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1-in-200 hurricane could erase 50% of ILS capital; Everest Re US crop unit sale could jolt multiperil crop insurance market

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1-in-200 hurricane could erase 50% of ILS capital; Everest Re US crop unit sale could jolt multiperil crop insurance market

Inthe news

A 1-in-200-year U.S. hurricane loss event could leadto an overalleconomic loss of between $200 billion and $250 billion, about 55% to 60% ofwhich would be shouldered by the insurance, reinsurance and insurance-linkedsecurities markets, Artemis reported, citing Deutsche Bank analysts. Around 50%of all ILS capital that covers U.S. wind risks and represents $36 billion ofthe market could be eliminated from the marketplace if such an event occurs.

The increase in catastrophe losses is expected toweigh on second-quarter results of insurers and reinsurers, but it could help installa reinsurance pricing floor that could limit future earnings drop, the blogreported separately, citing Macquarie Research analysts.

Reinsurance has become the "best-priced"source of capitalafter its cost has fallen below other forms of contingent capital like equity,debt and carriers' own capital across most business lines, according to JLT Re.Strategic deployment of reinsurance capital allows cedants to increasefranchise value, support new growth initiatives and enter into more profitablebusiness. However, JLT Re warned that reinsurance buyers should be ready forfuture changes in the reinsurance market.


The market for multiperil crop insurance may bedue for anothershakeup as Everest ReGroup Ltd. said it entered a letter of intent to a managing general agency itacquired in 2011.

In other deal-related news, could soon be of itsown if its planned sale to AnthemInc. falls through, thanks to a potential $1.85 billion windfallfrom the deal's failure.

GreatAmerican Insurance Co.'s agreement to acquire National Interstate Corp. includes a if theNational Interstate board finds a better offer and recommends it before thedeal with Great American closes.

TheHartford Financial Services Group Inc. its U.K. P&C runoffsubsidiaries — Downlands Liability Management Ltd. and Hartford FinancialProducts International Ltd. — to Catalina Holdings UK Ltd.

UnitedHealth Group Inc.'s UnitedHealthcare is acquiringRocky Mountain Health Plans, a Colorado-based insurance company, The Daily Sentinel reported.


Elizabeth Warren and Bernie Sanders reiterated callsto break up big banksduring the opening night of the Democratic National Convention in Philadelphia.Warren also highlighted the progress made by the Affordable Care Act and theConsumer Financial Protection Bureau, despite continued opposition from the GOP.


The Federal Reserve Board for a noticeof proposed rulemaking that examines capital standards for insurers.


The Missouri Department of Insurance imposeda $150,000 fine as part of a settlement with three UnitedHealth Group unitsthat allegedly required consumers to ask insurer physicians for referral beforethey could access another in-network provider. ,All Savers InsuranceCo. and UnitedHealthcare Life Insurance Co. also agreed to stopimposing referral requirements on non-HMO group policies starting in October.


Over in Tennessee, YourPeople Inc., which doesbusiness as Zenefits FTW Insurance Services, agreed to pay a civil monetarypenalty of $62,500 to resolve allegations that it allowed its unlicensedinsurance producers to sell insurance products. Zenefits is stillin talks with California, Washington and Massachusetts about investigationsinto its compliance with insurance laws, BusinessInsider reported.


S&P Global Market Intelligence presents asnapshot of financialresults reported July 25 by insurance companies.

CenteneCorp. reported earnings today.

Other insurers expected to release their earningsresults today are ChubbLtd., Donegal GroupInc., RenaissanceReHoldings Ltd., Ameriprise Financial Inc., , ,Assurant Inc.,Cincinnati FinancialCorp. and CNOFinancial Group Inc.

Financialnews in other parts of the world

Asia-Pacific: Julius Bär hires 200 managers in Asia; Dai-ichi Life to openCambodian office

Middle East & Africa:

Europe: Spotlight on Commerzbank capital cushion; H1 profit tumbles at Man;New UniCredit execs

Theday ahead

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

In Asia, the Hang Seng rose 0.62% to 22,129.73, andthe Nikkei 225 was down 1.43% to 16,383.04.

In Europe as of midday, the FTSE 100 was up 0.34% to6,730.98, and the Euronext 100 fell 0.26% to 868.22.

Onthe macro front

Redbook, S&P Case-Shiller HPI, new home salesreport, the consumer confidence report, Richmond Fed Manufacturing Index andState Street Investor Confidence Index are due out today. The Federal OpenMarket Committee meeting is also scheduled to begin today.