The path to full-year underwriting profitability for the general insurance business of American International Group Inc. has been smoothed by refinements in risk appetite and an acceleration in rate increases. President and CEO Brian Duperreault during an earnings call said AIG's general insurance business achieved an "impressive" turnaround and possesses "strong momentum" heading into the second half the year.
Rising court verdicts and medical cost inflation contributed to trends that drove up losses for Liberty Mutual Holding Co. Inc.'s commercial business lines in the second quarter. Some of the liability developments that added to costs for Liberty Mutual caught the insurer off guard because they are exceeding their historical trend lines, Chairman and CEO David Long said.
Progressive Corp. will look to the small fleet market as it seeks to expand its commercial lines auto insurance business, executives said during the company's second-quarter investor event.
Improvements in nonlife insurance trading conditions are manifesting themselves in terms and conditions, as well as in pricing, according to Zurich Insurance Group AG CFO George Quinn.
Third Point Reinsurance Ltd. CEO Daniel Malloy said his company is on track to achieve underwriting profitability "later this year," subject to property catastrophe events.
Argo Group International Holdings Ltd.'s board will propose amendments to the company's bylaws at the 2020 annual general meeting. The board plans to suggest decreasing its maximum size to 11 from 13, as well as starting its phased declassification process.
EMC Insurance Group Inc. shareholders at a Sept. 18 special meeting will vote on Employers Mutual Casualty Co.'s proposed acquisition of the company's shares it does not already own for $36.00 apiece.
MBIA Inc. subsidiaries National Public Finance Guarantee Corp. and MBIA Insurance Corp. have sued a number of major Wall Street banks for their alleged inequitable conduct in Puerto Rico's municipal market.
Fairfax Financial Holdings Ltd. named Jennifer Allen CFO. Amy Sherk was appointed CFO of Fairfax India and Fairfax Africa.
Trisura Group Ltd. has appointed David Scotland CFO, replacing Jimmy Doyle.
Società Cattolica di Assicurazione - SC CEO Alberto Minali disclosed that the Italian insurer gave a nonbinding offer in June for the life insurance division of UBI Banca, Reuters reported. He added that the company was competing with other bidders.
Tokio Marine Holdings Inc.'s net income attributable to owners of the parent for the three months ended June 30 rose to ¥112.71 billion from ¥101.74 billion in the prior-year period.
Japan-based Dai-ichi Life Holdings Inc.'s net income attributable to shareholders of the parent company in the quarter ended June 30 rose 24.9% to ¥51.77 billion from ¥41.44 billion a year ago. Sompo Holdings Inc.'s consolidated net income attributable to shareholders for the fiscal first quarter ended June 30 fell to ¥30.56 billion from ¥55.51 billion in the year-ago period.
Japan Post Insurance Co. Ltd.'s net income attributable to the company for the fiscal quarter ended June 30 decreased 0.9% to ¥33.78 billion from ¥34.09 billion a year earlier. The company said the impact of measures related to the mismanagement of certain insurance policies were not reflected in its results for the first quarter of the fiscal year ending March 31, 2020, and the quarter ended June 30.
Meiji Yasuda Life Insurance Co.'s fiscal first-quarter net surplus attributable to the parent declined to ¥30.81 billion from ¥43.55 billion in the prior-year period. Japan's Sumitomo Life Insurance Co. logged a net loss attributable to the parent company for the fiscal quarter ended June 30 of ¥3.41 billion, versus a surplus of ¥9.17 billion a year ago.
Samsung Fire & Marine Insurance Co. Ltd.'s second-quarter net profit dropped 46.4% to 195.3 billion South Korean won from 364.5 billion won a year ago.
Click here for a recap of yesterday's earnings.
Reliance Capital Ltd. said its joint auditors and legal experts confirmed that the company did not commit any violations under India's companies law as alleged by its former auditor Price Waterhouse & Co. Chartered Accountants LLP.
Greenlight Re Innovations has invested in Australia-based property insurance claims fulfillment platform Handdii Pty. Ltd.
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NAIC continues to defer discussion on CECL for statutory accounting: The NAIC's Statutory Accounting Principles Working Group has been considering adopting some form of the expected credit loss standard for some time.
Bayer proposes to pay $8B to settle Roundup suits; Novo Nordisk Q2 profit down: German conglomerate Bayer AG is offering to pay up to $8 billion to settle over 18,000 lawsuits in the U.S. from plaintiffs who allege that its top-selling weedkiller Roundup causes cancer, Bloomberg News reported, citing people familiar with the negotiations.
In other parts of the world
Asia-Pacific: Philippines cuts rates; APRA fines Westpac; AMP overhaul faces opposition
Europe: UniCredit chair dies; UBS eyes i-bank revamp; VTB posts profit
Middle East & Africa: Standard Bank eyes expansion; Consolidated Bank's rescue; Investec faces revolt
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 0.69% to 25,939.30, and the Nikkei 225 gained 0.44% to 20,684.82.
In Europe, around midday, the FTSE 100 was down 0.20% to 7,272.47, and the Euronext 100 slipped 0.74% to 1,042.14.
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 producer price index for final demand and the Baker-Hughes Rig Count are due out today.
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