Homeowners in high wildfire-risk areas are finding it harder to secure insurance due to recent wildfires. The California Department of Insurance found a 6% increase in insurer-initiated homeowner policy nonrenewals in the Cal-Fire State Responsibility Areas from 2017 to 2018, while zip codes affected by fires from 2015 to 2017 saw a 10% increase in insurer-initiated nonrenewals in 2018.
General Electric Co. shares resumed their slump Aug. 20 after Fitch Ratings ranked the conglomerate among the insurers that are under-reserved against the losses related to their "risky" long-term care insurance product.
Australian insurance broker Steadfast Group Ltd. said its underlying net profit after tax for the fiscal full year ended June 30 rose 19% from a year earlier, and unveiled a plan to raise up to A$120 million from selling new shares.
Cigna Corp. is considering a sale of its group benefits insurance business. The insurer is coordinating with an investment bank to run an auction for the business, which could be valued at approximately $6 billion.
Bermuda-based Hamilton Insurance Group acquired U.K. broker Pembroke Managing Agency Ltd. and its platform at Lloyd's, as well as Ireland-based Ironshore Europe DAC, from Liberty Mutual Holding Co. Inc. Hamilton Insurance also named Tony Ursano group CFO, effective Sept. 5.
Hilb Group LLC acquired Johnson City, Tenn.-based Mackie Financial Group LLC, effective Aug. 1.
JenCap Holdings LLC agreed to acquire privately held specialty program administrator Aran Insurance Services Group Inc. And, Risk Strategies acquired National Insurance Consulting Group LLC.
India's Max Financial Services Ltd. founding promoter Analjit Singh is in talks to sell a 10% stake in the company, and Hero Corp. is a frontrunner to scoop up the stake, The Economic Times reported.
Also, U.K.-based managing general agency Avid Insurance Services Ltd. sold a majority stake to Beech Tree Private Equity. Gary Edmondson, a director and co-founder of Avid, will leave the business as part of the deal.
Insurer American International Group Inc. appointed Sabra Purtill deputy CFO and head of treasury, investor and rating agency relations, and corporate development, effective Aug. 28.
Kuala Lumpur-based AIA Bhd., a unit of AIA Group Ltd., appointed Ben Ng as CEO, effective Aug. 15.
RSA Insurance Group PLC priced priced an offering of £350 million of 1.625% senior notes due Aug. 28, 2024.
The Florida Hurricane Catastrophe Fund renewed its reinsurance program at a smaller size of $920 million, Artemis reported.
Now featured on S&P Global Market Intelligence
Restrictions on auto insurance rating variables could shrink private coverage: Taking away insurance companies' use of driver traits they factor in to set premium prices could shrink the insurable population and force the riskiest motorists into pricey, state-assigned pools, an actuarial researcher said.
D&O litigation digest: Tesla faces lawsuit; Walgreens may pay $300M in damages: The number of securities-related lawsuits filed in the U.S. has been rising rapidly in recent years. S&P Global Market Intelligence tracks these cases filed against companies in our covered industries
In other parts of the world
Europe: Germany 0% 30Y bonds; Italy's PM resigns; Facebook's Libra under scrutiny
Middle East & Africa: Banque du Caire to sell stake by 2020; Ghana's finance sector cleanup continues
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng rose 0.15% to 26,270.04, while the Nikkei 225 dropped 0.28% to 20,618.57.
In Europe, around midday, the FTSE 100 climbed 1.08% to 7,202.23, and the Euronext 100 rose 1.30% to 1,051.79.
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 existing home sales consensus and the EIA petroleum status report are due out today.
