MS Amlin PLC increased its fixed premium protection and indemnity limits to US$500 million from US$100 million, The Insurance Insider reported. The U.K.-based insurer will offer capacity for fixed premium P&I risks through Belgium-based MS Amlin Insurance SE.
Swiss Re AG backed the first county-level natural catastrophe index insurance product in China, Artemis reported. The Mao County local and regional government has launched the project, while Swiss Re will offer reinsurance support as well as technology and resources to ensure successful implementation.
Pool Reinsurance Co. Ltd. is sponsoring the first terrorism risk catastrophe bond, Baltic PCC Ltd. Artemis reported. The bond will provide at least £75 million of retrocessional reinsurance protection, covering terrorism risks in the U.K.
Guy Carpenter & Co. LLC's global rate-on-line index was up 1.1% at January reinsurance renewals, despite major catastrophe losses for two consecutive years, the broker said today.
The World Bank will issue a catastrophe bond to extend disaster protection for the Philippines, Artemis reported. The bank entered into an agreement with private reinsurers and ILS investors to provide the coverage to national government agencies and 25 provinces.
Insurance regulators in North Carolina, South Carolina, Vermont and Virginia reapproved China Oceanwide Holdings Group Co. Ltd.'s proposed acquisition of Genworth Financial Inc. subsidiaries domiciled in their respective states.
ONI Risk Partners Inc. is acquiring Lafayette, Ind.-based MBAH Insurance.
Now featured on S&P Global Market Intelligence
P&C insurance stocks remain a relative safe haven in times of market turmoil: Insurance shares have shed much of the stability on which investors long relied during times of market turmoil, as loosened regulation and low interest rates led insurers to hold riskier investments. But the P&C sector still offers some shelter.
Life, managed care insurance stocks start 2019 in the green: The S&P 500 rose 2.54% to $2,596.26, while the S&P 500 Insurance index gained 2.04% to 358.16 for the week ending Jan. 11.
US FDA faces funding challenge; AstraZeneca chief medical officer to depart: Scott Gottlieb acknowledged that the shutdown represents a significant operational challenge for the U.S. Food and Drug Administration; and AstraZeneca confirmed reports that Chief Medical Officer Sean Bohen is to leave the company.
In other parts of the world
Asia-Pacific: India fines Citi's domestic unit; NAB suffers 5-hour outage
Europe: Euronext launches Oslo Børs offer; BNP closing €2.5B arm; Danske probe in France
Euronext launches Oslo Børs offer; BNP closing €2.5B arm; Danske probe in France Middle East & Africa: Saudi's Al Rajhi in merger talks for Malaysian unit; QIA to boost US investments
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 1.38% to 26,298.33. The Nikkei was closed today.
In Europe as of midday, the FTSE 100 slid 0.98% to 6,850.48, and the Euronext 100 declined 0.96% to 926.19.
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
There are no notable economic reports due out today.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.