The Florida Office of Insurance Regulation accused Florida Specialty Insurance Co. of "willfully violating Florida law" and operating in an "unsound condition" for allegedly not getting its approval before entering into a transaction, The Insurance Insider reported, citing an affidavit. The company has been placed in liquidation.
Insurtech company Next Insurance Inc. raised $250 million in a series C funding round from Munich Re. The funds will enable new product development and customer expansion initiatives. The funding round brings Next Insurance's total funding to $381 million in just over three years, with a valuation of over $1 billion.
A.M. Best said green bond issuances by insurance companies could continue growing, which is part of a trend of insurers being more proactive when it comes to environmental issues.
The U.K. Financial Conduct Authority will be talking to insurers "very actively" about its proposed remedies for pricing inequality in home and motor cover, but will not engage in lengthy discussions with the industry. Christopher Woolard, executive director of strategy and competition, said insurers could "short-circuit" FCA intervention by coming forward with voluntary proposals.
The marine hull market could face up to $70 million in losses following a tanker explosion in South Korea, The Insurance Insider reported. An explosion occurred on the Stolt Groenland while it was docked at Yeompo Quay in the port of Ulsan on Sept. 28.
Typhoon Hagibis is quickly gaining strength and is expected to impact Japan by the weekend and possibly also hit South Korea, The Korea Herald reported, citing the Korea Meteorological Agency. The typhoon is about 430 kilometers from Guam and is moving west-northwestward at 26 kph.
Hub International Ltd. has acquired Canada-based ProCorp Financial Inc. for undisclosed financial terms.
Declining rates and rising claims are weighing on the profitability of African reinsurance markets with a current premium volume of roughly US$7.5 billion, Dr. Schanz Alms & Co. AG said in a report. The report reflects a slightly more bearish outlook on the continent's reinsurance industry by the region's reinsurance executives.
More than a hundred U.S. companies, including some of the country's largest businesses, told the Supreme Court on Oct. 4 that allowing President Donald Trump to end the Deferred Action for Childhood Arrivals, or DACA, immigration program will cause significant harm to the economy and hurt job growth.
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Insurers' impairments predated bankruptcy of Greg Lindberg-linked utility: A retail energy supplier controlled by embattled investor Greg Lindberg lists one life and health insurer among its top unsecured creditors, but a long-term care insurer held the industry's largest investment stake as of midyear.
Health stocks gain ground while life insurers slide in up-and-down week: The S&P 500 declined 0.33% for the week ending Oct. 4 to 2,952.01, while the SNL U.S. Insurance Index dipped 0.36% to 1,051.75.
For EU financial hubs, no Brexit winners as fragmentation harms all: Frankfurt, Paris, Luxembourg and Dublin have taken business from London since the Brexit vote, but market observers see no real winners from the fracturing of Europe's financial services sector.
Anthem, Centene slide in Q3 market cap rankings: Property and casualty giant Chubb jumped over Anthem in the rankings, while Centene dropped to No. 15 from No. 13 a quarter earlier. The big managed care companies saw declines in the quarter even as the broader market logged a modest gain.
In other parts of the world
Europe: HSBC may cut 10,000 jobs; Bank Millennium could see €1.6B Swiss franc loans hit
Middle East & Africa: EU to drop UAE from blacklist; Uganda licenses 2 new banks; S&P acts on Morocco
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Nikkei 225 was down 0.16% to 21,375.25.
In Europe, around midday, the FTSE 100 was up 0.39% to 7,183.19, and the Euronext 100 rose 0.45% to 1,069.87.
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 TD Ameritrade IMX report and the Consumer Credit report are due out today.
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