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Deadly tsunami hits Indonesia; National Flood Insurance Program extended

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Deadly tsunami hits Indonesia; National Flood Insurance Program extended

At least 281 people died from a tsunami that hit the Indonesian coastline without warning Dec. 22 night, CNN reported. Indonesia's National Disaster Mitigation Agency issued a warning that more deadly tsunamis may hit the country's coastline in the coming days.

The National Flood Insurance Program was extended to May 31, 2019, after President Donald Trump signed an extension bill Dec. 22, The Insurance Insider reported. The program was originally set to expire Dec. 21.

The aggregate exposure of non-life insurers and reinsurers backed by alternative capital was approximately $51.9 billion at year-end 2017, according to the Bermuda Monetary Authority.

Hannover Re facilitated another $60 million in private catastrophe bonds through its Bermudian Kaith Re platform, Artemis reported.

Nine Lloyd's of London managing agents, including AmTrust Financial Services Inc., Brit Ltd. and Chaucer PLC, will pay $5 million to settle a probe by the New York Department of Financial Services for underwriting the National Rifle Association's insurance policies, The Insurance Insider reported.

In deal news, Hong Kong conglomerate Chow Tai Fook (Holding) Ltd is in talks to acquire Hong Kong-based FTLife Insurance Co. Ltd. from JD Capital Co. Ltd., Bloomberg News reported Dec. 21 citing people familiar with the matter.

After receiving necessary regulatory approvals, Miller Insurance Services LLP acquired Alston Gayler and Co. Ltd. from majority owner Nelson Holdings Ltd.

Meanwhile, middle-market investment firm Lee Equity Partners completed its investment in insurance services provider McLarens, Inc.

Erie Insurance Group will invest in two technology startup companies, SimpleSense and CityGrows.

Australia's Federal Court ruled that Medibank Pvt. Ltd. did not mislead nor deceive its customers with regard to changes to arrangements with some in-hospital diagnostic service providers in 2014.

Florida-based Brown & Brown Inc. secured a $300 million loan, repayable over five years from Dec. 21.

In other parts of the world

Asia-Pacific: Shinhan Financial to replace CEOs at 7 units; State Bank of India to issue bonds

The day ahead

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

In Asia, Hang Seng decreased 0.40% to 25,651.38, while the Nikkei 225 decreased 1.11% to 20,166.19.

In Europe, around midday, the FTSE 100 decreased 0.60% to 6,680.60, and the Euronext 100 decreased 1.08% to 899.85.

On the macro front

The Chicago Fed national activity index is due out today.

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