The Hartford Financial Services Group Inc. reported net income of $432 million, or $1.19 per share, compared with net income of $234 million, or 64 cents per share, in the prior-year quarter. Current accident-year catastrophe losses were $95 million pretax, due mostly to Hurricane Florence and wind, hail and wildfire events. That was down sharply from $270 million in third-quarter 2017 pretax catastrophe losses, which included the impact of hurricanes Harvey, Irma and Maria.
Insurance broker Arthur J. Gallagher & Co. posted 6.3% year-over-year growth in organic commissions, fees, supplemental revenues and contingent revenues in the third quarter. Fellow broker Aon PLC reported organic revenue growth of 6% year over year in the third quarter, to $2.35 billion.
To read a summary of earnings reported yesterday in the insurance sector, including by Principal Financial Group Inc., please click here.
Cincinnati Financial Corp.'s $180 million catastrophe bond has had its aggregate buffering layer and retention sitting beneath the convective storm coverage erode by 32% because of catastrophe losses by the end of third quarter, Artemis reported.
Gemspring Capital LLC said an affiliate has completed an investment in Las Vegas-based Fiesta Insurance Franchise Corp.
Munich Re Co.'s HSB Group Inc. completed its acquisition of relayr, an industrial internet of things technology company.
Industry veteran Ted Blanch has formed COIN Re, a Florida-based reinsurance intermediary. According to Intelligent Insurer, COIN Re will be structured in such a way that client investors will own more than 50% of it.
CNO Financial Group Inc.'s Bankers Life unit notified customers of a data breach. Meanwhile, Hong Kong-based Cathay Pacific Airways is confronting the biggest-ever airline data breach, with 9.4 million customers' personal information accessed, according to Bloomberg News, while British Airways said a further 185,000 of its customers may have had personal data including credit card information stolen, Reuters wrote.
The High Court of England & Wales approved AIG Europe Ltd.'s restructuring plan in preparation for the U.K.'s departure from the European Union. The American International Group Inc. unit cleared the final U.K. legal hurdle for its plan to transfer its business to American International Group UK Ltd. and AIG Europe SA in Luxembourg.
Many insurers in the U.K., France, Germany, Italy and Spain are facing single-digit growth, according to A.M. Best. European insurers are increasingly concentrating on shareholder returns and underwriting of good quality business, rather than on growth, the agency said.
Allianz Group unit Allianz Global Corporate & Specialty SE is targeting growth in Asia-Pacific, with a new line of business for alternative risk transfer, Artemis noted.
The U.K. Prudential Regulation Authority put a controversial new life insurance capital rule on hold until at least the end of 2019. The proposed rule could require U.K. life insurers to hold more capital against equity release mortgages, which they invest in to back bulk annuity deals. Shares in one particularly affected company, Just Group PLC, closed up more than 13% yesterday and are up over 6% today.
The China Banking and Insurance Regulatory Commission will allow insurer-owned asset management companies to introduce special products to support the country's stock markets.
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Embattled AMP looks to realign focus with A$3.3B sale of insurance business: AMP plans to sell its life insurance business in an effort to focus on better-performing units, particularly in higher-growth segments such as Australian wealth management, AMP Capital and AMP Bank.
Fintech investors pushed Stripe to massive valuation in September: A pair of insurtechs were among the 10 largest U.S. financial technology investments in September, according to an S&P Global Market Intelligence analysis.
Gilead Q3 profit down; 'unconvincing' results for Biogen, Eisai Alzheimer's drug: Third-quarter non-GAAP net income attributable to Gilead fell to $2.4 billion from $2.99 billion last year; and results of a mid-stage trial of BAN2401 are thought to be skewed because certain high-risk patients were pulled from the highest dose.
In other parts of the world
Asia-Pacific: Philippines, China to form peso-yuan exchange; Challenger CEO to retire
Europe: 5 German banks eyeing merger; RBS, CaixaBank post profits; AIB CEO to step down
Middle East & Africa: Arab National Bank Q3 profit up; index providers urged to review Saudi inclusion
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng declined 1.11% to 24,717.63, and the Nikkei 225 decreased 0.40% to 21,184.60.
In Europe, around midday, the FTSE 100 was down 1.49% to 6,899.95, and the Euronext 100 was down 2.07% to 954.79.
Click here to read about today's financial markets, laying out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
On the macro front
The GDP report, the consumer sentiment report and the Baker-Hughes Rig Count report are due out today.
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