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In This List

Third Point Re review; Allianz UK reinsurance; Rothesay Life enters £3.8B buy-in

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report

Fintech

Fintech Funding Flows To Insurtech In February

Lemonade Growing Premiums Faster Than Esurance's Homeowners Business Did


Third Point Re review; Allianz UK reinsurance; Rothesay Life enters £3.8B buy-in

Third Point Reinsurance Ltd. is reviewing its strategic options with help from J.P. Morgan, The Insurance Insider reported. The reinsurer could look for a merger partner or strike a major acquisition, although it is not eyeing an auction process, according to the report. The company's board is reportedly looking to evolve its total return reinsurance model.

The Insider also wrote that Allianz Group could purchase a £500 million policy for its recently acquired portfolio from Legal & General and existing U.K. exposures. For now, the German insurer also reportedly opted against securing a reinsurance policy covering all of its U.K. exposures, which would have included the recently acquired portfolio from LV=.

The California Department of Insurance said 26 insurance companies have agreed to extend the time limits for 2017 wildfire survivors to access additional living expense benefits. These companies represent a majority of the total losses from the 2017 wildfires that struck Santa Rosa and other parts of Northern California.

Rothesay Life PLC agreed to a £3.8 billion pension buy-in with Asda Stores Ltd., its parent Walmart Inc. and its pension trustee. Under the arrangement, Rothesay will be responsible for paying the retirement benefits of about 12,300 members of Asda's pension scheme. The deal is expected to be enabled after the U.K. grocer makes a one-off final pension contribution of about £800 million into the scheme.

French trade credit insurer Euler Hermes reduced its coverage for the suppliers of British supermarket chain Iceland during the summer, The Sunday Times reported. Rival Atradius may also make a similar move.

Centene Corp.'s pending acquisition of WellCare Health Plans Inc. received regulatory approval in five more states. The insurance departments of Arizona, Connecticut, Georgia, Ohio and Texas have now signed off on the deal, bringing the total number of states to approve the transaction to 24.

Prudential PLC completed the demerger of M&G PLC announced in early 2018. Shareholders retained their shares in Prudential and also received shares in M&G.

China Life Insurance Co. Ltd. forecast its net profit attributable to equity holders to rise by between approximately 35.76 billion yuan and 39.74 billion yuan for the first three quarters compared to the prior-year period.

The U.S. Supreme Court will consider a case that could fundamentally alter the Consumer Financial Protection Bureau's structure and level of independence. At issue is whether the president of the United States can remove the head of the agency at will, a provision lawmakers decided against in the Dodd-Frank Act in order to insulate the bureau from political pressures.

Now featured on S&P Global Market Intelligence

Foresters selling US annuity unit that was once 'important part' of strategy: As part of a broader restructuring of its North American financial services businesses, the International Order of Foresters suspended annuity sales earlier in 2019 and now plans to sell its primary annuity-writing subsidiary.

Genworth updates debt payoff plan as 3rd anniversary of Oceanwide deal nears: Genworth in a letter to Virginia state regulators said it was confident in its ability to meet near-term debt maturities even though the timing of Oceanwide's commitment to provide $1.5 billion in capital has been pushed back.

Insurance broker deal volume holds steady sequentially, slides YOY in Q3: There were 163 deals announced in the third quarter, compared to 164 in the second quarter and 176 a year ago.

Health stocks up as earnings season starts; Progressive slumps after Q3 results: The S&P 500 rose 0.54% to 2,986.20 for the week ending Oct. 18 while the SNL U.S. Insurance Index jumped 2.54% 1,077.36.

In other parts of the world

Asia-Pacific: China opens dual-class stocks to onshore buyers; Australian superfunds debut JV

Europe: Wirecard audit; Citi's confidence in London; Munich Re set to beat €2.5B target

Middle East & Africa: Egypt inks deal with Euroclear; Lebanon agrees on economic reforms

The day ahead

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

In Asia, the Hang Seng was up 0.08% to 26,740.24, while the Nikkei 225 inched up 0.25% to 22,548.90.

In Europe, around midday, the FTSE 100 was up 0.12% to 7,159.47, while the Euronext 100 was up 0.14% to 1,090.88.

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

No notable reports are due out today.

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