There are more than 775,000 residential properties at extreme risk of wildfire damage in 13 Western U.S. states, according to a recent CoreLogic report. The total estimated reconstruction cost value for those properties totals just over $221 billion. The number of homes that are categorized as high risk is even greater, at nearly 925,000.
National Association of Insurance Commissioners President Eric Cioppa during a Senate hearing made it clear that the international capital standard, dubbed ICS 2.0, will not be implemented in the U.S. in its current form. "The ICS remains not only technically flawed, but also contrary to key policy initiatives in the U.S. such as retirement security, long-term care, infrastructure investment and disaster resiliency," Cioppa told the Senate Committee on Banking, Housing and Urban Affairs.
Genworth Financial Inc. will hold its annual stockholders meeting on Dec. 12 if its deal with China Oceanwide Holdings Group Co. Ltd. is still not closed by that date. The meeting was scheduled to comply with the New York Stock Exchange's listing standards. If the two companies' proposed merger closes by Dec. 12, Genworth will not hold an annual meeting.
Hub International Ltd. has agreed to purchase Global Retirement Partners, InvestmentNews reported. The reported target, a $40.1 billion registered investment adviser, is LPL Financial Holdings Inc.'s largest retirement-focused branch.
Alliant Insurance Services Inc. has established Alliant Mergers & Acquisitions, a new brokerage service. It will focus on private equity companies and alternative asset investors.
Anthony Aquila, founder and former CEO of Solera Holdings Inc., sued the Vista Equity Partners Management-backed company for allegedly refusing to honor its obligations related to his vested stock options worth more than $100 million.
James Brannen, CEO of FBL Financial Group Inc., will retire in early 2020. He has served as the company's CEO since August 2012.
Martin Reith is stepping down as group CEO of American Financial Group Inc. subsidiary Neon, effective Sept. 30. Reith will also resign from his other executive roles at Neon.
Charles Franks is stepping down as CEO of Tokio Marine Kiln Group Ltd. and is "assuming new responsibilities" within the Tokio Marine Group. He will be succeeded by Brad Irick on Jan. 1, 2020, subject to regulatory approval. Irick has been deputy CEO of Tokio Marine Kiln since August 2018. Tokio Marine Kiln also named Nick Hutton-Penman deputy CEO, effective Oct. 1, subject to regulatory approval. Additionally, Chief Underwriting Officer Paul Culham will leave Tokio Marine Kiln at the end of September.
Clive Edwards was named CEO of Aspen Insurance Holdings Ltd. subsidiaries Aspen Insurance UK Ltd. and Aspen Managing Agency Ltd. He succeeds Mike Cain who was appointed group COO. Also, Henry MacHale and Jamie Lewis will become co-chief underwriting officers of Aspen Insurance UK, for insurance and reinsurance, respectively.
New Mexico's insurance regulator disclosed that workers' compensation loss costs in the state will be trimmed by 8.5%, effective Jan. 1, 2020.
Misr Life Insurance Co. has invested some 250 million Egyptian pounds in its digital transformation ambition, with a view to complete the process in February next year, Chairman and CEO Ahmed Abdel Aziz told Amwal Al Ghad.
Now featured on S&P Global Market Intelligence
Individual annuities exceed $57B for 1st time in quarter since 2008: U.S. life insurance total annuity premiums and considerations were $90.87 billion in the second quarter, or 1.9% higher than the same period last year, according to an S&P Global Market Intelligence analysis.
Cat bond investors review strategies after 2 years of losses: Investors are switching managers and re-examining the benefits of investing in insurance risk, but have not fled the asset class, say insurance-linked securities specialists.
Fidelity National to seek smaller buys, return capital after scuttled deal: With its proposal to buy Stewart Information Services off, Fidelity National Financial's board will consider new uses for the nearly $1 billion in capital that had been committed to the transaction.
In other parts of the world:
Asia-Pacific: HKEX open to up LSE bid; Malaysia keeps key rate; Salesforce funds open banking
Europe: ECB cuts rate, rolls out new stimulus package; HKEX open to sweetening LSE offer
Middle East & Africa: KFH seeks to buy AUB in $8.8B deal; Japan's MUFG to build MEA banking network
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.98% to 27,352.69, and the Nikkei 225 rose 1.05% to 21,988.29.
In Europe, around midday, the FTSE 100 was down 0.06% to 7,340.47, while the Euronext 100 was up 0.26% to 1,094.53.
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 retail sales report, the import and export prices report, the business inventories report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.
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