The Illinois Department of Insurance is ofLand of Lincoln Mutual HealthInsurance Co. after the Centers for Medicare and Medicaid Servicesdid not allow the suspension of the co-op's federal risk adjustment programliability.
In another Affordable Care Act-related news, the medianindividual deductible for the HealthCare.gov marketplaces polices fell to$850 in 2016 from $900 in 2015, according to the Centers for Medicare andMedicaid Services.
Fitch Ratings said that rating users should not treatthe A-insurer financial strength ratings of credit rating agencies as directlyequivalent, warning that doing so could have negative impact for marketparticipants. The A- insurer financial strength rating of A.M. Best can becompared to the BBB rating from Fitch, S&P Global Ratings and Moody's. Therating agency clarified that it does not suggest A.M. Best's approach is wrong.
XL Catlin, XLGroup Plc's brand for its insurance and reinsurance companies,wants to become a global player in the mergers and acquisitions insurance businessand is charging Brian Benjamin with making that vision a reality. Benjamintalked to S&PGlobal Market Intelligence about his ideas for the just-formed division, thedynamics of M&A insurance underwriting and why it makes sense for XL tomove into the sector now.
Financial services companies, including insurers, are "inherentlysusceptible" to climate-changerelated risks, according to the Global Risk Institute. They should activelytake part in managing and mitigating risks by investing toward environmentallyfriendly industries and implementing climate change strategies and riskmanagement procedures. Insurers in particular should participate ininternational collaboration, engagement and research, and stress testing andrisk modeling to promote global resilience to climate change and support theshift to a lower carbon economy.
Philadelphia boughta short-term law enforcement liability policy for $1.2 million should it or itspolice officers face legal actions in connection with the Democratic NationalConvention, the Insurance Journal reported.The policy provides up to $5 million in liability coverage. 's is providing theprimary coverage and AlleghanyCorp.'s LandmarkAmerican Insurance Co. is providing excess coverage. Haas and WilkersonInsurance serves as broker.
In deal-related news, should snapup any Medicare Advantage assets that will be sold off as and try to convince regulatorsto approve their pending merger, Bloomberg Gadfly reported. WellCare could bean acquisition target, but it needs to upsize if it decides to stand alone,according to the report.
hasacquired LJ Stein& Co. Inc., a Lakewood, N.Y.-based specialty insurance broker for the NorthAmerican oil and natural gas industry.
KemperCorp. estimatesthat its second-quarter results will include pretax catastrophe losses ofapproximately $52 million.
JardineLloyd Thompson Capital Markets Inc. a private placement catastrophebond, Market 2016-3, which closed at $75 million.
Daniel Schwartzer, special deputy commissioner ofAmbac Assurance Corp.'ssegregated account, has no plansto increase the interim payment percentage related to the account at present.
In executive moves, Jeffrey Kelly as CFO and COO of
The National Council on Compensation Insurance Inc. appointedformer Vermont Department of Financial Regulation Commissioner Susan Doneganchief regulatory services officer, BusinessInsurance reported.
Financial news in other partsof the world
Asia-Pacific: Bangladesh,NY Fed talks postponed; Credit Suisse appoints execs in China
Middle East & Africa:
Europe: Baselurged to avoid disproportionate banking reforms; UniCredit raises €1B from saleof stakes in 2 units
Early morning futures indicators pointed to a higheropening for the U.S. market.
In Asia, the Hang Seng was up 0.46% to 21,322.37. TheNikkei 225 rose 0.84% to 16,231.43.
In Europe as of midday, the FTSE 100 climbed 0.27% to6,698.80, and the Euronext 100 rose 0.28% to 863.68.
Onthe macro front
The import and export prices report, the Atlanta Fed'sbusiness inflation expectations survey, the EIA petroleum status report, theBeige Book and the Treasury budget are due out today.
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