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Startup insurer Lemonade going national; FEMA seeking $4B reinsurance for NFIP

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Startup insurer Lemonade going national; FEMA seeking $4B reinsurance for NFIP

In the news

Peer-to-peer insurer Lemonade Insurance Co. said it has filed for licenses to operate in 46 states and the District of Columbia. The company will exclude the states of Mississippi, Washington and Wyoming during the first expansion phase "due to regulatory complexities." Lemonade already has a license in New York.

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The Federal Emergency Management Agency could pay more than $150 million in premiums for its National Flood Insurance Program's $4 billion catastrophe reinsurance programme for 2017, The Insurance Insider reported, citing sources.

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Leo Re Ltd., a Bermuda-domiciled special purpose insurer, listed a single tranche of $200 million series 2017-1 class A notes, on the Bermuda Stock Exchange Dec. 22, Artemis reported. The deal likely represents a certain sponsor's collateralised reinsurance sidecar transaction, but the identity of the sponsor is not yet known, according to the report.

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Jewelers Mutual Insurance Co. named Kathryn Sieman CFO and treasurer, the Insurance Journal reported, citing a company statement. Sieman most recently was executive vice president and CFO at SECURA Insurance A Mutual Co.

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The County of Cambria, Pa., selected Magellan Behavioral Health of PA Inc. to be the managed care organization of the county's HealthChoices Behavioral Health program. Additionally, the Commonwealth of Virginia chose Magellan Complete Care of Virginia to participate in all six regions of Virginia's managed long-term services and supports initiative, the Commonwealth Coordinated Care Plus Program. The companies are units of Magellan Health Inc.

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On the heels of Fairfax Financial Holdings Ltd.'s proposed $4.9 billion cash-and-stock acquisition of Allied World Assurance Co. Holdings AG, shares in the P&C insurer surged more than 17% for the week ended Dec. 22, reaching their highest level in more than a year. Insurance stocks slightly outperformed the broader market for the week. The SNL Insurance Index increased 0.38% to 865.16, and the S&P 500 rose 0.13% to 2,260.96.

Moody's has placed the credit ratings of Allied World and its subsidiaries on review for possible downgrade, following the deal announcement. Fairfax Financial has a lower Moody's rating than Allied World.

Featured news

Merck's Ebola vaccine found effective; Teva settles corruption probe: Merck & Co. Inc.'s rVSV-EBOV experimental vaccine was successful in preventing Ebola infection in humans, according to a study published in The Lancet.

Financial news in other parts of the world

Asia-Pacific: Bank of China HK to sell Chiyu Bank stake; Chinese-led group wins PSX stake bid

Europe: A bank fails; 2 insurers decide to merge; US DOJ now pursues Barclays

Middle East & Africa: Tunisian bank rescue rules; Ugandan insurers' takaful tryst

Latin America: Brazil lowers 2017 growth forecast; Santander Mexico declares cash dividend

The day ahead

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

In Asia, the Hang Seng dropped 0.28% to 21,574.76.

In Europe as of midday, the FTSE 100 was up 0.03% to 7,065.69, and the Euronext 100 had climbed 0.06% to 929.40.

On the macro front

The new home sales report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.