Risk managers and top executives at big companies do not have a clear understanding of the benefits of alternative risk strategies, like parametric risk transfer, according to Marsh & McLennan Cos. Inc. As reported by Artemis, Marsh said the insurance and reinsurance industry needs to do more to promote these strategies.
Ping An Insurance (Group) Co. of China Ltd. could absorb Lufax Holding if the financial technology arm fails to go public. This plan intends to offer an exit opportunity for Lufax investors such as Switzerland-based UBS Group AG and Qatar's sovereign wealth fund.
Brazil's Sul América SA signed an agreement to sell its automobile and other property and casualty operations to Allianz Seguros SA, a subsidiary of Germany's insurance giant Allianz Group. The agreement is worth 3.00 billion reals.
New York-based Transatlantic Holdings Inc.'s reinsurance brand name, TransRe, promoted Andy Taylor to chief underwriting officer for London, Continental Europe, the Middle East, Africa and Asia Pacific. He will report to Paul Bonny, president of TransRe Europe, the Middle East, Africa and Asia Pacific.
The U.K. Competition and Markets Authority took action against Royal Bank of Scotland Group PLC and Spain-based Banco Santander SA, which operates in Britain as Santander UK PLC, for failing to provide and sending incorrect annual reminders to their payment protection insurance customers. The CMA has issued directions to both lenders to appoint independent bodies to review and audit their PPI processes to prevent similar incidents in the future.
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Razor-thin Q2 gain has US P&C industry tracking to full year underwriting profit: Improvement in auto results helped mitigate deterioration in select commercial liability lines during the second quarter, keeping the U.S. property and casualty insurance industry's combined ratio slightly better than break even.
GE analysts question whistleblower's math, predict small LTC reserve charge: Companies with long-term care insurance blocks have struggled to keep investor confidence in recent weeks amid reports that some LTC books are vastly under-reserved.
Abry adds to insurance investments with Portfolio Holding deal: Abry Partners is set to acquire California-based insurance broker Portfolio Holdings, its latest in a string of deals following its first buyout in the space in 2010.
In other parts of the world
Europe: Credit Suisse to bolster Swiss unit; Allianz's Brazil deal; hiring freeze at AIB
Middle East & Africa: FAB denies Qatari regulator's allegations; Fitch, S&P act on Lebanon
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 1.91% to 25,680.33, and the Nikkei 225 dropped 2.17% to 20,261.04.
In Europe, around midday, the Euronext 100 was up 0.32% to 1,038.53.
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 Durable Goods Orders, Chicago Fed National Activity Index and the Dallas Fed Manufacturing Survey are due out today.
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