Prudential Financial Inc.Low interest rates means plenty of new business for mortgage insurance, and the environment created the tailwinds for Radian Group Inc. to break a second-quarter record in new insurance written, according to CEO Richard Thornberry.
Prudential Financial Inc. will consider a "range of reinsurance" options and other tactics to improve returns in its individual life business over the next few years.
Swiss Re Corporate Solutions Ltd. has informed employees at its U.S. medical malpractice liability division that their last day at the business will be Sept. 30, Insurance Insider reported, citing market sources.
National General Holdings Corp. is facing a class-action lawsuit over its alleged role in a "fraudulent" collateral protection insurance scheme with Wells Fargo & Co. The lawsuit claims that between Aug. 6, 2015, and Aug. 9, 2017, National General CEO and Co-Chairman Barry Karfunkel and CFO Michael Weiner mislead investors and failed to disclose the company's involvement in the scheme.
Blue Cross Blue Shield of Michigan Inc. was sued over allegations that it underpaid and wrongfully denied claims connected to treatment for substance abuse and other behavioral health disorders of more than 4,000 patients.
Everest Re Group Ltd. has appointed Chubb Ltd.'s Juan Andrade COO, effective Sept. 1. Also, Andrade will succeed Dominic Addesso as Everest Re's president and CEO, effective Jan. 1, 2020.
RSA Insurance Group PLC's commercial lines business "still is a headache," according to CEO Stephen Hester, though there are signs of improvement. Hester called the 98.8% commercial lines combined ratio the group reported in the period, excluding exited business, "unsatisfactory."
Allianz Group could reduce the size of its industrial insurance unit as it continues work to restore underwriting profitability, group CFO Giulio Terzariol said. The unit, Allianz Global Corporate & Specialty SE, reported a 15.8% drop in operating profit to €79 million in the second quarter, and a 0.6-percentage-point deterioration in its combined ratio to 101.1%. Allianz Group reported second-quarter net income attributable to shareholders of €2.14 billion, up from €1.89 billion a year ago.
Essent Group Ltd.'s second-quarter net income increased to $136.4 million, or $1.39 per share, from $111.8 million, or $1.14 per share, a year ago.
Click here for a recap of yesterday's earnings.
Willis Towers Watson PLC acquired Risk Capital Advisors Pty. Ltd.
The Centers for Medicare and Medicaid Services will increase Medicare payments in the fiscal year 2020 for hospice providers by $520 million, or 2.6%, according to a July 31 finalized rule.
Aviva PLC is exploring strategic options, including a possible sale, for its Asian business, The Business Times (Singapore) reported. Aviva's rival insurers have expressed interest in the Asian business, which could be valued at about US$3 billion to US$4 billion. However, a number of potential bidders would only be interested in parts of it, according to the report.
The Insurance Council of Australia in its latest estimate pegged insurance losses from the Townsville monsoonal deluge at A$1.24 billion.
Now featured on S&P Global Market Intelligence
Potential sale of Health Insurance Innovations 'makes sense' in current climate: As Health Insurance Innovations Inc. explores strategic alternatives to help boost its value, at least one industry expert believes a sale of either a portion of or the entire company would attract buyers and be timely.
HHS: Ebola outbreak a national security issue; BioMarin Q2 profit down 14.1% YOY: The Ebola outbreak in the Democratic Republic of Congo, or DRC, is not only a public health emergency of international concern but also a national security concern, members of the U.S. Department of Health and Human Services said on the one-year anniversary of the crisis.
In other parts of the world
Asia-Pacific: S&P outlook on APAC financial firms to remain stable; Bank of China enters India
Europe: Crédit Agricole profit falls; RBS' £1.7B dividend; Aviva mulls sale of Asian ops
Middle East & Africa: Samba profit down; Ecobank names CFO; Qatar, Jordan central banks cut rates
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng dipped 2.35% to 26,918.58, and the Nikkei 225 declined 2.11% to 21,087.16.
In Europe, around midday, the FTSE 100 was down 1.69% to 7,456.63, and the Euronext 100 was down 2.42% to 1,060.63.
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 motor vehicle sales consensus, the employment situation report, the international trade report, the consumer sentiment report, the factory orders report and the Baker-Hughes Rig Count report are due out today.
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