In the news
reportedsecond-quarter earnings from operations of $3.20 billion, up from $2.90 billionin the prior-year quarter. Losses from the insurer'sAffordable Care Act-compliant individual business came in $200 million aboveprojections.
'ssecond-quarter net income declinedyear over year to $109.2 million from $113.7 million. The company recorded atax provision of $56.0 million in the second quarter, compared with $1.3million in the year-ago period.
Thependingmergers ofAnthem Inc./ and / are likely to dominate theconversation in the healthcareinsurance sector this earnings season, as analysts and investorsgrapple with the broader implications of consolidation within the insurancespace.
Forlife insurers, second-quarter earnings are expected to improve on previous results, according toanalysts, but operating conditions remain grim as companies struggle through alower-for-even-longer rate environment.
could not secure adequatecapacity to support a U.S. financialinstitutions quota share placementthat was due to begin July 1, TheInsurance Insider reported, citing multiple market sources.
has filed for an average rateincrease of 9.8% for individual metallic plans to be offered in the statein 2017. The requested rate hike is considerably lower than the 37% and 39%rate increases the company received respectively for 2015 and 2016.
Theinsurance industry, apparently overwhelmed with supervisory standard commentperiods and field testing, has asked for an extension from the Federal Reserve Board for respondingto its proposed framework for capital requirements for the non-systemicallyrisky insurers it regulates.
made itsmost significant move in the medical professional liability business sincebuying Medical Protective Co.11 years ago through an agreement to acquire MedicalLiability Mutual Insurance Co., to an S&P Global MarketIntelligence report.
estimates, on a preliminary basis, that it will see catastrophe andweather-related pretax losses in the second quarter of , net of estimatedrecoveries from reinsurance and including the impact of estimated reinstatementpremiums.
organic revenue growthin core commissions and fees of 2.6% for the second quarter. Net income for thequarter was $66.2 million, or 47 cents per share, compared with $61.0 million,or 43 cents per share, in the second quarter of 2015.
unitSyncora Guarantee Inc.has settled a disputewith an originator of RMBS in relation to an insured RMBS-related transactionthat was not the subject of litigation, in return for a cash payment of $40million.
Individual members of Oregon'sfailed health insurance co-op can getcredit for what they have paid in deductibles and towardout-of-pocket maximums when they change carriers, the Oregon Department ofConsumer and Business Services said.
Financial news in other partsof the world
MiddleEast & Africa:
The day ahead
The day ahead
and RLI Corp. areexpected to report earnings today.
Early morning futures indicators pointed to a lower openingfor the U.S. market.
In Asia, the Hang Seng dropped 0.60% to 21,673.20, while theNikkei 225 was up 1.37% to 16,723.31.
In Europe, as of midday, the FTSE 100 was down 0.42% to6,667.33, and the Euronext 100 dropped 0.84% to 856.49.
On the macro front
The housing starts report and Redbook are due out today.