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Dual storms; OneConnect IPO; PG&E insurance deal; Travelers portfolio transfer

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Dual storms; OneConnect IPO; PG&E insurance deal; Travelers portfolio transfer

Tropical Storm Karen was moving northwest at near 8 mph, with its center expected to move across the eastern Caribbean Sea through tonight. Karen, with maximum sustained winds near 40 mph, is expected to pass near or over Puerto Rico and the Virgin Islands on Tuesday. A tropical storm warning is in effect for the U.S. Virgin Islands and Puerto Rico, including Vieques and Culebra.

Tropical Storm Jerry was moving north-northwest at near 7 mph, with its center expected to pass near Bermuda by Tuesday night. Jerry's maximum sustained winds are near 65 mph with higher gusts. Gradual weakening is expected during the next few days; a tropical storm watch is in effect for Bermuda.

PG&E Corp. and Pacific Gas and Electric Co. executed an agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp Fire. This agreement was reached with entities representing approximately 85% of insurance subrogation claims and formalizes the $11 billion agreement in principle announced last week with those same entities.

OneConnect Financial Technology Co. Ltd., the financial technology unit of Ping An Insurance (Group) Co. of China Ltd., is planning to list on New York's stock market in mid-November, Reuters reported, citing a person with direct knowledge of the matter.

Travelers Cos. Inc. will transfer the portfolios of in-force policies and historic liabilities written out of branches in Ireland, France, Germany and the Netherlands to newly established insurance subsidiary Travelers Insurance DAC. Travelers Europe CEO Matthew Wilson said the court approval will help ensure "high levels of service for our customers and brokers following the U.K.'s expected departure from the European Union."

Dutch insurer Aegon NV will establish Aegon International on Jan. 1, 2020. Aegon International will consolidate the management of the company's activities in Southern and Eastern Europe and Asia.

Aegis London intends to drop its property treaty book, which sources say generates only about $15 million of income, from January 2020, The Insurance Insider reported. The line will be excluded from Aegis' 2020 business plan that will be submitted to Lloyd's of London because of insufficient scale.

A judge in Florida dismissed the antitrust lawsuit filed by Oscar Health against Florida Blue over "anticompetitive exclusive agreements" with brokers, the Orlando Sentinel reported.

North Carolina Insurance Commissioner Mike Causey urged Blue Cross and Blue Shield of North Carolina to appoint an interim CEO following a traffic accident involving President and CEO Patrick Conway, ABC 11 reported.

Zurich Insurance Group AG named Peter Giger group chief risk officer, effective Oct. 1, subject to regulatory approval.

Members of the Insurance Development Forum have committed to offer up to $5 billion in total insurance capacity for 20 developing countries by 2025, prioritized by their vulnerability to climate risks and readiness to accelerate the integration of risk analysis and management into their development plans to increase resilience.

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Life insurance stocks mixed as Fed cuts rates again: The S&P 500 slipped 0.51% to 2,992.07 for the week ending Sept. 20, while the SNL U.S. Insurance Index inched down 0.08% to 1,077.64.

Swiss Re underwriting loss stands out in good 1st half for reinsurers: Several other reinsurers did see worsening underwriting performance, in part because of claims deterioration from catastrophes in 2018.

Yield curve inversion no guarantee of recession: BIS: While a yield curve inversion has preceded all U.S. recessions since 1973, other indicators paint a mixed picture of an imminent economic slowdown, the Bank for International Settlements said.

In other parts of the world

Asia-Pacific: China sovereign fund posts FY'18 loss; NAB chief to start in December

Europe: Commerzbank job cuts; Deutsche, BNP ink equities deal; UniCredit names chairman

Middle East & Africa: Investec warns of lower fiscal H1 profit; US sanctions Iran's central bank

The day ahead

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

In Asia, the Hang Seng declined 0.81% to 26,222.40.

In Europe, around midday, the FTSE 100 was down 0.53% to 7,305.56, and the Euronext 100 was down 0.86% to 1,089.26.

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 Chicago Fed National Activity Index and the PMI Composite Flash are due out today.

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