In the news
TheU.K.'s decision to leavethe European Union is a negativecredit development for U.S. life insurers, according to Fitch Ratings. Themove will likely force the Federal Reserve to delay further rate hikes andcould limit U.S. life insurers' earnings growth, the rating agency said.
U.S.workers' compensation insurers' positive underwriting performance in recenttimes is not sustainable, Fitch said in another report.The industry could see underwriting losses by 2017 as price competition in thebusiness line is expected to build up.
AlthoughPresident Barack Obama's administration was fully aware that it could not itfund its cost-sharing reduction program under the Affordable Care Act, it wentahead with making payments without Congressional approval, Republicans on twoHouse committees said in a report.
TheFort McMurray wildfire has turned out to be the onrecord in Canada, according to the Insurance Bureau of Canada. The fire, whichspread across thousands of miles of Alberta, caused estimated insured propertydamage of C$3.58 billion, the IBC said, citing Catastrophe Indices and QuantificationInc. estimates.
has structured and placed the issuance of $100 million in insurance-linked securities by LaetereRe Ltd. on behalf of three insurers.
Sharesof Humana Inc.dropped sharply July7 amid fresh concerns that its planned merger with could face federalantitrust objections.
Lifeinsurance shares continued theirretreat on the markets as economic uncertainty and a longer horizonof low interest yields dimmed earnings prospects.
Confieacquired twoproviders of personal lines and small commercial insurance, Lloyd D. Sprague& Son Inc., d/b/a Sprague Insurance, and J.N. Mason Agency Inc. Terms ofthe deals were not disclosed.
AdvantageBenefits Solutions and Collins Benefits Solutions, both Houston-based providersof employee benefits, have merged.
And,Dan Kelso is retiringas president of Ohio Insurance Institute. Kelso will be succeeded by DeanFadel, a senior staffer and formerly vice president of government relations atthe organization.
Financial news in other partsof the world
Europe:5 US banks pledge support forLondon; curtain falls on AXA in Serbia
Middle East & Africa:African mobile banking picks up;IMF critical of Israeli banking reforms
Early morning futuresindicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng wasdown 0.69% to 20,564.17, and the Nikkei 225 fell 1.11% to 15,106.98.
In Europe as of midday, theFTSE 100 had fallen 0.06% to 6,529.69, and the Euronext 100 was up 0.42% to829.07.
Onthe macro front
The employment situationreport, the consumer credit report and the Treasury STRIPS report are due outtoday.