Washington plans to impose another fine of $100,000 on Centene Corp.'s Coordinated Care Corp. unit for noncompliance with a December 2017 agreement with the state to beef up its coverage of physicians, Bloomberg News reported, citing Steve Valandra, deputy commissioner for public affairs at Washington's Office of the Insurance Commissioner. Centene reportedly said it is working with the state to ensure adequate doctors in its network.
Old Republic International Corp. is the insurer that provides commercial liability coverage of as much as $5 million for each of Uber Technologies' self-driving vehicles, Bloomberg News reported, citing an Uber spokeswoman. The policy reportedly covers bodily injury, death and property damage. An Uber self-driving car was recently involved in an accident killing a pedestrian in Arizona.
In Tennessee, a bill seeking waiver of federal rules to develop a plan imposing work requirements on some of the state's able-bodied Medicaid beneficiaries was sent back by Senate Republicans to a Senate committee for further review, the Chattanooga (Tenn.) Times Free Press reported. Lieutenant Gov. Randy McNally, who sent the bill back, reportedly said he favored the Medicaid work requirement but wants to check with President Donald Trump's administration to make sure the bill is implemented properly.
An Aon Risk Solutions survey indicated that the average price per million of directors and officers liability insurance fell 9.2% in the fourth quarter of 2017, compared with the year-ago quarter, Business Insurance reported.
The extension of the National Flood Insurance Program to July 31 as part of the $1.3 trillion omnibus spending bill would separate the program's renewal from the government funding's renewal. Rep. Sean Duffy, R-Wis., told the Washington Examiner that the move will push the Senate to operate with "a sense of urgency" to reform the NFIP.
Now that Congress has left out a healthcare market stabilization proposal from the omnibus bill, health insurance companies could raise rates by at least 10% in the future, according to a Forbes report. The Congressional Budget Office estimated that the proposal, promoted by Republican Sens. Lamar Alexander of Tennessee and Susan Collins of Maine, would reduce individual plan premiums by an average of 10% in 2019, and 20% in 2020 and 2021.
United Services Automobile Association is expecting losses of $140 million to $196 million from Winter Storm Riley, bringing the insurer's annual covered losses to $1.03 billion, Trading Risk reported. USAA is set to claim nearly $92 million in catastrophe bond payouts from several tranches of its Residential Re cat bonds, according to the report.
Insurance broker NFP Corp. launched a new venture fund focused on strategic partnerships and investments in the fields of emerging insurance technology, financial technology and human resources technology.
Fairfax Financial Holdings Ltd. priced a private offering of €600 million of 2.750% senior unsecured notes due 2028 at an issue price of 98.791%.
The stocks of two title insurers, Fidelity National Financial Inc. and Stewart Information Services Corp., rose on the announcement of a $1.2 billion transaction that had been in the works for months, while other insurers and the broader market sold off over the five-day trading period ended March 22. The S&P 500 fell 3.77% to 2,643.69 during the same period, and the SNL Insurance Index dropped 5.11% to 987.98.
Financial news in other parts of the world
Asia-Pacific: Asian central banks respond to US Fed hike; AXA names Thai ops CEO
Europe: Aviva abandons preference share plan; Basel cuts forex capital requirements
Middle East & Africa: Qatar Central Bank hikes deposit rate; Equity Group posts FY'17 profit rise
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng decreased 2.45% to 30,309.29, and the Nikkei 225 declined 4.51% to 20,617.86.
In Europe, around midday, the FTSE 100 was down 0.56% to 6,913.57, and the Euronext 100 was down 1.37% to 995.91.
On the macro front
The durable goods orders report, the new home sales report and the Baker-Hughes Rig Count report are due out today.
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