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Michael insured losses breach $7B; Hagibis hits Japan; Berkshire unit deal


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Michael insured losses breach $7B; Hagibis hits Japan; Berkshire unit deal

The Florida Office of Insurance Regulation estimated that Hurricane Michael has caused over $7.1 billion in insured losses as of Sept. 27. Of the 149,448 total claims, insurers have closed 132,201, or about 88.4% of all claims filed to date. Of the over $6.7 billion in paid losses, homeowners coverage represents 47%, or $3.2 billion of paid claims. This was followed by commercial property at 25%, or $1.7 billion.

Japanese insurers are likely to see significant flood losses after Typhoon Hagibis hit the country over the weekend, causing concern among the carriers' reinsurers, The Insurance Insider reported. However, Japanese insurers are not expected to see big wind losses, according to the report. The Insider also reported that per Aon PLC's estimate, Hagibis damaged up to 500,000 buildings, more than Typhoon Faxai.

The typhoon made landfall on the main island of Honshu on the evening of Oct. 12 and has left at least 31 people dead, Reuters reported. Hagibis had winds of about 112 mph near its center and gusts as high as 156 mph. The Ministry of Economy, Trade and Industry estimated that more than 92,000 households still had no electricity early Oct. 14.

Blue Cross and Blue Shield of North Carolina and Cambia Health Solutions Inc. formally ended their plan for a merger. The companies' boards "jointly agreed to end their pursuit of an affiliation by mutually terminating their affiliation contract."

Berkshire Hathaway Inc.'s MedPro Group Inc. agreed to acquire the renewal rights to Swiss Re Corporate Solutions Ltd.'s healthcare professional liability book of business, effective Oct. 11. The agreement covers hospital and senior care accounts underwritten by the Swiss Re AG unit from the U.S.

PartnerRe Ltd. Executive Vice President and CFO Mario Bonaccorso will retire from the company March 31, 2020, and will be succeeded by Zurich Insurance Group AG executive Nicolas Burnet. Additionally, the reinsurer will appoint Andrew Gibbs executive vice president and COO, effective Oct. 14.

Lloyd's of London will require its members to make a fresh tranche of loans to the market's central fund on March 27, 2020, subject to approval from the U.K.'s Prudential Regulation Authority. In addition, Lloyd's will not pay rebates it has been using as an incentive for hitting targeted usage of the London market's electronic placing system in 2020, and will not charge a market modernization levy that year.

AA PLC Chairman John Leach will resign in summer 2020 and a search for his successor is underway, Sky News reported. A chairman-designate is expected to join the board in early 2020 before replacing Leach in the summer, according to sources.

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James River tumbles after dropping Uber; Argo falls amid SEC subpoena: The S&P 500 rose 0.62% to 2,970.27 for the week ending Oct. 11, while the SNL U.S. Insurance Index dropped 0.60% to 1,047.23.

Insurer IGI plots US E&S market entry, revival of Lloyd's coverholder: The Dubai-based insurance group will also change its investment strategy following its tie-up with acquisition company Tiberius. Pending a Nasdaq listing, it has filed an application for a Belgian subsidiary.

In other parts of the world

Asia-Pacific: China to scrap foreign ownership caps in 2020; Australia to probe big 4 banks

Europe: Barclays execs' 'misleading audit trail'; Deutsche to end Malta relationships

Middle East & Africa: Standard Bank, Stanlib merge index-tracking arms; Equity Bank taking over loans

The day ahead

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

In Asia, the Hang Seng advanced 0.81% to 26,521.85.

In Europe, around midday, the FTSE 100 slipped 0.54% to 7,208.26, and the Euronext 100 was down 0.79% to 1,085.52.

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

No notable reports are due out today.

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