In the news
MetLife Inc. CEO Steven Kandarian, Liberty Mutual Holding Co. Inc. Chairman, President and CEO David Long and Marsh & McLennan Cos. Inc. President and CEO Daniel Glaser are among the insurance world's most influential names in 2016, according to S&P Global Market Intelligence. The most influential list chronicles some that stood out in the insurance space with their contributions to regulation, policy, politics and business.
Republicans are preparing to initiate the process to dismantle the Affordable Care Act with a vote in Congress in January, but they have yet to reach an agreement on a replacement plan for the healthcare law, Bloomberg News reported. Provisions of the healthcare law that affect insurer health plans and businesses may be knocked down quickly. Other parts of the healthcare law like insurance subsidies and Medicaid expansion may stay in effect for up to three or four years, and some parts may not be scrapped.
Mayer Brown LLP attorneys on behalf of two California residents filed an emergency motion to intervene to urge a federal appeals court to issue a decision regarding a lower court ruling that President Barack Obama's administration had improperly used federal money to fund healthcare law subsidies, The Wall Street Journal's Law Blog reported.
UnitedHealth Group Inc. stock is up 38% in 2016 and is vying for the top spot on the Dow Jones Industrial Average even after suffering significant losses from its Affordable Care Act health plans, Bloomberg News reported. Investors grew bullish on the stock as the insurer decided to exit health insurance exchanges and focus on growing Optum, whose technology and services operations generate higher margins compared with the main health insurance business, according to the report.
In New York, health insurance plans must cover treatment services provided for the treatment of substance use disorders for as long as needed as part of health insurance reforms that will take effect Jan. 1, 2017. In addition, insurers will no longer be allowed to ask for prior approval for emergency supplies of drug treatment medications.
A series of earthquakes that hit Nevada and parts of California are not expected to result in insurance claims, the Insurance Journal reported, citing the California Earthquake Authority.
Randall & Quilter Investment Holdings Ltd. completed the novation of the workers' compensation, general liability, auto liability and auto property damages reinsurance policies issued by Georgia Atlantic Insurance Ltd. between 2002 and 2016.
Seeman Holtz Property and Casualty Inc. acquired Chatsworth, Calif.-based National Insurance Solutions Inc. and Stuart, Fla.-based JMD Insurance.
NICE rejects Roche's breast cancer drug; Boehringer to settle asset swap concern: Boehringer Ingelheim agreed to divest certain animal health products in the U.S. to settle the U.S. Federal Trade Commission's complaint that the company's asset swap deal with Sanofi might be harmful for competition.
Financial news in other parts of the world
Asia-Pacific: China suspends banks for illegal FX deals; Hannover Re to set up Indian branch
Middle East & Africa: Mozambique bond sale under SEC scanner; Bahrain regulator seals Future Bank fate
Europe: African bond sale haunts European banks; US to sanction Russia on election hacks
Latin America: Itaú completes BMG stake purchase; Cielo to pay 247.8M reais interest on equity
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.17% to 21,790.91, and the Nikkei 225 was down 1.32% to 19,145.14.
In Europe as of midday, the FTSE 100 was down 0.09% to 7,099.65, and the Euronext 100 fell 0.11% to 931.49.
On the macro front
The international trade in goods report, the jobless claims report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.