Volante Global Ltd., a London-based managing general agent platform launched in October 2017, secured a $900 million gross premium capacity treaty agreement with three insurers. The agreement provides capacity for nine new underwriting teams that will work across seven classes of business and operate in North America, Europe and Africa.
India's ICICI Bank Ltd. will off-load up to a 2% stake in ICICI Prudential Life Insurance Co. Ltd., its life insurance joint venture with U.K.-based Prudential PLC
In South Korea, Woori Bank is in talks to acquire a controlling interest in Kyobo Securities Co. Ltd. from Kyobo Life Insurance Co. Ltd., in a deal estimated at 320 billion won (US$295.3 million), The Korea Times reported.
Meanwhile, in Japan, Nippon Life Insurance Co. will resume selling single-premium whole life insurance products through its partner banks, The Asahi Shimbun reported. The company had stopped selling savings-type whole life insurance products after the Bank of Japan began implementing a negative interest rate.
The former chairman of China's Insurance Regulatory Commission has been accused at a trial of accepting bribes of more than 19.4 million Chinese yuan, the state-backed Xinhua News agency reported.
XL Group Ltd., which operates as XL Catlin, and its insurance-linked securities fund manager partner, New Ocean Capital Management, increased the size of their Daedalus I Re Ltd. third-party capital vehicle to $600 million, according to Artemis. The special purpose insurer was launched a little over an year ago to cover $200 million of limit funded by third-party investors.
U.K.-based Legal & General Group PLC reached a £325 million buy-in deal with the pension scheme of London's Heathrow Airport, accompanied by an investment in a bespoke, long-dated, inflation-linked £160 million bond issued by the airport to L&G.
The German government is considering a change in special reserve rules to ease the pressure on life insurers struggling to meet high guaranteed interest payments on long-term policies, Handelsblatt reported.
So-called silent cyberrisk is "now a top concern of board-level executives" at insurers and reinsurers and the source of "the bulk" of the industry's exposures, a report from reinsurance broker Capsicum Re said. Silent, or nonaffirmative, cyber refers to risks that are covered under standard insurance policies because those policies do not specifically include or exclude cyberrisk.
GSK HIV 2-drug regimen found effective; FDA issues guidelines on drug prices: Late stage studies showed GlaxoSmithKline's two-drug regimen for untreated HIV patients was just as effective as taking three drugs; and the U.S. Food and Drug Administration issued a set of new guidelines for drugmakers.
Financial news in other parts of the world
Asia-Pacific: Woori Bank eyes Kyobo Securities; 2 Indian banks' HK branches under scrutiny
Europe: All eyes on ECB after Fed lifts rates; serious breach found at Swiss Raiffeisen
Middle East & Africa: Saudi Arabia, Bahrain raise rates after Fed hike; Oberbank withdraws from Iran
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was down 0.93% to 30,440.17, while the Nikkei 225 fell 0.99% to 22,738.61.
In Europe, around midday, the FTSE 100 fell 0.47% to 7,667.60, and the Euronext 100 was down 0.45% to 1,058.74.
On the macro front
The jobless claims report, the retail sales report, the import and export prices report, the business inventories report, the EIA natural gas report, fed balance sheet and the money supply report are due out today.
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