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NFIP exposure to Nebraska; FEMA cat bond; Munich Re forecast


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NFIP exposure to Nebraska; FEMA cat bond; Munich Re forecast

The U.S. National Flood Insurance Program has up to $1.4 billion of coverage exposed to losses from widespread flooding in Nebraska, The Insurance Insider reported. There are reportedly 8,552 NFIP policies in place in the state, providing a combined coverage of approximately $1.7 billion, of which 7,035 policies are in the 75 of 93 Nebraska counties to have declared disasters.

The U.S. Federal Emergency Management Agency is sponsoring a $300 million FloodSmart Re Ltd. (Series 2019-1) catastrophe bond looking to transfer risk from the NFIP, Artemis reported. The transaction consists of a $250 million class A tranche and a $50 million class B tranche.

U.S. Transportation Secretary Elaine Chao called for a review of the Federal Aviation Administration's certification process for Boeing Co.'s 737 Max 8 aircraft, following two fatal crashes in a few months. Sources told the Insider that the aerospace insurance market is worried that total claims related to the worldwide grounding of the fleet could wipe out the market's entire premium pool.

Total estimated insured losses from Hurricane Michael have reached approximately $6.10 billion, according to the Florida Office of Insurance Regulation. The storm, which struck the Florida panhandle in mid-October 2018, had generated 144,116 claims as of March 15.

Munich Re Co. anticipates profit for 2019 to be approximately €2.5 billion, of which about €2.1 billion is attributable to reinsurance and approximately €400 million to primary insurance unit ERGO. Munich Re will also repurchase shares for a maximum total price of €1 billion, excluding incidental expenses, from May 2 until April 29, 2020, at the latest.

HealthEquity Inc. issued guidance for the fiscal year ending Jan. 31, 2020, including net income in the range of $58 million to $62 million.

The U.S. life and annuity industry's total income for year-end 2018 increased 8.5% from the prior year, attributable to a $54.1 billion increase in other income that offset modest increases in premium and annuity considerations and net investment income, according to an A.M. Best analysis.

RiverSource Life Insurance Co. entered into a reinsurance agreement with Global Atlantic Financial Group Ltd. subsidiary Commonwealth Annuity and Life Insurance Co. covering about 20% of the in-force fixed annuity account balances of parent Ameriprise Financial Inc.

Scor SE unit Scor Global P&C SE promoted the head of its Asia-Pacific business, Michel Blanc, to CEO of reinsurance as it reshuffled management following the planned retirement of CEO Victor Peignet.

With the completion of its acquisition by RenaissanceRe Holdings Ltd. not far off, Tokio Millennium Re is parting ways with CEO Stephan Ruoff, CFO Maurice Kane and COO and head of U.S. brand Masahiro Koike, The Insurance Insider reported.

The EU will grant an extension to the March 29 Brexit date only if it raises the chances of the agreed divorce deal being ratified by the U.K., the EU's chief Brexit negotiator, Michel Barnier, said.

Perils AG said its second property loss estimate for the December 2018 Sydney hailstorms is A$633 million, down from its initial estimate of A$635 million.

New Zealand insurers AA Insurance Ltd. and Tower Ltd. are waiving the terrorism exclusions in their house, car, contents and commercial building policies for damage claims related to the recent shootings in Christchurch, online news portal Stuff reported.

Now featured on S&P Global Market Intelligence

Progressive outgrew GEICO in most states in 2018: Progressive's fast-growing private auto business showed broad-based strength, surpassing its rival's expansion in most key markets around the U.S.

Private auto recovery helps US P&C industry back to underwriting profitability: Broad-based improvement in statutory underwriting results led the U.S. property and casualty industry to post a net underwriting gain for the first time in three years during 2018, according to a S&P Global Market Intelligence analysis.

D&O litigation digest: Alphabet sued over data breach; Celgene deal spurs suit: The number of securities-related lawsuits filed has risen sharply in the last several years. S&P Global Market Intelligence is now keeping track of such cases filed against companies in our covered industries.

Ireland moves ahead as top post-Brexit destination for global financial firms: Some 24 global financial firms, including Bank of America, Axa and Mizuho, have selected or are thinking of selecting Ireland as a base from which to conduct their EU operations after Britain leaves the bloc.

In other parts of the world

Asia-Pacific: State Bank of India, Bank of China sign MOU; SBI opens new unit

Europe: UBS fined; Italy to extend bad loan guarantees; BBVA, Nordea sell CoCos

Middle East & Africa: Attijariwafa Bank FY'18 net income rises YOY; Alexander Forbes gets new CFO

The day ahead

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

In Asia, Hang Seng declined 0.49% to 29,320.97, while the Nikkei 225 gained 0.20% to 21,608.92.

In Europe, around midday, the FTSE 100 fell 0.14% to 7,313.56, and the Euronext 100 dropped 0.28% to 1,050.20.

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 EIA petroleum status report is due out today.

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