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In This List

Capital One hack may cause $400M payout; Cigna earnings; next step for Genworth

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Capital One hack may cause $400M payout; Cigna earnings; next step for Genworth

Progress toward a possible divestiture of a majority stake in Genworth MI Canada Inc. could clear the way for the long-awaited completion of the sale of Genworth Financial Inc. to China Oceanwide Holdings Group Co. Ltd. But CEO Thomas McInerney during a July 31 conference call said such a transaction would be subject to Oceanwide's consent and could trigger a range of responses by U.S. regulators that previously signed off on the larger deal, which has been pending since October 2016.

Insurance broker Willis Towers Watson PLC is seeing "good growth" in cyber insurance in markets such as western Europe, Latin America and south-east Asia, according to CEO John Haley.

Cyber insurers could be on the hook for a record $400 million hit after Capital One Financial Corp. reported a massive data breach, Insurance Insider reported. American International Group Inc. is reportedly the lead insurer.

AXA XL is on track to contribute €1.4 billion of underlying earnings to Axa SA by 2020 after an "excellent" first half of 2019 for the new division, CFO Gérald Harlin said. Axa SA's first-half net income fell 17% year over year; the results include a negative impact of €600 million from the deconsolidation of Axa Equitable Holdings Inc. The French insurer reported net income of €2.33 billion in the first half, down from €2.80 billion a year ago.

Humana Inc. President and CEO Bruce Broussard said the company will face "significant 2020 headwinds" when it comes to reducing costs if the moratorium on the Affordable Care Act's health insurance fee expires at the end of the year.

Cigna Corp.'s second-quarter adjusted income from operations went up to $1.64 billion, or $4.30 per share, from $955 million, or $3.89 per share, from a year ago.

Generali reported a first-half consolidated result attributable to the group of €1.79 billion, an increase from the year-ago €1.33 billion. Its consolidated operating result rose 7.6% on a yearly basis to €2.72 billion. RSA Insurance Group PLC reported first-half statutory profit attributable to equity holders of the parent company of £170 million, down from £235 million a year ago.

Click here for a recap of yesterday's earnings.

James River Group Holdings Ltd. CEO Robert Myron is stepping down from the role due to ill health. Myron will become the company's president and COO, and J. Adam Abram will assume the CEO role. The position changes will take effect Aug. 5.

Swiss Re AG CEO Christian Mumenthaler said the company is "fully committed" to its loss-making corporate solutions business unit after announcing a raft of fixes to turn it around. The unit, which wrote $4.7 billion of gross premium in 2018, provides commercial insurance cover to corporations. Swiss Re also reiterated its plan to lower its interest in U.K.-based ReAssure to de-consolidate the business, Reinsurance News reported.

Spanish insurance group Mapfre SA and the French division of Swiss insurance giant Swiss Life Holding AG acquired nine buildings in Paris for €296.1 million.

South African insurer Old Mutual Ltd. said it will appeal a High Court decision to grant former CEO Peter Moyo temporary reinstatement following his dismissal in June. Moyo will not allowed to resume work at the company pending the outcome of the appeal proceedings. He turned up for work yesterday and was allowed into Old Mutual's Johannesburg offices but not allowed to resume his duties, Reuters noted.

South African insurance company Liberty Holdings Ltd. agreed to sell its 100% stake in asset manager Stanlib Ghana Ltd. to Standard Bank Group Ltd.'s wholly owned unit Stanbic Africa Holdings Ltd. for a purchase consideration of 70 million Ghanaian cedi, saying it sold its only asset management business in West Africa as the region is no longer prioritized as a strategic area for the company.

The Centers for Medicare and Medicaid Services will increase Medicare payments to skilled nursing facilities for fiscal year 2020 by $851 million, or 2.4%, according to a July 30 finalized rule.

Now featured on S&P Global Market Intelligence

Fed could halt quantitative tightening early along with rate cut: Financial markets may get an additional boost from the Federal Reserve should the central bank double down on its dovish shift by announcing on July 31 it will stop trimming its $3.8 trillion balance sheet earlier than planned.

US FDA/HHS plan 2 drug import pathways; Vertex Q2 net income rises 34% YOY: The U.S. Department of Health and Human Services released an action plan that could allow states and pharmaceutical companies to import medicines from Canada and other countries.

In other parts of the world

Asia-Pacific: China Development Bank ex-chair under probe; Myanmar OKs Japanese insurers' JVs

Europe: LSE-Refinitiv deal; StanChart's gloomy outlook; restructuring weighs on SocGen

Middle East & Africa: Emirates NDB closes DenizBank deal; Old Mutual to appeal ex-CEO's reinstatement

The day ahead

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

In Asia, the Hang Seng was down 0.76% to 27,565.70, and the Nikkei 225 rose 0.09% to 21,540.99.

In Europe, around midday, the FTSE 100 was up 0.10% to 7,594.24, and the Euronext 100 climbed 0.34% to 1,084.77.

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 jobless claims report, the PMI Manufacturing index, the ISM Manufacturing index, the consumer spending report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

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