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Anthem unfavorable development; AIG Lloyd's syndicate; Assurant cat losses


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Anthem unfavorable development; AIG Lloyd's syndicate; Assurant cat losses

Anthem Inc. executives downplayed unfavorable development recorded in the third quarter and struck an optimistic tone for 2020. On a conference call to discuss third-quarter earnings, CFO John Gallina said unfavorable development came in at about $50 million and was isolated in the insurer's commercial segment.

Seema Verma, administrator of the U.S. Centers for Medicare and Medicaid Services, declined House Democrats' requests to provide details of President Donald Trump's backup plan if the Affordable Care Act is invalidated by the U.S. Supreme Court.

American International Group Inc. is set to launch a new syndicate at Lloyd's of London to serve the specialist U.S. high net worth market. Syndicate 2019 will be managed by Talbot Underwriting Ltd., the managing agency acquired by AIG in 2018, and is eyeing writing up to $1 billion in gross written premiums.

Scor SE's consolidated net income group share increased 44.4% to €115 million in the third quarter from €80 million a year earlier. The property and casualty net combined ratio weakened to 99.4% from the year-ago 98.0%, as Scor said it sustained a natural catastrophe impact of 12.0% in the third quarter. The heavy claims bill for the reinsurance industry in the third quarter "should remain a positive pressure on the rating environment ahead of the Jan. 1 renewals," according to Scor's nonlife reinsurance head.

Ping An Insurance (Group) Co. of China Ltd.'s net profit grew 63.2% year over year through the nine-month period ended Sept. 30. Topdanmark A/S recorded third-quarter after-tax profit of 285 million Danish kroner, down from 459 million kroner from a year ago.

Click here for a recap of yesterday's earnings.

Assurant Inc. expects to incur about $46 million pretax, or $36 million after tax, of reportable catastrophe losses for the third quarter. Most of the losses came from the company's global housing segment and are primarily related to Hurricane Dorian.

Caisse de dépôt et placement du Québec, or CDPQ, and the Ontario Teachers' Pension Plan Board as founding investors invested $500 million in initial capital for the launch of a new insurance platform founded by former Prosperity Life Insurance Group LLC CEO Anurag Chandra.

Aviva Life & Pensions UK Ltd. closed a £1.7 billion bulk annuity buy-in transaction with the Aviva Staff Pension Scheme. Aviva will insure the defined benefit pension liabilities of approximately 4,300 deferred and 1,500 current pensioner scheme members.

Norsk Hydro ASA said it recognized 33 million Norwegian kroner of insurance compensation in the third quarter. The aluminum producer was the victim of a cyberattack March 19. The financial impact of the cyberattack is estimated to be about 550 million to 650 million kroner in the first half.

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Exec: Tokio Marine remains 'acquisitive' even after inking $3.1B PURE deal: Tokio Marine will continue to consider opportunities in the U.S., as well as places like South Africa and Asia, according to Chris Williams, a senior managing executive officer and co-head of the insurer's international business.

Parametric, green energy covers 1st out of the 'box' for Munich Re syndicate: Launching a "syndicate-in-a-box" under Lloyd's of London's new plans is a "significant piece of work," but the marketplace and Munich Re are having a "fruitful and constructive" dialogue, said senior executives of the German reinsurer's new venture.

Rising legal costs from more sympathetic courts bedevil underwriting models: Social inflation costs from bigger lawsuit awards and more cases approved for litigation have been difficult for underwriters to quantify, one insurance executive said during a conference panel discussion.

Ireland remains top relocation destination for financial companies post-Brexit: Since the U.K. announced it was leaving the EU, at least 34 global banks and insurers have set up operations in Ireland, including Travelers Insurance, which obtained court approval in September to move its European business to its Irish unit.

In other parts of the world

Asia-Pacific: China to expand financing regulation; S&P: contagion risk in Indian finance up

Europe: Nordea, RBS post losses; Bankia, ING urged to merge; SocGen sells Nordic unit

Middle East & Africa: Zenith Bank results out; Bank Audi charged; Lebanese banks remain shuttered

The day ahead

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

In Asia, the Hang Seng jumped 0.87% to 26,797.95, while the Nikkei 225 was up 0.55% to 22,750.60.

In Europe, around midday, the FTSE 100 increased 0.69% to 1,099.00, and the Euronext 100 increased 0.68% to 1,098.98.

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 durable goods orders report, the jobless claims report, the PMI composite FLASH report, the new home sales report, the EIA natural gas report, the Kansas City Fed manufacturing index, the Fed balance sheet and the money supply report are due out today.

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