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Faxai, Hagibis claims estimates; Admiral cancels JV; Ping An appoints president


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Faxai, Hagibis claims estimates; Admiral cancels JV; Ping An appoints president

The General Insurance Association of Japan estimated claim payments for accepted claims for typhoons Faxai and Hagibis at 746.4 billion Japanese yen as of Dec. 9.

The Japanese government could delay its plan to sell about $10 billion of Japan Post Holdings Co. Ltd. shares after scandals involving its insurance units. Concerns over corporate governance and a fluctuating stock price could mean the sale of a third and final tranche of shares being delayed beyond the current fiscal year, with the timings of any sales beyond that point also still unclear.

The presidents of three Japan Post Group companies will resign tomorrow amid the scandal, Bloomberg News reported separately, citing local broadcaster JNN.

Admiral Group PLC, Oakley Capital Ltd. and Mapfre SA mutually agreed to terminate an agreement to form a joint venture company. The transaction aimed to combine Rastreator Comparador Correduría de Seguros SL, Admiral's digital insurance broker in Spain, with Asesor Seguros Online SL and Asesor Consumer Services SL. The decision to terminate the agreement was made due to challenges in completing the proposed transaction within a reasonable time frame, mainly relating to antitrust complexity.

Ping An Insurance (Group) Co. of China Ltd. appointed Yonglin Xie president, effective Dec. 24. Xie replaced Huichuan Ren in the role.

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D&O coverage key for nonprofits during holiday surge in volunteers, donations: The increase of donations and influxes of volunteers that many nonprofit organizations see during the holiday season has caused those charities to seek directors and officers insurance to protect themselves from unique risks.

The day ahead

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

In Asia, the Nikkei 225 was up 0.60% to 23,924.92. (The Hang Seng was closed.)

Most European markets are closed Dec. 26.

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

U.S. jobless claims and the U.S. Fed balance sheet and money supply are due out today.

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