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Scor CEO's board ouster sought; tab from Aussie summer catastrophes tops A$2.2B


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions


The World's Largest P&C Insurers, 2023


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Essential IR Insights Newsletter Fall - 2023

Scor CEO's board ouster sought; tab from Aussie summer catastrophes tops A$2.2B

French activist fund CIAM is asking Scor SE CEO Denis Kessler to give up his chairman role over the company's handling of a bid received from SGAM Covéa. In response, Scor called on shareholders to vote against CIAM's draft resolution and reiterated its support for Kessler and Augustin de Romanet, a director who CIAM also wants out.

Observers and market participants expect a friendlier tone from Lloyd's of London towards third-party capital and insurance-linked securities when the marketplace delivers its "prospectus" and annual results tomorrow, Artemis noted.

Insurance losses for the three catastrophes declared by the Insurance Council of Australia over the 2018-2019 summer have passed A$2.2 billion. Losses from February's monsoonal deluge stand at A$1.04 billion, while losses for the Dec. 20, 2018, hail storm have reached A$1.19 billion. Insurance losses from the Bunyip bushfires in the eastern Victoria region in late February have reached A$20 million.

AXA Equitable Holdings Inc. announced that the secondary public offering of 40 million of its common shares by Axa was completed at a public offering price of $20.50 per share.

Just Group PLC completed the issuance of £300 million of perpetual bonds with a first call date in April 2024. The group is looking to strengthen its balance sheet in response to the U.K. Prudential Regulation Authority's proposed changes to rules for so-called lifetime mortgages.

British lawmakers approved a proposal that paves the way for "indicative votes" on March 27 on alternative options for the U.K.'s departure from the EU, effectively allowing lawmakers to seize control over what happens next. Meanwhile, the European Union completed its preparations for a no-deal Brexit as the U.K. seems increasingly likely to crash out of the bloc without a withdrawal agreement on April 12, according to the European Commission.

HCI Group Inc. expects its EPS to increase 8 cents to 12 cents per quarter, or 32 cents to 48 cents annually, after it repaid certain convertible senior notes. The earnings increases are expected to begin in the second quarter.

Hong Kong-based FWD Group Management Holdings Ltd. completed the acquisition of HSBC Insurance (Asia-Pacific) Holdings Ltd.'s stake in HSBC Amanah Takaful (Malaysia) Bhd. FWD Group now beneficially owns 49% of HSBC Amanah, which it intends to rename FWD Takaful Bhd.

Prudential Corp. Holdings Ltd. is looking to divest up to 3.71% of its shareholding in India-based ICICI Prudential Life Insurance Co. Ltd. to raise about 16 billion rupees, according to a Press Trust of India report carried by The Financial Express.

Suncorp Group Ltd. is selling its Australian general insurance distribution business, Resilium Pty. Ltd., through a management buyout led by Adrian Kitchin.

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US life industry premiums rose but statutory profits fell in 2018: A sizable increase in ordinary individual annuity premiums was accompanied by an even larger increase in aggregate reserves, leading U.S. life insurance industry statutory pretax operating income to tumble to a seven-year low in 2018.

World's top reinsurers grew faster at Jan. 1 despite weaker rate hikes: Three of the four world's largest reinsurers grew faster at Jan. 1 renewals than they did a year ago, despite what has been described as disappointing rate increases.

Novartis CAR-T therapy gets Japanese nod; UK drug makers brace for hard Brexit: Novartis' CAR-T therapy Kymriah was granted Japanese approval for treating two types of blood cancer, and GlaxoSmithKline and AstraZeneca are leading preparations for a no-deal Brexit by stockpiling medicines.

In other parts of the world

Asia-Pacific: FWD completes insurer acquisition; Suncorp to sell general insurance business

Europe: ABN Amro eyes US; Mastercard's £300M payments bet; LendInvest's IPO mandates

Middle East & Africa: NBK launches French unit; Moody's affirms UAE; African Bank eyes digital push

The day ahead

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

In Asia, Hang Seng rose 0.15% to 28,566.91, while the Nikkei 225 gained 2.15% to 21,428.39.

In Europe, around midday, the FTSE 100 climbed 0.24% to 7,194.64, and the Euronext 100 lifted 0.68% to 1,030.09.

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 housing starts report, the Redbook Index for retail sales, the S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence report and the Federal Reserve Bank of Richmond's manufacturing index are due out today.

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