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JLT exec departures; CopperPoint deal; Humberto could become major hurricane

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JLT exec departures; CopperPoint deal; Humberto could become major hurricane

Marsh & McLennan Cos. Inc. CEO Dan Glaser downplayed executive departures from Jardine Lloyd Thompson Group Ltd. since it was acquired by the New York-based broker, telling the Financial Times that there was a similar voluntary employee turnover in the prior-year period. He also said Marsh & McLennan expects to spend between $400 million and $800 million on acquisitions over the next couple of years.

Catastrophe risk modeler Karen Clark & Co. warned that insurers and reinsurers should expect Japanese typhoon insured losses at the level of Typhoon Jebi, exceeding $15 billion, at least once every 20 years on average. "Significantly larger" losses at longer return periods should also be anticipated.

Hurricane Humberto is expected to become a major hurricane by Tuesday night or Wednesday morning, the National Hurricane Center said in a 5 a.m. EDT bulletin. The center of Humberto is expected to approach Bermuda on Wednesday night. A tropical storm watch is in effect for Bermuda.

CopperPoint Insurance Cos. agreed to acquire Alaska National Corp. and Alaska National Insurance Co.

The surplus lines market expanded 11.2% in 2018, much higher than the just under 6% recorded in 2017, AM Best said in a report. The rating agency attributed the increase to the U.S. economy and new investments in operating platforms.

Marine underwriting premiums for 2018 came in at $28.9 billion, up 1% from 2017, the International Union of Marine Insurance said. With significant challenges facing the market, the increase is not "significant to herald an upturn in the fortunes of the marine insurance sector," it added. Premium income for marine cargo insurance was estimated to be $16.6 billion for 2018, up 2.5% from 2017, while global underwriting premiums for the hull sector were flat at $7 billion.

The SEC charged two Prudential Financial Inc. subsidiaries with failing to disclose conflicts of interests and making misleading disclosures to the boards for 94 insurance-dedicated mutual funds they advised.

Safety Insurance Group Inc. agreed to settle a lawsuit involving a liability claim seeking to recover extra-contractual damages against one of its personal umbrella policyholders. The settlement is expected to have a $15.5 million pretax impact on the company's third-quarter net income.

XPT Group LLC secured $40 million in financing from Madison Capital Funding LLC, according to B.P. Marsh & Partners PLC. XPT will draw down $18 million to fund its acquisition of Clovis, Calif.-based Sierra Specialty Insurance Services Inc. and repay an existing debt facility.

Protective Insurance Corp. named John Barnett CFO, effective Sept. 30. Barnett will also be the principal financial officer and principal accounting officer.

Axis Insurance Co. Chief Claims Officer David Hayward will retire in March 2020 after 17 years at the company. Hayward will be replaced by Michael Baumel, who will assume the role after a six-month transition period and join Axis Insurance's leadership team.

Lloyd's of London will establish an office in Miami to enhance its presence in Latin America and the Caribbean, according to regional director Daniel Revilla.

Private equity firm Warburg Pincus LLC could acquire a 20.5% stake in Mumbai-based IndiaFirst Life Insurance Co. Ltd. from Andhra Bank, The Economic Times reported.

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In other parts of the world

Asia-Pacific: ADB head may quit soon; Moody's downgrades Hong Kong outlook

Europe: StanChart to review 8,000 accounts; UniCredit lines up chairman candidates

Middle East & Africa: StanChart to meet with Dubai regulators; CGD to sell stake in Cape Verde unit

The day ahead

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

In Asia, the Hang Seng fell 1.23% to 26,790.24, and the Nikkei 225 gained 0.06% to 22,001.32.

In Europe, around midday, the Euronext 100 was up 0.03% to 1,084.79.

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 Redbook Index for retail sales, the industrial production report, the housing market index and the Treasury International Capital report are due out today.

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