Mercury General Corp. disclosed catastrophe loss estimates of $36 million pretax, or $28 million after tax, for the fourth quarter of 2019. Losses stemmed primarily from California wildfires and other weather-related catastrophes.
Hanover Insurance Group Inc. expects fourth-quarter pretax noncatastrophe property losses to exceed expectations by approximately $20 million, which will be partially offset by lower-than-expected catastrophe losses.
Allstate Corp. logged an estimated $25 million in pretax catastrophe losses, or $20 million after tax, in December 2019.
Aon PLC disclosed a 29% jump in the price per million for directors and officers liability insurance for its clients in the third quarter of 2019 from the prior year, Business Insurance reported. The increase excludes three clients with much higher rates.
Hastings Group Holdings PLC expects its 2019 loss ratio to range from 81% to 82%, before the impact of the Ogden rate change, compared to the full-year target of 75% to 79% set out in its nine-month trading update. Hastings expects its 2019 adjusted operating profit to come in at about £110 million.
Rio Tinto majority-owned subsidiary Iron Ore Co. of Canada Inc. executed a pension risk transfer deal with Sun Life Financial Inc. valued at more than C$560 million and covering more than 3,700 retirees and beneficiaries.
Unum Group named Michael Simonds to a newly created position of COO, effective Feb. 1.
FM Global appointed James Galloway an executive vice president, overseeing its international operations and AFM, a division that provides commercial property insurance for the middle market.
Dutch insurer VIVAT NV said that by mutual agreement, CEO Ron van Oijen will step down from his position, effective Jan. 31.
U.S. virtual currency company Gemini Trust Co. LLC launched a captive insurance company in Bermuda. Nakamoto Ltd. will provide $200 million in insurance coverage. Additionally, Gemini customers can now purchase additional insurance for their segregated crypto assets to provide even greater coverage.
Private equity company Bain Capital and Hero Corporate Services are considering acquiring a controlling stake in India-based Max Financial Services Ltd., The Economic Times reported.
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Large South Carolina LTC rate increase requests prompt public hearings: The outcome of the first public hearing on an individual long-term care rate filing in South Carolina does not mean that other companies are predestined to the same fate, according to the state's regulator.
Australia's largest insurers brace for greater bushfire severity as claims grow: The estimated total of insured losses from the ongoing Australian bushfires sits at A$1.34 billion. The country's biggest insurers are bracing for increasing severity from fires in the future as well.
In other parts of the world
Asia-Pacific: Ant Financial said to revive IPO; Indian bank plans regulatory action exit
Europe: Danske Estonia probe widens; ING sees defeat in Italy; Erste rules out mBank bid
Middle East & Africa: South Africa cuts key rate; Al Hilal Bank to sell Islamic insurance ops
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.60% to 29,056.42, and the Nikkei 225 rose 0.45% to 24,041.26.
In Europe, around midday, the FTSE 100 was up 0.92% to 7,679.82, and the Euronext 100 was up 0.76% to 1,168.04.
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 housing starts report, the industrial production report, the consumer sentiment report, the JOLTS report and the Baker-Hughes Rig Count report are due out today.
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