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Genworth selling MI Canada stake; Centene exchange expansion; reinsurance M&A


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Genworth selling MI Canada stake; Centene exchange expansion; reinsurance M&A

Brookfield Business Partners LP agreed to acquire 48,944,645 common shares of Genworth MI Canada Inc. from Genworth Financial Inc. for approximately C$2.4 billion, or C$48.86 per share. Genworth Financial and China Oceanwide extended the deadline for their transaction to close to Dec. 31 from Nov. 30.

Centene Corp. is expanding its offerings in the 2020 health insurance marketplace, expanding its footprint in 10 markets: Arizona, Florida, Georgia, Kansas, North Carolina, Ohio, South Carolina, Tennessee, Texas and Washington.

Challenging market conditions in the global reinsurance sector and cheap financing sources will continue to drive consolidation, according to S&P Global Ratings. Through the first half, the deal value of M&A activity in the insurance world totaled more than $20 billion. While this is below the average of recent years, the rating agency thinks this represents a temporary lull rather than the end of the M&A dance.

FedNat Holding Co. entered into a cooperation agreement with shareholder Capital Returns Management LLC under which the activist investor agreed to a standstill and voting provisions that will last for about a year. Additionally, as part of the agreement, David Michelson and David Patterson were appointed as candidates to join FedNat's board as independent directors. Following a regulatory review of the appointments, the size of the insurer's board will increase to nine.

Palomar Holdings Inc. logged second-quarter adjusted net income of $8.0 million, or 36 cents per share, compared with $6.9 million, or 41 cents per share, in the past-year quarter.

Northwestern Mutual named Neal Sample chief information officer. He was most recently COO at Express Scripts Holding Co.

Aon PLC said it advised HSBC in Bermuda on a £7 billion longevity swap, involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Co. of America. The deal uses a captive solution with an HSBC-owned insurer in Bermuda, with Prudential Insurance then reinsuring the transaction, which relates to about half the scheme's pensioner liabilities.

Talanx AG CFO Immo Querner remains confident that the German insurance group's industrial division can hit its combined ratio target for 2019 even though it fell short in the first half of the year. He also said the group would continue efforts to boost profitability in its industrial fire business despite expecting to achieve targeted improvements ahead of the 2020 deadline.

Finnish insurer Sampo Oyj lowered its stake in Nordea Bank Abp to 19.87%, or 804,922,858 shares. This comes after Sampo distributed 55,517,639 shares in Nordea as extra dividend.

South Africa-based insurer Discovery Ltd.'s shares fell as much as 11% yesterday after the South African government unveiled plans to roll out a national health insurance program over the next seven years that could infringe on the insurer's health business, Bloomberg News reported. The bill suggests that health insurers will be unable to cover the same procedures or illnesses covered by the health insurance program.

Old Mutual Ltd. denied the "untrue assertions" in two articles published by South Africa's City Press last week regarding its ongoing case with former CEO Peter Moyo. Old Mutual said the "articles displayed an overt partisan bias and clear misunderstanding of the facts."

A Mirae Asset Financial Group-affiliate emerged as the front-runner to purchase 15 luxury hotels across the U.S. from Anbang Insurance Group Co. Ltd., Bloomberg News reported.

Thai Insurance PLC is aiming to post 2.3 billion baht of total premiums for the fiscal year, Bangkok Post reported. Chairman Somchai Sajjapong said the company's customer base is expected to grow to 600,000 in 2019, while net profit is anticipated to continue growing.

A Marsh JLT Specialty index asserted that the cost of injuries to English Premier League clubs reached a record £221 million in the 2018-2019 season, a 3% rise from the 2017-2018 season. Manchester City incurred the highest injury costs in the most recent season, spending £26.3 million on injured players.

Now featured on S&P Global Market Intelligence

Regeneron, NIH Ebola drugs extend lives; Trump's drug pricing czar to exit: Ebola drugs from Regeneron and the U.S. National Institutes of Health were shown to be effective in a clinical trial, and John O'Brien plans to soon exit his role at the U.S. Department of Health and Human Services.

In other parts of the world

Asia-Pacific: China resumes open market operations; NZ legalizes cryptocurrency salaries

Europe: New Swiss fees on euro deposits; Talanx raises guidance; Aareal profit flat YOY

Middle East & Africa: Mizrahi Tefahot Q2 profit rises; Euroclear joins TASE; Discovery shares slump

The day ahead

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

In Asia, the Hang Seng dropped 2.10% to 25,281.30, while the Nikkei 225 shed 1.11 % to 20,455.44.

In Europe, around midday, the FTSE 100 fell 0.41% to 7,196.72, and the Euronext 100 dropped 0.54% to 1,029.18.

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 and the Redbook Index for retail sales are due out today.

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