Arch Specialty Insurance Co. filed a lawsuit against the University of Southern California following the university's demand to remove the abuse or molestation exclusion from its excess healthcare professional liability policies with the insurer. As the 2017-18 policy was expiring in May 2018, USC learned that the Los Angeles Times planned to run a story accusing USC of allowing Dr. George Tyndall to continue practicing as a gynecologist in the Student Health Center although Tyndall allegedly had been "accused repeatedly of misconduct toward young patients" over many years.
Prudential PLC logged operating profit from continuing operations of £2.02 billion in the first half, up from £1.67 billion a year ago due to strong performance from the Asia business.
Admiral Group PLC reported group share of profit before tax of £220.2 million in the first half, up from £211.7 million a year earlier.
Standard Life (Mauritius Holdings) 2006 Ltd. sold 67.1 million shares in India-based HDFC Life Insurance Co. Ltd. at an average price of 480.7 Indian rupees per share. The Standard Life Aberdeen PLC unit will receive approximately 32.0 billion rupees, net of taxes and expenses, from the sale.
Aflac Inc. announced plans to apply for delisting from the Tokyo Stock Exchange.
The Florida Office of Insurance Regulation and the Louisiana Department of Insurance approved FedNat Holding Co.'s pending acquisition of 1347 Property Insurance Holdings Inc.'s homeowners operations.
Alliant Insurance Services Inc. acquired Lake in the Hills, Ill.-based employee benefits and consulting company InvisionBenefit. Terms of the agreement were not disclosed.
Westland Insurance Group Ltd. named Jamie Lyons president and COO and Don Thompson executive vice president for insurance. The appointments will take effect Sept. 1.
Swiss Re AG will enter the Ivory Coast market, with plans to launch an underwriting office, expected to be operational by Oct. 1, Reinsurance News reported. The company received regulatory approval from the Inter-African Conference of Insurance Markets.
China-based Anbang Insurance Group Co. Ltd. is in the early stages of selling all of its $2.4 billion Japanese property portfolio, Reuters reported, citing two sources. Previous owner Blackstone Group is reportedly among the bidders.
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AstraZeneca, Merck score ovarian cancer win; Canada to block US drug import plan: AstraZeneca and Merck & Co.'s Lynparza combination extended the lives of certain women with ovarian cancer while keeping their disease at bay; and Canada is mulling over ideas for addressing President Donald Trump's plans to import drugs.
In other parts of the world
Asia-Pacific: NAB Q3 earnings up 1% YOY; HK IPOs decline; Singapore cuts economic forecast
Europe: Orcel interested in top HSBC role; MPS sells bad loans; PKO posts profit rise
Middle East & Africa: Absa H1 results up; Plus500 shrugs off profit plunge; Swiss Re in Cote d'Ivoire
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng ticked 0.08% higher to 25,302.28, while the Nikkei 225 gained 0.98% to 20,655.13.
In Europe, around midday, the FTSE 100 fell 0.97% to 7,180.47, and the Euronext 100 dropped 1.25% to 1,028.66.
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 U.S. import and export prices report, the Atlanta Fed business inflation expectations report and the U.S. Energy Information Administration petroleum status report are due out today.
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