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
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
FM Global is the lead insurer
Moody's said the outlook for the U.S. property and casualty personal insurance industry
Erie Indemnity Co.'s board voted to increase its regular quarterly cash dividend
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.
