Ambac Financial Group Inc. President and CEO Claude LeBlanc is urging the PROMESA oversight board to incorporate recent economic and political progress in Puerto Rico in its fiscal plan for the commonwealth. Puerto Rico's recovery is generally gaining steam and has been helped by hurricane disaster-related payments by both private insurers and the federal government, he said.
NN Group NV CEO Lard Friese will leave the Dutch insurer to join Aegon NV in 2020. Friese will join Aegon as CEO-designate on March 1, 2020, and the supervisory board will propose his appointment as CEO at the May 15, 2020, annual general meeting. At NN Group, David Knibbe will succeed the outgoing Friese effective Oct. 1, subject to Dutch central bank approval.
Genworth Holdings Inc. is terminating a consent solicitation proposing certain amendments to the indentures governing the company's outstanding notes. Genworth Financial Inc. intends to take alternative measures to ensure compliance with the indentures in connection with any potential sale of Genworth Holdings' interest in Genworth MI Canada Inc.
Swiss Re Corporate Solutions Ltd. will stop writing new primary market cargo business, but will continue to accept hull risks, The Insurance Insider reported, citing sources.
Talanx AG's second-quarter group net income after noncontrolling interests grew 10.8% to €242 million from €219 million in the prior-year period. It also raised its outlook for group net income in 2019 to more than €900 million.
Click here for a recap of Friday's earnings.
Brit Ltd. is set to leave the U.S. prison insurance segment, the Insider wrote. It was reported last week that BRIT Global Specialty USA had retreated from the inland marine, yacht and Latin American business.
The New York Department of Financial Services decreased the overall premium rates requested by health insurers for individuals and small group plans for 2020 to 6.8% from 9.2% and to 7.9% from 12.2%, respectively.
Brown & Brown Insurance Agency of Virginia Inc. acquired substantially all the assets of WBR Insurance Agency LLC, Wilson Insurance Agency Inc., Bell Insurance Agency Corp. and Robertson Insurance Agency Co., collectively referred to as WBR Insurance. Virginia Beach, Va.-based WBR Insurance recently became an independent insurance broker after operating for most of its history as part of Nationwide Mutual Insurance Co.'s exclusive distribution model.
Over 60% of in scope risks accepted by Lloyd's of London syndicates in the second quarter were placed electronically, well above the marketplace's 50% target for the period.
Rothesay Life PLC agreed to a £520 million pensioner-only buy-in with the Cadbury Mondelēz Pension Fund, covering payments for about 1,900 pensioner members. The bulk annuity transaction covers a representative subset of the liabilities for pensions already in payment, and will be held as an asset of the scheme.
Legal & General Group PLC has acquired the creator of My Future Now, a pension dashboard service that enables users to trace old pension entitlements, according to The Times.
Barak Capital Ltd. and Leader Underwriters submitted a binding offer to acquire IDB Development's 20.3% stake in Israel-based Clal Insurance Enterprises Holdings Ltd. for 630 million Israeli shekels, Globes reported.
Catastrophe insurance data provider PERILS AG raised its insured property market loss estimate from rains and flooding in northern Queensland, Australia, and in particular the city of Townsville, to A$1.22 billion. This compares to the second loss estimate of A$1.04 billion issued by PERILS on May 10.
Typhoon Lekima has torn through two Chinese provinces, Xinhua reported. In Zhejiang province, it damaged approximately 234,000 hectares of crops, translating to a direct economic loss of about 24.22 billion yuan. The typhoon made landfall on Aug. 10 in the city of Wenling in Zhejiang before making a second landing the next day on the coast of Qingdao in the province of Shandong.
Prudential PLC's Asian asset management arm Eastspring Investments entered into a binding memorandum of understanding with Thanachart Bank PCL to purchase a controlling stake in Bangkok-based Thanachart Fund Management Co. Ltd.
Now featured on S&P Global Market Intelligence
Amgen blocks Enbrel biosimilar; Bayer mediator denies $8B Roundup settlement: A judge ruled in favor of Amgen in a decision protecting its drug Enbrel from Novartis' copy, and Bayer mediator Ken Feinberg denied the report claiming the company is offering up to $8 billion to settle lawsuits related to its weedkiller Roundup.
In other parts of the world
Asia-Pacific: HSBC Greater China chief quits; 400,000 NAB customers eligible for class action
Europe: Rose said to take RBS helm; UK eyes bailout fund; Salvini denies euro exit plan
Middle East & Africa: KCB bets on South Sudan; S&P lifts Rwanda; Mozambique's debt scandal crackdown
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 0.44% to 25,824.72, and the Nikkei 225 gained 0.44% to 20,684.82.
In Europe, around midday, the FTSE 100 was down 0.45% to 7,221.15, and the Euronext 100 fell 0.34% to 1,034.76.
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 Treasury budget is due out today.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.