Global commercial insurance pricing strengthened for the seventh consecutive quarter during the three months ending June 30, according to the latest Marsh Global Insurance Market Index. Commercial insurance prices rose 5.8% on average in the second quarter, the largest increase since Marsh started the index in 2012.
Assured Guaranty Ltd. subsidiary Assured Guaranty US Holdings Inc. agreed to acquire all of the outstanding interests in alternative asset manager BlueMountain Capital Management LLC and its associated entities for about $160 million.
After recording a combined ratio of 119% in the second quarter, Brit Global Specialty USA has retreated from the inland marine, yacht and Latin American business, Insurance Insider wrote, citing market sources.
Hub International Ltd. acquired property and casualty books of business from insurance agents Matthew Lennon, Craig Love and Frank and Michael Namath. The agents, who were hired by Hub, were previously part of Nationwide Mutual Insurance Co.'s exclusive distribution model.
Aviva PLC CEO Maurice Tulloch said the strategic review of its Asian business is a "starting point" for his broader assessment of the company's strategy. The U.K. insurer along with its first-half earnings announced it is examining strategic options for the Asian operations "to enhance the value of the business to shareholders." Aviva reported that first-half operating profit increased 1% to £1.45 billion from £1.44 billion in the prior-year period.
Legal & General Group PLC's growth in bulk annuities will not be constrained by access to the appropriate assets to back the deals, according to CFO Jeff Davies.
Zurich Insurance Group AG's after-tax net income attributable to shareholders came in at $2.04 billion in the first half, compared to $1.79 billion a year ago. Hannover Re logged second-quarter group net income of €368.9 million, up from €281.9 million a year earlier.
Click here for a recap of yesterday's earnings.
Randall & Quilter Investment Holdings Ltd. is providing loss portfolio transfer reinsurance covering workers' compensation, product, auto and general liability risks to a Bermuda-domiciled captive. The reinsurance was part of a larger transaction involving the sale of one of the parent company's business units to a strategic buyer.
Finland-based Sampo Oyj could invest more across the Nordic financial sector after potentially freeing up an estimated €1.2 billion of capital when it reduces its stake in Nordea Bank Abp, Reuters reported, citing Sampo CEO Kari Stadigh.
AMP Ltd. revised the terms of its previously announced agreement with Resolution Life to sell its Australian and New Zealand wealth protection and mature businesses, AMP Life.
South Korea's Financial Services Commission intends to establish a consultative body by the end of August to aid local companies seeking M&A deals overseas, The Korea Herald reported Aug. 7, citing the regulator.
Now featured on S&P Global Market Intelligence
AIG's Duperreault tops list of highest-paid P&C, multiline insurer CEOs for '18: Brian Duperreault remained the highest-paid CEO of a publicly traded U.S. P&C underwriter in 2018, but the AIG executive's total compensation was down more than 50% year over year.
NAIC looks to model laws to smooth out LTC rate inconsistency across states: The NAIC's Long-Term Care Executive Task Force is thinking of creating a multi-state examination model, as well as a model set of non-actuarial practices for states when dealing with rate increase requests.
Merck KGaA Q2 earnings up; Medicare to cover CAR-T cell therapies for cancer: Merck KGaA said second-quarter preexceptional EPS amounted to €1.54, a gain of 25.2% from €1.23 in the prior-year period, while preexceptional EBITDA totaled €1.14 billion, an increase of 23.8% from €920.0 million in 2018.
In other parts of the world
Asia-Pacific: AMP revives life insurer sale; rate cuts across APAC; Pakistan halts India trade
Europe: Aviva, Zurich Insurance H1 profits up; RBI result down; former HSBC exec fined
Middle East & Africa: Bank ABC sees Q2 profit dip; Investec's asset management spinoff set for Q1'20
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng rose 0.48% to 26,120.77, while the Nikkei 225 was up 0.37% to 20,593.35.
In Europe, around midday, the FTSE 100 rose 0.17% to 7,211.10, and the Euronext 100 gained 1.19% to 1,041.22.
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 jobless claims report, the wholesale trade report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
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