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Voya looks to sell annuity assets; commercial P&C rates declined 1.3% in Q3

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Voya looks to sell annuity assets; commercial P&C rates declined 1.3% in Q3

Voya Financial Inc. is in talks to sell as much as $50 billion in retirement-income annuities to Apollo Global Management LLC, The Wall Street Journal reported. The annuities come from a product line that created losses for insurers during the financial crisis. However, a potential transaction could fall apart without a deal being struck because of its complexity, according to the report.

Commercial property and casualty rates continued to decline for the 11th straight quarter with rates falling 1.3% in the third quarter across all account sizes, compared to a decrease of 2.8% in the second quarter, according to the Council of Insurance Agents and Brokers' latest Commercial P/C Market Index Survey.

Commercial insurance prices remained "nearly flat" in the third quarter as carriers reported price changes averaging less than 1% for the ninth straight quarter, according to Willis Towers Watson Plc's latest Commercial Lines Insurance Pricing Survey.

The Thomas Fire, one of the six wildfires in southern California, is now the fifth largest wildfire in modern California, collectively scorching an area larger than New York City and Boston combined, CNN reported.

FM Global is the lead insurer on the coverage for Eastman Chemical Co.'s Kingsport, Tenn., plant, that experienced an explosion in October leading to a loss of $225 million, The Insurance Insider reported. The insurer also has a $300 million in excess of $200 million facultative reinsurance cover in place that is expected to trigger due to the loss.

Moody's said the outlook for the U.S. property and casualty personal insurance industry is stable for 2018 as strong capital base and adequate earnings capacity will help insurers absorb losses from 2017 hurricanes and wildfires.

Erie Indemnity Co.'s board voted to increase its regular quarterly cash dividend to 84 cents per class A share from 78.25 cents per class A share.

The 2018 operating budget that Citizens Property Insurance Corp. President and CEO Barry Gilway will present to the state-run insurer's board of governors on Dec. 13 contemplates what would represent its largest year-over-year rise in policies in force on a percentage basis since 2011.

And Healthplex Inc. named Christopher Schmidt to be president and CEO.

Featured news

ASH roundup with Novartis, Roche, BioMarin results; GSK's vaccine plans: More than 60% of patients with multiple myeloma responded to Novartis' modified CAR-T therapy; and data from the American Society of Hematology conference shows two new therapies for hemophilia A which aim to eliminate bleeding events entirely.

Financial news in other parts of the world

Asia-Pacific: China Guangfa Bank fined over lending violations; ICICI unit picks banks for IPO

Europe: PKO Bank Polski, Bank Pekao deny merger reports; 2 French insurers to merge

Middle East & Africa: Angolan bank BFA to launch IPO; Moody's revises DR Congo outlook

Latin America: S&P cuts Venezuela debt ratings; Santander Mexico, bank unit OK merger

The day ahead

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

In Asia, the Hang Seng was up 1.14% to 28,965.29. The Nikkei 225 added 0.56% to 22,938.73.

In Europe as of midday, the FTSE 100 climbed 0.41% to 7,424.24, and the Euronext 100 slid 0.12% to 1,044.22.

On the macro front

The U.S. Department of Labor's JOLTS report is due out today.