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In This List

Citizens no longer largest Fla. residential property insurer; Assured Guaranty acquiring CIFG Holding

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

2018 US Property Casualty Insurance Market Report


Fintech Funding Flows To Insurtech In February

Citizens no longer largest Fla. residential property insurer; Assured Guaranty acquiring CIFG Holding

In the news

CitizensProperty Insurance Corp. no longer ranks as Florida's largest insurer of personaland commercial residential property insurance business by policies in force. High levels of depopulation activity and, to a lesserextent, various other steps taken by the state-run carrier to return to more of an insurer of last resort have paidoff in recent years as private carriers' appetite for Florida residentialproperty insurance expands. Citizens ended 2015 with 488,476 personal andcommercial residential property policies in force, down 12.4% from Sept. 30,2015, and 24% from Dec. 31, 2014.

AssuredGuaranty Ltd. unit Assured Guaranty Corp. to acquire CIFG Holding Inc., the parent ofCIFG Assurance North America Inc.,for an expected $450 million in cash.

Assured Guaranty had been rumored to be considering a deal for CIFG. hadalso been mentioned as a bidder for the company, according to "peoplefamiliar with the matter" speaking to Reuters.

S&P Dow Jones Indices consultant and actuary MichaelTaggart raised concerns about thepotential for a "death spiral" in the individual market under theAffordable Care Act. Taggart said he was troubled by what hebelieves to be a serious indicator of instability in a system that he said isinherently unstable. That indicator is the trend, as shown in the April"S&P Healthcare Claims Index Monthly Report," revealing that the per-member, per-month costs in the individualmarket have now surpassed the PMPM costs in the employer-based market.

Prescription drug spending in the U.S. climbed 12.2% in 2015to $424.8 billion on an invoice price basis, which excludes the impact ofestimated rebates and other price concessions, according to a report from theIMS Institute for Healthcare Informatics. Spending on an invoice price basiscould reach $610 billion to $640 billion in 2020, according to the report. On anet price basis, spending is projected to reach $370 billion to $400 billion in2020, after increasing 8.5% to $309.5 billion in 2015. Bloomberg News has a storyon the report.

Health insurance premiums increased 8% on averageunder the Affordable Care Act between 2015 and 2016, the Department of Healthand Human Services saidin a report. For the 85% of consumers eligible for tax credits,the average monthly net premium increased 4% from 2015 to 2016. HHS said in a blogpost that the new report "debunks the myth" that average consumersaw double-digit percentage premium increases for coverage in 2016.

In other parts of theworld

South Korea's Financial Supervisory Service said it willimpose an insurer with additional interest of up to 8% if the company delaysthe payment of insurance money past the date in the policy, The Financial News reported.

A PricewaterhouseCoopers report commissioned by lobby groupTheCityUK found that a British exit from the EU could lead to a loss of up to100,000 financial services jobs by 2020 and cut the sector's contribution tothe U.K. economy by £12 billion, CityA.M. writes.The sector would have up to 30,000 fewer jobs by 2030 than if the U.K. voted toremain in the EU, according to the report.

German insurer Talanx AG is planningto eliminate 330 jobs, or one in three workers, at its HDI Vertriebs AG salesunit by 2020 as part of a restructuring of its German business. The cuts comeon top of 600 announced last year, primarily in its HDI Kundenservice AG unit.

The day ahead

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

In Asia, the Hang Seng rose 0.90% to 21,348.67, while theNikkei 225 was up 3.23% to 16,911.05.

In Europe, as of midday, the FTSE 100 was down 0.02% to6,361.38, and the Euronext 100 rose 0.03% to 880.86.

On the macro front

The consumer price index, the jobless claims report, the EIAnatural gas report, the Fed balance sheet and the money supply report are dueout today.