Root Insurance Co. is set to raise $350 million in its latest funding round, which would take the car insurance startup's valuation to approximately $3.65 billion, The Wall Street Journal reported, citing a person familiar with the situation.
A judge blocked Prudential PLC's £12 billion annuity transfer to fellow U.K. life insurer Rothesay Holdco UK Ltd. in part because of the difference between the two companies. Justice Richard Snowden of the High Court of England and Wales also said in his judgment that the reinsurance agreement between the companies achieved Prudential's intended outcome of releasing regulatory capital, without the transfer being required.
The lower layers of British Airways' cyber insurance policy could be used following an IT failure that affected more than 500 flights earlier in August, The Insurance Insider reported. The airline uses Willis Towers Watson PLC's CyFly product, according to sources.
Guy Carpenter & Co. LLC has been selected as the sole reinsurance intermediary for the $21 billion California wildfire fund, which is currently being administered by the California Earthquake Authority. Guy Carpenter will help "increase the longevity" of the fund and "enhance its claims-paying capacity."
Atradius Trade Credit Insurance Inc. agreed to pay $345,315 to settle allegations that it violated U.S. sanctions.
Private investment management firm Centerbridge Partners LP signed an agreement to make a "significant" investment in GoHealth LLC for undisclosed terms. The transaction is anticipated to close in the fourth quarter, subject to customary closing conditions.
Private equity company ABRY Partners LLC agreed to buy Lake Forest, Calif.-based Portfolio Holding Inc. from New York-based Capital Z Partners LP for undisclosed terms. Portfolio Holding offers finance and insurance products and services to automotive dealers across the U.S.
Equity Economics estimated that the cost of addressing the structural and safety defects in apartments across Australia will be approximately A$6.2 billion. The "conservative" estimate excludes potential costs such as legal costs, jurisdiction-wide building audit schemes and increases in insurance.
Nearly three-quarters of economists surveyed by the National Association for Business Economics said the U.S. will have entered a recession by 2021, with 38% of respondents stating that will happen by 2020 and 34% predicting 2021. The percentage of economists stating a U.S. recession will start in 2020 dropped from 42% in February to 38% in August, the association's report showed.
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Strait of Hormuz tensions hardening marine war insurance market: Cargo war prices are now also starting to respond to the recent spate of ship attacks and vessel seizures, and hull war rates remain high.
Elanco to acquire Bayer Animal Health; Lilly exec to become Roche medical chief: Elanco agreed to acquire Bayer's animal health business in a deal valued at $7.6 billion; and Levi Garraway, who most recently worked at Eli Lilly, will replace Sandra Horning as Roche's chief medical officer and head of global product development.
In other parts of the world
Asia-Pacific: China local debt sales; DHFL resolution plan; Westpac customer refunds
Europe: ECB hack warning; Jyske earnings; SocGen to take part in cum-ex trial
Middle East & Africa: Zenith Bank profit up; Fitch downgrades Lesotho; Sanlam expects lower earnings
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, Hang Seng dropped 0.23% to 26,231.54, while the Nikkei 225 gained 0.55% to 20,677.22.
In Europe, around midday, the FTSE 100 climbed 0.43% to 7,220.27, and the Euronext 100 rose 0.07% to 1,045.99.
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 Redbook Index for retail sales is due out today.
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