In the news
first-quarter net income of$703.0 million, or $2.63 per share, down from $865.2 million, or $3.09 per share,in the year-ago quarter. The company also updated its 2016 outlook and nowexpects net income to be greater than $9.65 per share, including greater than$1.15 per share of net unfavorable items.
first-quarter netincome of $66.2 million, or 29 cents per share, down from $92.3 million, or 39cents per share, in the year-ago period.
TheU.S. insurance and reinsurance industry has so far incurred about resultingfrom natural catastrophe and severe weather events in 2016, Artemis reported,citing Aon Benfield's Impact Forecasting. Economic losses from the events areprojected to be $13.05 billion in the U.S.
Totalinsured losses from two hailstorms in March in the Dallas-Fort Worth region ofTexas, currently projected to be $1.3 billion, are expected to climb further, accordingto A.M. Best. It is still too early to estimate losses from a third hailstorm that hit theregion in mid-April. The year-to-date hailstorm damage in Texas appears to have already exceededthe nine-year average for the U.S. of $1.2 billion, the rating agency noted.
TheColorado Senate passeda measure that will require the state's health insurance exchange, Connectfor Health Colorado, to seek approval from voters to continue charging anadministrative fee on all plans sold by insurers participating on the exchange,irrespective of whether the plans are sold on or off the exchange, the Denver Business Journal reported. Thefee, expected to provide $24.9 million in funding for the exchange in thefiscal year beginning July 1, is important for the marketplace'ssustainability, according to Sen. Irene Aguilar, D-Denver. Thelegislation, SenateBill 2, now heads to the state House for approval.
Overin Hawaii, lawmakers passed a bill that will prevent insurers from discriminatingagainst transgender patients, The Associated Press reported. The measure,introduced by Rep. Chris Lee, D-Hawaii, now heads to Gov. David Ige for his signature.
's board the company'squarterly common stock dividend to 40 cents per share from 37.5 cents per share
ThePennsylvania Insurance Department approvedrate increase requests for certain long-term care policies at ,Genworth Life Insurance Co.,Unum Life Insurance Co. ofAmerica and JohnHancock Life Insurance Co. (USA).
appearspoised to recaptureat least a portion of the market share it had lost in previous years in theprivate-passenger auto line as higher new business production, growth inpolicies in force and steady retention rates have positive implications forwritten premiums.
continued to gain market sharein the workers' compensation business in 2015 as rivals andLiberty Mutual Holding Co. Inc.lost ground. Travelerscontinued to remain atop 2015 workers' comp rankings, boasting a market shareof 7.75% with $4.47 billion in direct premiums written, up 3.39% from 2014.
Technologycompany Trov announced its upcoming launch ofthe first on-demand insuranceplatform, which will enable anyone to turn insurance on or off forindividual items, such as a laptop, camera or bicycle. On-demand insurance willbe available to Trov users first in Australia in May, followed by the U.K. inthe second half of 2016, and the U.S. and other territories in 2017.It has raised $39 million in funding.
Clickhere to read asummary of earnings reported April 26 by insurance companies covered by S&P Global Market Intelligence.
In other parts of the world
Mexicaninsurance regulator CNSF rescinded CitigroupInc. unit Vitamédica's authorization to as a health insurer, the FinanceMinistry said. Vitamédica, which is in the process of liquidation, must meetall its labor and commercial obligations associated with its health insurancebusiness but cannot issue any new policies.
Theportfolio strategies of Japan's four largest life insurance companies forfiscal 2016 highlight a shift to overseas bonds from domestic government bonds,The Sankei Shimbun reported.
Brazilianinsurance regulator Susep is implementing a new regulatory structureto provide stronger supervision to the sector, the Inter-American Federation ofInsurance Companies reported. The new structure entails four divisions:prudential solvency supervision, conduct supervision, organization of theprivate insurance system, and administration.
The day ahead
,American Equity Investment LifeHolding Co., AMERISAFEInc., Arch CapitalGroup Ltd., CNOFinancial Group Inc., EmployersHoldings Inc., FidelityNational Financial Inc., UnitedInsurance Holdings Corp., UnumGroup and XL Group Plcare expected to report earnings today.
U.S. markets are expected to start the day's trading on alower note as the Nasdaq composite index, the S&P 500 and the Dow JonesIndustrial Average were trading below fair value in early morning futures trading.
In Asia, the Hang Seng dropped 0.21% to 21,361.60, and theNikkei 225 was down 0.36% to 17,290.49.
In Europe as of midday, the FTSE 100 was down 0.35% to6,262.51, and the Euronext 100 had climbed 0.29% to 890.20.
On the macro front
The MBA mortgage applications report, the internationaltrade in goods report, the pending home sales index, the EIA petroleum statusreport and the FOMC meeting announcement are due out today.