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US commercial insurance price hikes; global life outlook; Lloyd's debt raise


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US commercial insurance price hikes; global life outlook; Lloyd's debt raise

U.S. commercial insurance prices were more than 4% higher during the third quarter versus prices a year prior, marking the largest overall price shift since 2013, according to a survey by Willis Towers Watson PLC.

Rating agency Moody's said the outlook for the global life insurance sector in 2020 is stable, saying insurers are moving to adapt their products to low interest rates.

Canadian regulators approved Genworth Financial Inc.'s pending sale of a majority stake in Genworth MI Canada Inc. to Brookfield Business Partners LP.

The U.S. Supreme Court denied a petition for a review of an appeals court ruling that American Family Insurance agency owners are independent contractors.

BMS Group Ltd. named Pete Chandler CEO of BMS Re US, effective Dec. 9. The current CEO of BMS Re US, Steve Korducki, will become CFO, based in Minneapolis.

Lloyd's of London raised £300 million of senior debt to fund an overhaul in line with its previously announced plan to modernize the business. COO Jennifer Rigby will be in charge of the overhaul, while Deputy Chairman Andy Haste will lead a committee to oversee the project.

Victor Insurance Holdings received approval from Lloyd's to establish Victor Syndicate 2288 and commence underwriting effective Jan. 1, 2020, with stamp capacity of £57 million, supporting a $100 million business plan. Asta Managing Agency Ltd. will be the managing agent for the new syndicate.

Chubb Ltd. made a $10 million equity investment in the African Trade Insurance Agency.

Willis Towers Watson agreed to acquire PE Corporate Services, a management consultancy and remuneration adviser based in South Africa.

The board of mutual marine insurance company The Swedish Club announced a 5% general increase for protection and indemnity in 2020.

Richard Harding is set to leave as CEO of Tower Ltd. by the end of 2020.

Now featured on S&P Global Market Intelligence

US insurance regulators open to change in LTC insurance pricing model: During a special NAIC event, regulators expressed skepticism over the level premium model for long-term care and some frustrations with how rate increase requests are handled.

In other parts of the world

Asia-Pacific: Bank Mandiri names new head; Australia OKs IOOF acquisition bid

Europe: Deutsche warns of headwinds; Cboe to acquire EuroCCP; Kazakh banks to get aid

Middle East & Africa: Moody's revises outlook on African banks; Banco de Fomento Angola Q3 profit down

The day ahead

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

In Asia, the Hang Seng was down 0.22% to 26,436.62, and the Nikkei 225 decreased 0.09% to 23,410.19.

In Europe, around midday, the FTSE 100 decreased 0.93% to 7,166.27, and the Euronext 100 decreased 1.04% to 1,111.47.

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 NFIB Small Business Optimism Index, Productivity and Costs and Redbook are due out today.

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