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Hurricane forecast revised; Greenlight hires Credit Suisse; Athene's $4B fund

Colorado State University scientists have added one hurricane to their 2019 Atlantic season forecast to account for short-lived Hurricane Barry, which formed in July. The forecasters expect 14 named storms this year, with seven of those being hurricanes and two being major hurricanes.

Maiden Holdings Ltd. said its capital position has materially improved after it entered into a number of strategic transactions, including a loss portfolio transfer and adverse development agreement with Enstar Group Ltd.

Greenlight Capital Re Ltd.'s board has asked Credit Suisse to help it with its ongoing strategic review. In May, Greenlight Capital Re announced that its board was planning to launch a strategic review after A.M. Best decided to change its outlook on the A- financial strength ratings of its subsidiaries to negative from stable.

The $4 billion fund that Apollo Global Management LLC is raising for Athene Holding Ltd. will allow the insurer to pursue larger and more types of deals while freeing up capital to repurchase more shares, Athene executives said. Fundraising for the investment vehicle, called Athene Co-Invest Reinsurance Affiliate, is mostly on schedule and should be included in the company's financial results by the fourth quarter, Chairman and CEO James Belardi said during a conference call to discuss second-quarter earnings.

Health Insurance Innovations Inc.'s initial reentry into Medicare affected its second-quarter results, but management continues to be enthusiastic about its shift of focus after seeing the business exceed targets so far. Since the first quarter ended, Health Insurance Innovations has made about $100 million of investments in strategic assets in the Medicare space, CEO Gavin Southwell said during a call to discuss second-quarter earnings.

Click here for a recap of yesterday's earnings.

A New York state court in Albany has upheld a rule that requires insurance agents and brokers to take consumers' best interests into account when advising them on life insurance products and annuities.

Dallas-headquartered US Risk LLC acquired Houston-based wholesale broker and managing general agency US E&O Brokers.

R-T Specialty LLC appointed Todd Mannschreck as president of claims and chief claims officer. Based in R-T Specialty's Kansas City office, Mannschreck has led the company's claims practice since 2013.

The HSBC Bank (UK) Pension Scheme closed a longevity swap transaction with Prudential Insurance Co. of America to manage risk connected to £7 billion of pensioner liabilities. The transaction is the second-largest deal ever for a U.K. pension scheme, according to a statement.

Ken Norgrove was appointed CEO of RSA Group's Scandinavian business, Codan/Trygg-Hansa.

Chinese conglomerate Fosun International Ltd. is shopping runoff legacy business SunPoint, Insurance Insider reported.

Singapore's Ministry of Manpower has proposed extending compulsory insurance to so-called non-manual employees and raising work injury compensation limits. Under the proposal, a licensing framework would be established to designate insurers to cover work-related injuries.

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Former MetLife CEO Kandarian tops life insurer pay list for '18: Steven Kandarian was the highest-paid CEO of a public U.S. life insurer in 2018, earning $16.8 million in total compensation.

GEICO's growth lags Progressive's private auto expansion in 8th straight quarter: Certain statistics in GEICO's most recent quarterly report suggest reason for optimism that the company's growth rate has bottomed. Growth in voluntary auto policies in force, for example, moved up to 4.5% from 3.6% a quarter earlier.

Mallinckrodt halts generics spinoff plans; Allergan Q2 profit down, Regeneron up: Mallinckrodt PLC said it is suspending plans to spin off its specialty generics and active pharmaceutical ingredients business, citing uncertainties around the opioid litigation against the company.

In other parts of the world

Asia-Pacific: US labels China a currency manipulator; ANZ drops staff bonuses

Europe: HSBC cutting jobs, reaches €300M settlement; Novo Banco selling €795.8M loans

Middle East & Africa: Banque Saudi Fransi Q2 profit rises; IPO of Egypt's Fawry oversubscribed

The day ahead

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

In Asia, Hang Seng dropped 0.67% to 25,976.24, while the Nikkei 225 shed 0.65% to 20,585.31.

In Europe, around midday, the FTSE 100 rose 0.02% to 7,224.90, and the Euronext 100 gained 0.67% to 1,032.69.

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 Redbook Index for retail sales and the JOLTS report are due out today.

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