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New York Life/Cigna deal progress; Voya divestment; new AIG president

New York Life Insurance Co. has agreed to acquire Cigna Corp.'s nonmedical insurance unit for more than $6 billion, the Financial Times reported, citing sources familiar with the matter.

Voya Financial Inc. is divesting its individual life and other legacy non-retirement annuities businesses to Resolution Life Group Holdings Ltd. in a transaction expected to provide $1.7 billion of deployable capital to the seller. Total consideration for the deal is $1.25 billion.

Sun Life Financial Inc. intends to acquire an 80% interest in infrastructure and real estate investment manager InfraRed Capital Partners for consideration that includes a closing payment of £300 million.

Peter Zaffino has been named president of American International Group Inc., effective Jan. 1, 2020. He will continue as global COO of AIG and CEO of general insurance. The Insurance Insider suggested the move implies that Zaffino is being prepared to eventually replace CEO Brian Duperreault.

Budget legislation expected to pass Congress will include an extension for the federal flood insurance program, clear the way for more small businesses to offer retirement savings plans, and continue government backing for terrorism insurance.

Liberty Specialty Markets Ltd. will pull back from the U.K. motor treaty business in 2020, The Insurance Insider reported, citing sources.

QBE Insurance Group Ltd. expects its North American crop insurance business to report a 2019 current accident year combined operating ratio of between 107% and 109%, compared to 98% in the first half and the 10-year historical average of approximately 90%.

CopperPoint Insurance Cos. completed its $900 million acquisition of Alaska National Corp.

Tiptree Inc. agreed to acquire Richardson, Texas-based vehicle warranty solutions provider Smart AutoCare in an all-cash deal.

Atlas Financial Holdings Inc. promoted Joe Shugrue to the newly created role of COO. He has been vice president of claims since the company started and will continue to oversee claims.

United Services Automobile Association appointed Wayne Peacock president and CEO, effective Feb. 1, 2020.

Europe's occupational pensions institutions' investments have a relatively high carbon footprint, their regulator has found in its latest stress test. The European Insurance and Occupational Pensions Authority's latest stress test of Institutions for Occupational Retirement Provisions analyzed environmental, social and governance, or ESG, factors for the first time.

Japanese insurer Sumitomo Life Insurance Co. is looking to acquire more than 41.4 million shares of Vietnamese insurance group Bao Viet Holdings, which would raise its stake to 22.09% of Bao Viet's capital, Viet Nam News reported.

Now featured on S&P Global Market Intelligence

New FSOC approach toward nonbanks fits with NAIC oversight, regulations: "We've said all along we don't think insurers are systemically risky," said Maine Bureau of Insurance Superintendent Eric Cioppa.

Commercial auto ride-hailing coverage has 'taken off' for Allstate: Allstate's growing partnership with Uber has coincided with rapid expansion in the company's commercial auto liability written premiums.

In other parts of the world

Asia-Pacific: ANZ New Zealand names CEO; China to increase fintech regulation

Europe: Crédit Agricole sees Q4 profit hit; UniCredit exits Pekao; BBVA eyes job cuts

Middle East & Africa: Tel Aviv bourse looking to boost liquidity; Morocco's central bank holds rate

The day ahead

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

In Asia, the Hang Seng gained 0.15% to 27,844.21, while the Nikkei 225 dropped 0.55% to 23,934.43.

In Europe, around midday, the FTSE 100 was up 0.13%% to 7,535.25, and the Euronext 100 increased 0.05% to 1,141.47.

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 EIA petroleum status report is due out today.

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