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Chance of $20B Matthew loss at 41.9%; court mulls Anthem, Cigna documents reveal

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Chance of $20B Matthew loss at 41.9%; court mulls Anthem, Cigna documents reveal

Inthe news

Preliminaryfigures from RMS show a 41.9% chance that the insurance industry will see a$20 billion loss from Hurricane Matthew, TheInsurance Insider reported. The firm also said that there is a 25.7% chanceof a $30 billion loss, a 16.2% chance of a $40 billion loss and a 10.0% chanceof a $50 billion loss. Florida is facing a 35.3% chance of suffering a $20billion loss.

The reinsuranceindustry has sufficient capital to weather the impact of Hurricane Matthew, butsome reinsurers could take a hit if the magnitude of losses matches that of a1-in-100-year loss event, according to S&P Global Ratings. Up to five ofthe 21 reinsurers within S&P Global Ratings' rating universe could suffer aloss and capital deterioration in a 1-in-50-year catastrophe scenario.

In the Floridareinsurance market, Everest ReGroup Ltd. and RenaissanceRe Holdings Ltd. are mostat risk of experiencing losses from the storm, The Insurance Insider reported, citing Macquarie analysts.

In addition, S&PGlobal Ratings said 15 catastrophe bonds, including ,Everglades Re II Ltd. series2015-1, Riverfront Re Ltd. and Sanders Re Ltd., could experiencelosses because of Hurricane Matthew. Aside from the 15 catastrophe bonds thatS&P highlighted, Artemis said Laetere Re Ltd. series 2016-1, ,Citrus Re Ltd. series2015-1, Citrus ReLtd. series 2016-1 and Blue Halo Re Ltd. series 2016-1 also have exposureto the storm.


Letters andemails that AnthemInc. and CignaCorp. sent to each other in connection with their proposed mergermay become evidencein the lawsuit filed by the U.S. Department of Justice to block the deal,Bloomberg News reported, citing Richard Levie, special master in the case.Anthem and Cigna said the documents are privileged communications, but Levieagrees with the Justice Department that they could reveal disagreements betweenthe two companies' executives that might help the U.S. argue against the tieup.


The sale ofEndurance Specialty HoldingsLtd. adds to the list of insurance M&A transactions fromJapanese companies of late, marking another relatively large deal that was doneat a premium to bookvalue.


announced the approval of Standard Mutual Insurance Co.'s conversion from a mutualcompany to a stock company named Standard Property & Casualty Insurance Co.


obtained additional catastrophe coverage of $30 millionin excess of $5 million covering certain loss occurrences, includinghurricanes, in states outside of Florida.


Florida'sinsurance regulator issueda final approval of an increase in workers' compensation insurance premiums bya combined average of 14.5%.


In executivemoves, Blue Cross Blue Shield of Massachusetts Andreana Santangelo executive vicepresident and CFO, the Boston BusinessJournal reported.

the employment ofBryan Ware, executive vice president and chief actuary of the company and itsoperating subsidiaries.

Financial news in other parts of the world

Asia-Pacific:Goldman buys Postal Savings Bankshares; RBI eases interbank loan norms

Middle East &Africa: Bank Hapoalim raisesprovisions; Emirates Islamic launches rights issue

Europe:Commerzbank to shed i-bank; DeltaLloyd shuns NN; Asya shops insurance units

The day ahead

Early morningfutures indicators pointed to a lower opening for the U.S. market.

In Asia, the HangSeng decreased 0.42% to 23,851.82, and the Nikkei 225 slipped 0.23% to16,860.10.

In Europe, aroundmidday, the FTSE 100 was up 0.76% to 7,053.01, while the Euronext 100 was down0.94% to 878.83.

On the macro front

The employmentsituation report, the consumer credit report and the Treasury STRIPS report aredue out today.

S&P Global Ratings and S&P GlobalMarket Intelligence are owned by S&P Global Inc.