Arthur J. Gallagher & Co. agreed to acquire U.K.-based insurance broker Stackhouse Poland Group Ltd. from Synova Capital. The Insurance Insider reported that the agreed price is about £250 million.
Allstate Corp., State Farm and United Services Automobile Association have filed lawsuits against Pacific Gas and Electric Co. over the billions of dollars in claims they anticipate facing following the deadliest wildfire in California history, The Sacramento Bee reported.
Rothesay Life PLC is considering acquiring Swiss Re AG's U.K. closed life book consolidator, ReAssure Ltd., for £3.5 billion, sources told Sky News. Such a deal would pre-empt a plan to list ReAssure on the stock market.
AssuredPartners Inc. acquired three Connecticut-based insurance agencies: Darton & Co. Inc., Golden O'Neill & Gebhardt Inc. and Torres Insurance Agency Inc.
United Insurance Holdings Corp. extended the terms of its catastrophe quota share reinsurance arrangement, which is now set to expire May 31. In addition, the insurer renewed its aggregate excess of loss reinsurance agreement, other perils catastrophe excess of loss coverage and its personal property excess per risk reinsurance tower.
AXIS Capital Holdings Ltd. increased the size of its reinsurance and insurance sidecar, Alturas Re Ltd. to $130 million, by issuing a second tranche of notes, Artemis reported.
U.K.-based Pool Reinsurance Co. Ltd. will no longer offer reinsurance coverage to members for the contingency cover against acts of terrorism that they provide to their insureds.
A new study has found that portions of the energy portfolio investments of insurers in California are exposed to climate-related physical risks associated with flooding, water scarcity and wildfires.
Responding to criticism from German financial watchdog BaFin, Allianz Group has set out to clearly define cyberrisks in commercial and industrial insurance whose coverage is not explicitly included or excluded in traditional products, Börsen-Zeitung reported.
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Disaster-strewn 2018 leaves Japanese insurers facing Fukushima-sized claims bill: Total claims payouts for the string of 2018 natural disasters are now virtually level with the ¥1.32 trillion racked up in the wake of the devastating 2011 earthquake, tsunami and nuclear meltdown.
Equity markets swing wildly to start 2019, life insurers see bump: After a steep sell-off earlier in the holiday-shortened week, the broader markets finished the week ending Jan. 4 in the green. The S&P 500 rose 1.86% to close at 2,531.94, but the SNL U.S. Insurance Index dipped 0.12% to 960.84.
Jan. 1 reinsurance renewals reveal big changes to primary insurers' strategies: Lloyd's of London was far from alone in cracking down on unprofitable business, judging from discussions around the biggest reinsurance renewal date of the year.
Amid insurtech buzz, low-cost home hardening measures remain valuable: For every dollar spent on mitigation, six more are saved in future disaster costs, according to a study by the National Institute of Building Sciences.
In other parts of the world
Asia-Pacific: China to cut banks' reserve requirement ratio; India merges 3 banks
Europe: Rothesay mulls £3.5B buy of Swiss Re unit; UBS eyes former BofA exec as next CEO
Middle East & Africa: Iran moves to save battered currency; Ghana concludes banking sector cleanup
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was up 0.82% to 25,835.70. The Nikkei 225 rose 2.44% to 20,038.97.
In Europe as of midday, the FTSE 100 fell 0.63% to 6,794.27, and the Euronext 100 retreated 0.48% to 916.89.
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 Institute for Supply Management's non-manufacturing index, the TD Ameritrade Investor Movement Index and the factory orders report are due out today.
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