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Munich Re to beat profit goal; Ironshore energy move; Arch reinsurance

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Munich Re to beat profit goal; Ironshore energy move; Arch reinsurance

Munich Re anticipates reporting a consolidated result of approximately €850 million in the third quarter, despite "high major-loss expenditure." The company also expects to surpass its consolidated result target of €2.5 billion for full year 2019, despite "considerable uncertainties" about developments in major losses and the capital markets during the rest of the year.

RLI Corp. President Craig Kliethermes on an earnings call said his company has received a boost from "disruption" in numerous segments, Insurance Insider reported. The company reported third-quarter operating earnings of $25.9 million, or 57 cents per share, up from $20.8 million, or 46 cents per share, in the year-ago period.

The Insider also wrote that Ironshore Inc. is accepting less energy property business. A Liberty Mutual spokesperson reportedly said the subsidiary is seeking to "leverage better-positioned energy platforms." The spokesperson stressed that Ironshore is staying in the energy property risk market, according to the report.

Arch Mortgage Insurance Co. has obtained $577.3 million of indemnity reinsurance on a pool representing $7.2 billion of mortgages from Bellemeade Re 2019-4 Ltd., a special purpose reinsurer. The reinsurance is for a portfolio of mortgage insurance policies linked to 113,180 loans issued by the company and affiliates in 2019.

Foresters Financial Services Inc. agreed to sell Foresters Financial Holding Company Inc. and unit Foresters Life Insurance & Annuity Co. to Nassau Financial Group LP, parent company of Nassau Life Insurance Co. The transaction is expected to close in the first quarter of 2020. The sale will complete Foresters Financial's exit from its North American asset management business.

U.K.-based Davies Group Ltd. acquired Alternative Service Concepts LLC, a workers' compensation and property and casualty third-party administrator.

M&G PLC has been substituted in place of Prudential PLC as principal debtor of certain securities and their connected coupons, effective Oct. 18. The substitution is in connection with the proposed demerger of M&G from Prudential. The nominal amount of the Tier 2 subordinated debt is £3.24 billion.

Tokyo-based Fukoku Mutual Life Insurance Co. is looking to triple its investments in Japanese stocks to ¥60 billion in the fiscal year ending March 2020, while cutting its investments in overseas bonds by half to ¥20 billion in fiscal 2019, Reuters reported.

Now featured on S&P Global Market Intelligence

Recession, election year fear expected to impact US insurance M&A: Fear and uncertainty around the 2020 election and a potential recession are likely to have an impact on the state of insurance M&A, according to panelists at S&P Global Market Intelligence's Insurance M&A Symposium.

Rep. Waters aiming to pass 'clean' 10-year terrorism risk insurance bill soon: House Financial Services Committee Chair Maxine Waters, D-Calif., said she intends to pass a bill reauthorizing the Terrorism Risk Insurance Act for 10 years without any reforms or changes.

Favorable market turn prompted Nasdaq-bound insurer IGI's hunt for capital: COO: The $121 million in capital from the merger with Tiberius will allow the 17-year-old insurer to pursue its growth plans, including a push into the U.S. excess and surplus market, but COO Hatem Jabsheh said the company will expand cautiously.

In other parts of the world

Asia-Pacific: Bank of China leads M&A race for Irish broker; IPOs in South Korea, India

Europe: LSE reports Q3; HSBC may trim equities biz; Credit Suisse negative rates

Middle East & Africa: Emirates NBD launches rights issue; Morocco's BCP buys 71% of Madagascar bank

The day ahead

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

In Asia, the Hang Seng was down 0.48% to 26,719.58, while the Nikkei 225 rose 0.18% to 22,492.68.

In Europe, around midday, the FTSE 100 was up 0.02% to 7,184.10, while the Euronext 100 was down 0.24% to 1,093.13.

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 leading indicators report and the Baker-Hughes Rig Count report are due out today.

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