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Fosun abandons partial sale of Ironshore; Allstate unit files for 25% average rate hike in Georgia

Infrastructure Issues: Tools to Dig Deep on Potential Risks

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Fintech

Fintech Funding Flows To Insurtech In February


Fosun abandons partial sale of Ironshore; Allstate unit files for 25% average rate hike in Georgia

In the news

has abandoned plans for a partialsale of Ironshore Inc.,The Insurance Insider reported. The Chinese conglomerateis now pursuing a full sale and an of the insurer.


GeorgiaInsurance Commissioner Ralph Hudgens informed Allstate P&C Insurance Co. policyholders that the companyfiled an overall statewide automobile rateincrease of 25% to be implemented May 22. The state insurance departmentrecommends that policyholders discuss with the Allstate Corp. unit the reasons for the increase as wellas their available options, including revising deductibles, reviewing coveragesneeded or comparison shopping.


The NAICis preparing to explore optionsto protect its turf — consumers and U.S. insurance company oversight — against theimpact of insurance bilateral agreement negotiations between the U.S. and the EuropeanUnion. The statedaim of the NAIC's new charge is to "consider and develop contingency regulatoryplans to continue to protect U.S. consumers and U.S. ceding companies from potentialadverse impact resulting from covered agreement negotiations." The NAIC wouldnot elaborate on what it meant by the so-called contingency plans.


The Centersfor Medicare & Medicaid Services releasedtwo Torchmark Corp. subsidiariesfrom sanctions imposedsince Aug. 1, 2015. The release has no impact on Torchmark's intention to the Medicare Part D business.


Antonio Somma, the CEO of the broker of Italian medical malpractice insurancebusiness with which the insurer has been engaged in a long-running dispute, of conspiringwith an arbitrator to defraud it of "vast sums" through "corrupted"proceedings that have been "rigged through bribery." Somma rejected those claims, calling them "false and mischievous" and representativeof the "sixth attempt" by the U.S. insurer to allegedly put a stop toarbitration proceedings to which it is contractually obligated.


In executivemoves, CNO Financial Group Inc.appointed Gary Bhojwanipresident, effective April 18. In addition, the company named Erik Helding executivevice president and CFO.

QBE NorthAmerica, part of QBE Insurance GroupLtd., namedShruti Patel chief human resources officer.

CSAAInsurance Group appointedJ. Paul McCaffrey Jr. CFO, the Insurance Journalreported

In other parts of the world

Slowing earnings by insurers continuedto drag on Taiwan's top financial companies, but earnings by banks have remainedresilient in the first quarter, the TaipeiTimes reported.Christie Chien, a Daiwa Capital Markets analyst, said that while insurers may realizehigher capital gains as global financial markets stabilize, it should not be seenas a fundamental improvement.

London-based cyber specialist EmergInRisk launched with £20 million initial facility, Intelligent Insurer reports.EmergIn Risk, which is part of RSG Underwriting Managers, will use the facilityto provide products to offset the financial implications of cyberattacks.

Allianz Group is looking to double its investments in infrastructureand renewable energy projects in the next two to three years, Reuters reports.

The day ahead

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

In Asia, the Hang Seng was up 0.30%to 20,501.27, and the Nikkei 225 rose 1.13% to 15,928.79.

In Europe as of midday, the FTSE 100dropped 0.06% to 6,196.60, and the Euronext 100 was up 0.16% to 852.52.

On the macro front

The NFIB small business optimism index,the import and export prices report, Redbook and the treasury budget report aredue out today.