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Global insured losses dip; Syncora selling unit; NN Group, Aegon report results


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Global insured losses dip; Syncora selling unit; NN Group, Aegon report results

Global insured losses from natural catastrophes fell to $15 billion from $21 billion the year before, while insured losses from man-made disasters decreased to $4 billion from $5 billion, according to Swiss Re Institute's preliminary sigma estimates.

Catastrophe risk modeling firm AIR Worldwide estimates insured losses in China from Typhoon Lekima will exceed 6 billion yuan. Lekima made landfall in Zhejiang province on Aug. 10.

Syncora Holdings Ltd. agreed to sell New York-based subsidiary Syncora Guarantee Inc. to Star Insurance Holdings LLC for $392.5 million in cash, subject to adjustment. Star Insurance is an entity organized by GoldenTree Asset Management.

U.K.-listed insurance group Prudential PLC's U.S. unit will consider third-party funding and reinsurance among its options to fund bolt-on acquisitions, according to its CEO. Michael Falcon, CEO of Prudential U.S. subsidiary Jackson National Life Insurance Co., said his company wanted to accelerate diversification away from variable annuities and that, in addition to organic growth, which it had already started, it would do this through "a more active stance on bolt-ons."

U.K. personal lines insurer Admiral Group PLC may issue a public securitization or debt to fund longer-term growth ambitions of its new loans unit. Admiral Loans, which was launched in 2017, had outstanding loans of £421 million for the first half of 2019.

NN Group NV reported a 30.7% year-over-year increase in second-quarter net result to €606 million from €463 million. Aegon NV reported first-half net income of €618 million, up 26% from €491 million a year ago, reflecting realized gains and lower other charges.

Click here for a recap of yesterday's earnings.

McGill & Partners signed an agreement with Marsh Ltd. and JLT Specialty Ltd. to acquire renewal rights to certain specialty business from Marsh in London. Business in the specialty unit primarily comes from third-party wholesale or independent brokers.

Arch Insurance North America agreed to acquire managing general underwriter Ventus Risk Management.

Harvard Pilgrim Health Care Inc. and Tufts Health Plan Inc. agreed to combine.

Brown & Brown of Florida Inc. acquired substantially all of the assets of CKP Insurance LLC. The target provides brokerage services for customers throughout the U.S. operating in agricultural industry.

The Federal Housing Administration issued a final rule that would allow certain condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA-approved.

QBE Insurance Group Ltd. named Todd Jones CEO of its North American operations, effective Oct. 1.

American International Group Inc. hired Richard Olsen as chief actuary for general insurance, effective Aug. 14.

Root Insurance Co. appointed Daniel Rosenthal CFO and Lauren Norelli managing director of capital markets and corporate development.

The Competition and Consumer Protection Commission commenced a market study into the public liability insurance sector in Ireland, following a request from Minister for Business, Enterprise, and Innovation Heather Humphreys.

The Australian Prudential Regulation Authority will impose an additional A$250 million capital requirement to Allianz Australia Ltd. due to its heightened operational risk.

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In other parts of the world

Asia-Pacific: StanChart to boost Asia private banking; Blackstone eyes Anbang property assets

Europe: Deutsche chair hunts for successor; Rabobank profit drops; Aegon, NN results up

Middle East & Africa: Q2 profits rise at Israel's Leumi, Discount Bank; Namibia, Mozambique cut rates

The day ahead

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

In Asia, Hang Seng rose 0.76% to 25,495.46, while the Nikkei 225 fell 1.21% to 20,405.65.

In Europe, around midday, the FTSE 100 fell 1.54% to 7,037.60, and the Euronext 100 dropped 1.36% to 1,010.86.

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 Philadelphia Fed Business Outlook survey, the retail sales report, the Empire State manufacturing survey, the productivity and costs report, the industrial production report, the business inventories report, the housing market index, the EIA natural gas report, the treasury international capital report, the Fed balance sheet and the money supply report are due out today.

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