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Genstar-backed insurer eyes IPO; Puerto Rico insurer limited; Maiden's big loss

Palomar Holdings Inc., a specialty property insurer owned by Genstar Capital LLC, filed for an IPO of up to $50 million of its common shares. Its gross written premiums stood at $154.9 million for the year ended December 2018, during which it recorded a return on equity of 20.9% and a combined ratio of 71.6%.

PG&E Corp., which filed for bankruptcy protection in January due to wildfire claims, is expected to name a new CEO and announce an overhaul of its board of directors with support from some of its biggest investors as early as this week, The Wall Street Journal reported.

A more than $1 billion deal under which Principal Financial Group Inc. would acquire Wells Fargo & Co.'s retirement plan service business could be announced later in March, if negotiations end successfully, Reuters reported, citing sources.

Meanwhile, Deutsche Bank AG could sell its asset management business, DWS Group GmbH & Co. KGaA, to Allianz Group, Bloomberg reported, citing people familiar with the matter.

Cigna Corp.'s board is urging shareholders to vote against shareholder proposals related to cyber risk and the gender pay gap. A shareholder wants the board to review and publicly report on cyber risk and actions taken to mitigate such risk. Another shareholder seeks a report identifying whether a gender pay gap exists among Cigna's employees.

Maiden Holdings Ltd. reported a fourth-quarter 2018 non-GAAP operating loss attributable to common shareholders of $212.4 million, or $2.56 per share, compared with a loss of $126.4 million, or $1.51 per share, in the fourth quarter of 2017. Maiden in its now-filed Form 10-K said it does not expect to pay any cash dividends on its common stock for the foreseeable future, and there can be no assurance that dividends on its preferred shares will resume in the near future.

Arch Capital Group Ltd. finalized its $341.8 million Bellemeade Re 2019-1 Ltd. mortgage insurance-linked securities transaction, Artemis reported, noting that the transaction is the first to include loans modified under government-sponsored entity or servicer modification programs.

Acting New York State Department of Financial Services Superintendent Linda Lacewell approved applications by Palisades Safety and Insurance Association subsidiaries Palisades Insurance Co. and Palisades Property and Casualty Insurance Co. to expand into New York's insurance marketplace.

Puerto Rico's insurance commissioner imposed limitations on INTEGRAND Assurance Co.'s ability to write new business, saying it could no longer cover new catastrophic risks in commercial and personal property insurance, Caribbean Business reported.

Canada's Manulife Financial Corp. and IA Financial Group welcomed Saskatchewan court rulings related to the use of life insurance contracts as deposit accounts. Manulife and iA Financial had been challenged over their imposition of limits on such accounts, but the court dismissed claims against both.

The Illinois House of Representatives approved legislation that would remove time limits for the filing of workers' compensation claims connected to occupational disease, Business Insurance reported.

The U.S. property and casualty industry's net income rose to $61.4 billion in 2018, a $25.2 billion increase from the prior year, aided by a reduction in catastrophe losses and an increase in net investment income, A.M. Best said.

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AssuredPartners positioned to handle 'either end' of economic cycle, CEO says: Jim Henderson sees the need for carriers to take rate in certain areas and thinks his company is in a position to advocate for those increases with clients.

Health Insurance Innovations shares plunge amid House committee investigation: Also, Maiden Holdings' troubles continued as the company posted a wider year-over-year loss for the fourth quarter of 2018.

Regeneron-Sanofi's Praluent gets EU nod; Apple Watch detects heart rate issues: Regeneron and Sanofi's cholesterol drug Praluent received European approval to reduce the risk of heart attacks and strokes in certain patients; and the Apple Watch can detect irregular heartbeats, a study of more than 400,000 participants showed.

In other parts of the world

Asia-Pacific: IOOF faces shareholder class action; Jammu & Kashmir Bank to sell stake

Europe: Deutsche, Commerz in tie-up talks; Rabobank sells unit; ING Italy in hot water

Middle East & Africa: Crédit Agricole unit sells stake in Banque Saudi Fransi; 2 Kenyan banks to merge

The day ahead

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

In Asia, the Hang Seng rose 1.37% to 29,409.01, while the Nikkei 225 gained 0.62% to 21,584.50.

In Europe, around midday, the FTSE 100 increased 0.59% to 7,271.06, and the Euronext 100 lifted 0.10% to 1,048.25.

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 Housing Market Index is due out today.

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