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Principal Financial targets; RenRe cat bond; Progressive earnings; Convex rating


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Essential IR Insights Newsletter Fall - 2023

Principal Financial targets; RenRe cat bond; Progressive earnings; Convex rating

Allstate Corp. has seen fewer accidents but higher repair costs in claims involving autonomous driving technology, according to Chairman, President and CEO Thomas Wilson. The car and insurance industries anticipate that self-driving technology will push driving accidents down and reduce the need for insurance coverage, Wilson said.

Principal Financial Group Inc. is targeting 9% to 12% annual growth in non-GAAP operating earnings and non-GAAP operating earnings per share in the long term. It also aims to achieve a 15% to 17% return on equity, excluding accumulated other comprehensive income other than foreign-currency translation.

S&P Global Ratings does not expect Convex Group Ltd. to be profitable until it establishes a bigger premium base. The rating agency anticipates Convex to build up scale over the next two to three years, and to record a combined ratio of over 100% in 2020 and near 95% in 2021.

RenaissanceRe Holdings Ltd. is looking for $250 million or more of retrocession through a Mona Lisa Re Ltd. (Series 2020-1) transaction, its first catastrophe bond since 2013, Artemis reported.

Progressive Corp. recorded net income attributable to the company of $306.1 million in November, up from $242.4 million a year ago. Separately, Progressive's board declared a quarterly dividend of 10 cents per share and an annual common share dividend of $2.25 per share.

Axa Equitable Holdings Inc. agreed to sell U.S. Financial Life Insurance Co. and MONY Life Insurance Co. of the Americas Ltd. to Heritage Life Insurance Co.

The Gibraltar Supreme Court appointed PriceWaterhouseCoopers Ltd. Gibraltar's Edgar Lavarello and PricewaterhouseCoopers LLP's Dan Schwarzmann joint administrators of Elite Insurance Co. Ltd.

Malaysia-based RHB Bank Bhd. will not proceed with the proposed sale of its 94.7% equity interest in subsidiary RHB Insurance Bhd. to Tokio Marine Asia Pte. Ltd., according to a company announcement.

Swiss Re AG served as the lead reinsurer in the Indonesian government's contract with a consortium of 56 insurers and reinsurers that covers certain state assets from natural disaster losses, Reinsurance News reported, citing Vincent Eck, managing director and head of public sector solutions Asia for Swiss Re.

Now featured on S&P Global Market Intelligence

Wash. regulator 'nervous' about California's pause on homeowners nonrenewals: Washington Insurance Commissioner Mike Kreidler also offered his perspective on the impacts of climate change in his home state, as well as in California.

Fraction of liquidating insurer's policies expected to remain in Fla.'s Citizens: The state-run insurer had braced for the influx of up to one-half of Florida Specialty's business at the time a disputed liquidation process led to the cancellation of that company's policies.

Direct channel in US private auto insurance growing faster than broader industry: S&P Global Market Intelligence expects growth in U.S. private auto insurance premiums written via the direct channel to continue outpacing that of the broader industry, as detailed in the 2019 U.S. Insurtech Market Report.

In other parts of the world

Asia-Pacific: Malaysia's BIMB eyes restructuring; APRA keeps bank buffers at 0%

Europe: UK challenger banks seek rule easing; Credit Suisse faces new spying claim

Middle East & Africa: Israel to hold 3rd election; IMF, Ethiopia reach preliminary agreement on loan

The day ahead

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

In Asia, the Hang Seng increased 1.31% to 26,994.14, while the Nikkei 225 was up 0.14% to 23,424.81.

In Europe, around midday, the FTSE 100 increased by 0.49% to 7,251.27, and the Euronext 100 increased by 0.04% to 1,123.59.

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 PPI-FD report, EIA natural gas report, the Fed balance sheet and the money supply report are due today.

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