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In This List

Centerbridge eyes insurtech company; healthcare reinsurance; Luxembourg tornado

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Centerbridge eyes insurtech company; healthcare reinsurance; Luxembourg tornado

Private equity company Centerbridge Partners LP is close to clinching a deal to acquire a majority stake in GoHealth LLC, Reuters reported. People familiar with the matter said the deal, which could be announced as early as today, could value the U.S. online health insurance marketplace at about $1.5 billion.

The Centers for Medicare and Medicaid Services approved a healthcare reinsurance program in Montana. The state auditor in a press release said managed care companies have reacted to the Montana Reinsurance Program by proposing to lower individual market health insurance rates for the 2020 plan year.

The U.K. bulk annuity market has a chance to go beyond £35 billion in 2019, Reinsurance News reported, citing Martin Bird, senior partner and head of risk settlement at Aon PLC. He believes that the market may even breach the £40 billion mark as more pension schemes improve their funding and as insurers offer good pricing.

Swiss Re Corporate Solutions Ltd. has decided to stop writing marine hull business in London, though it will still be an active player in the class, The Insurance Insider reported. The company's office in Genoa, Italy, will write business previously done in London, sources said.

Also from the Insider, group chief strategy officer Deepon Sen Gupta stepped down from Neon, which is owned by American Financial Group Inc.

PG&E Corp. plans to file its reorganization plan by Sept. 9, after a bankruptcy judge granted it the sole right to submit its proposal. Investors have offered competing reorganization plans, but Judge Dennis Montali said letting PG&E lead the process would result to a speedier resolution for wildfire victims in California, Reuters reported Aug. 17.

A tornado that hit Luxembourg earlier in August is expected to cost insurers €100 million, Trading Risk reported. The tornado is estimated to have damaged more than 300 properties.

Topdanmark A/S and Nordea Bank agreed on a cooperation deal, under which the Danish insurer would distribute the Finnish lender's non-life insurance offerings in Denmark. The deal, which takes effect Jan. 1, 2020, will see Nordea refer customers to Topdanmark, which will then give the final guidance and sale of insurance.

China Fortune Land Development Co. Ltd. agreed to sell its wholly owned subsidiary Beijing Wusheng Technology Co. Ltd., which owns a Beijing commercial property project, to Ping An Life Insurance Co. of China Ltd. for 5.83 billion Chinese yuan.

Thai Life Insurance PCL will acquire a 35% stake in Myanmar's Citizen Business Insurance in a deal that would make it the first insurer based in the Association of Southeast Asian Nations to venture into the country, Bangkok Post reported Aug. 16, citing a statement.

Senior civil servants have warned that U.K. businesses are not ready for a "no-deal Brexit" and the nation may experience shortages of fuel, food and medicine in such a situation. A government report marked as sensitive but obtained by The Sunday Times stated that ports along the English Channel could see major disruption that could go on for three months if the U.K. leaves the European Union without a deal on Oct. 31, as looks increasingly likely.

Now featured on S&P Global Market Intelligence

Strait of Hormuz tensions hardening marine war insurance market: Cargo war prices are now also starting to respond to the recent spate of ship attacks and vessel seizures, and hull war rates remain high.

Insurance stocks slide as macro fears grip market; Genworth pops after deal: The S&P 500 finished the week ending Aug. 16 down 1.03% at 2,888.68. The SNL U.S. Insurance Index slipped 1.95% to 1,065.44.

California's insurer of last resort cuts workers' comp rates sharply in H1: California's State Compensation Insurance Fund reduced its rates by 10.4% during the first half of 2019, which could result in a decrease of $135.8 million in calculated premiums written.

In other parts of the world

Asia-Pacific: China revises loan prime rate mechanism; Malaysia eases forex policy

Europe: Leaked Brexit crisis plan; ECB clears Carige rescue; NatWest data breach

Middle East & Africa: Bahrain's Al Salam Bank denies merger rumors; Africa growth risks increasing

The day ahead

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

In Asia, the Hang Seng grew 2.13% to 26,282.04, and the Nikkei 225 was up 0.71% to 20,563.16.

In Europe, as of midday, the FTSE 100 was up 1% to 7,188.07, and Euronext 100 had climbed 1.11% to 1,042.75.

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 E-Commerce Retail Sales report is due out today.

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