia announced a bushfire catastrophe declaration covering the area around the northern New South Wales community of Rappville and fires in the Busby Flat and Drake areas. The catastrophe declaration means claims from the affected areas would be given priority by insurers.

Now featured on S&P Global Market Intelligence

Recent activity suggests pick-up in US insurance M&A at hand: The largest insurance deal of 2019 helped breathe life into a slumbering market. While S&P Global Market Intelligence expects full-year volume will fall far short of 2018's level, the projected comparison isn't as nearly as bleak as it once seemed.

Insurtechs shine in August fintech fundraising: Several insurance technology companies, including an agency-turned-carrier, combined to raise more than $500 million in August.

James River commercial loss estimates rise after growth of ride-hailing business: Loss estimates have increased sharply since 2016 for the segment, and reserve development has followed suit, according to S&P Global Market Intelligence data.

In other parts of the world

Asia-Pacific: RBI rejects Indiabulls-Lakshmi Vilas merger; Afterpay hires former Obama adviser

Europe: Banks' Brexit market mayhem plans; Tryg earnings; cum-ex conviction

Middle East & Africa: QNB Q3 profit rises; Afreximbank plots London IPO; stable outlook for GCC banks

The day ahead

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

In Asia, the Hang Seng jumped 0.10% to 25,707.93, while the Nikkei 225 jumped 0.45% to 21,551.98.

In Europe, around midday, the FTSE 100 increased 0.04% to 7,169.18, and the Euronext 100 dropped 0.06% to 1,065.92.

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 consumer price index, the jobless claims report, the EIA natural gas report, the Treasury budget, the Fed balance sheet and the money supply report are due out today.

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