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Commercial property pricing; UnitedHealth divestment; Lion Air crash losses

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Commercial property pricing; UnitedHealth divestment; Lion Air crash losses

The U.S. commercial property segment recorded the biggest rise in pricing among insurance sectors in the second quarter, with the rate of growth increasing to 8.5% from 5.9% in the first quarter, according to a report from the Council of Insurance Agents and Brokers. This marks the first time since the end of 2014 that another line of business had a larger premium increase than commercial auto, where premiums rose 8.4% in the second quarter.

UnitedHealth Group Inc. will divest DaVita Medical Group's healthcare provider organization to Intermountain Healthcare Inc. at the behest of the U.S. Federal Trade Commission. The FTC flagged the healthcare provider organization as an area of overlap in UnitedHealth's $4.34 billion acquisition of DaVita Inc.'s DaVita Medical Group, which closed in June.

Boeing Co.'s liability insurers are bracing for losses of about $330 million stemming from the Lion Air crash in 2018, The Insurance Insider reported.

Aflac Inc. is expecting a decline of as much as 50% in Japan Post group channel sales for the rest of 2019, versus a "very strong" 2018, but its cancer policies continue to be sold through the postal channel.

Louisiana Department of Insurance Commissioner James Donelon ordered State Farm Fire and Casualty Co. to cease and desist from imposing a hurricane duration deductible on claims made by its homeowners insurance policyholders for Hurricane Barry losses.

Atlas Financial Holdings Inc. identified "value maximizing" strategic activities for shareholders, including regaining full compliance with Nasdaq's listing requirements. The company previously received a delinquency notice and a determination letter from Nasdaq for failing to timely file its Form 10-K for the year ended Dec. 31, 2018, and its Form 10-Q for the quarter ended March 31.

Oscar Health Plan Inc. announced plans to expand to six new states and a total of 12 new markets in 2020, pending regulatory approval.

Axis Re Bermuda President and Chief Underwriting Officer Peter Kiernan is leaving the company, The Insurance Insider reported.

ASR Nederland NV's first-half operating result grew 21% to €459 million from €380 million a year ago. The increase is mainly driven by a strongly improved result in the nonlife segment, the company said.

RSA Luxembourg SAOld Mutual Ltd. once again fired former CEO Peter Moyo and assured shareholders that it will continue to fight his bid to be reinstated. In an open letter to shareholders, the company said it will continue to explore and consider all "reasonable alternative options" to end the disputes with Moyo but said he cannot be in charge of Old Mutual.

China Pacific Insurance (Group) Co. Ltd. has invested in Switzerland-based blockchain company B3i Services AG.

AIA Group Ltd.'s first-half 2019 net profit attributable to shareholders was US$3.86 billion, up 156% on a constant exchange rate basis from US$1.66 billion in the prior-year period.

Commonwealth Bank of Australia revised agreements with AIA Group Ltd. in its planned sale of Colonial Mutual Life Assurance Society Ltd. to the Hong Kong-based insurer, which will see CBA receive A$150 million less in aggregated proceeds against the original sale price.

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Surprise court ruling may trigger UK annuity transfer rethink: The U.K. High Court's decision to refuse Prudential PLC's £12 billion annuity transfer to Rothesay Life may shift some emphasis to reinsurance, advisers said.

Progressive obtained rate change approvals both ways in H1: Four Progressive units received a sign-off on commercial auto rate hike requests during the first half, leading to an aggregate potential premium increase of $23.3 million.

In other parts of the world

Asia-Pacific: AIA value of new business rises YOY; CBA revises life insurance deal

Europe: ECB bad-loan extension; €100B EU fund; Deutsche prime brokerage move

Middle East & Africa: Old Mutual fires ex-CEO again; Egypt cuts rates; Sudan's new prime minister

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.50% to 26,179.33, and the Nikkei 225 increased 0.40% to 20,710.91.

In Europe, around midday, the FTSE 100 was up 0.57% to 7,169.09, and the Euronext 100 was up 0.42% to 1,049.99.

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 new home sales report and the Baker-Hughes Rig Count report are due out today.

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