California Insurance Commissioner Dave Jones said the Mendocino Complex and Carr fires have so far resulted in $845 million in insured losses. Although the blazes have been contained, the insured loss figure is expected to grow as additional claims are processed.
According to Aon's Impact Forecasting unit report, Hokkaido earthquake and Jebi typhoon are most likely to cause individually economic and insured losses that could reach hundreds of millions, if not higher. Monsoonal rains that inundated southern India could result in economic losses topping $4 billion.
Global reinsurance pricing is expected to remain relatively flat across most lines of business in 2019, according to a survey by Reinsurance News and Artemis. The insurance-linked securities market is expected to grow to make up 20% to 25% of dedicated reinsurance capital by 2020.
Also, the coupon guidance for California Earthquake Authority's Ursa Re Ltd. series 2018-1 catastrophe bond has tightened to a range of 5% to 5.25% from 4.9% to 5.4%, Artemis reported.
Meanwhile, former QBE Insurance Group Ltd. CEO John Neal is poised to assume the CEO role at Lloyd's of London, The Insurance Insider reported. Neal is expected to succeed Inga Beale, who will leave Lloyd's in 2019.
Italian insurer Generali entered into exclusive discussions with shareholders of Sycomore Asset Management to purchase a majority stake in the France-based company and to form a strategic partnership.
Japan's Tokio Marine Holdings Inc. is set to enter the African insurance market by acquiring 22.5% stake in South Africa's Hollard Holdings (Pty) Ltd and Hollard International for about 5 billion South African rand, confirming an earlier report. The acquisition will take place through the subscription of new shares in cash.
French insurer Coface SA signed a binding agreement with SID - Slovenska izvozna in razvojna banka dd Ljubljana to acquire its credit insurance subsidiary, PKZ capital.
In the U.S., two Hub International Ltd. subsidiaries acquired the retirement plan consulting and financial services business of Cash & Associates.
Arthur J. Gallagher & Co. acquired United Dealer Services LLC, a New York-based retail insurance broker and program administrator.
Ohio National Financial Services Inc. is exiting its annuities and retirement plan businesses, which will lead to approximately 300 job cuts.
Triple-S Management Corp. chose Puerto Rico-based Abarca Health LLC as the pharmacy benefits manager for its commercial and Medicare business.
Premium renewal rates in the U.S. improved across most major standard commercial lines insurance products in August compared to July, including business owner's policy, general liability, and commercial property, according to a report from IVANS, a division of Applied Systems.
Now featured on S&P Global Market Intelligence
Senate set for opioid package vote; Mylan buys Novartis respiratory drug rights: The Senate is expected to vote on a package of over 70 bills intended to combat the U.S. opioid crisis; and and Mylan acquired the global rights to commercialize Novartis's respiratory drugs Tobi Podhaler and Tobi solution for about $463 million.
In other parts of the world
Asia-Pacific: Tokio Marine in South African deal; Chinese i-bank moves closer to Hong Kong IPO
Europe: UK's Just Group warns on capital; ex-QBE head in line for Lloyd's of London role
Middle East and Africa: FirstRand, Sanlam post results; Japan's Tokio Marine sets eyes on South Africa
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng decreased 0.01% to 26,973.47, and the Nikkei 225 declined 0.80% to 22,307.06.
In Europe, around midday, the FTSE 100 was was down 0.85% to 7,256.55, and the Euronext 100 was down 0.20% to 1,025.18.
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 employment situation report, the quarterly services survey, the Treasury STRIPS report and the Baker-Hughes Rig Count report are due out today.
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