Scor SE will divide its Scor global P&C nonlife unit into three divisions in a bid to "address the evolving needs of its clients and reinforce its Tier 1 position." The company also made a series of management changes, which includes naming Brona Magee, currently Scor Global Life's head of client solutions, as deputy CEO of Scor Global Life.
South Korea-based Shinhan Financial Group Co. Ltd. signed a stock purchase agreement to acquire a 59.15% stake in Orange Life Insurance Co. Ltd., formerly ING Life Insurance Korea Ltd., from private equity firm MBK Partners Ltd.
Also in Asia, KKR, Temasek Holdings Pvt. Ltd. and Canada Pension Plan Investment Board have shown interest in acquiring a 4% stake in India-based SBI General Insurance Co. Ltd., livemint reported.
Meanwhile, the Philippine Competition Commission cleared Axa's pending acquisition of XL Group Ltd., and also imposed a fine of 123,861.86 Philippine pesos for the late filing of notification about the transaction.
Swiss Life Holding AG agreed to acquire Fincentrum a.s., a financial advisory services provider operating in the Czech Republic and Slovakia.
Bermuda's Enstar Group Ltd. has withdrawn the sale process for Lloyd's syndicate StarStone Insurance Bermuda Ltd., re-insurance.com noted. However, a decision on Atrium Underwriting Group Ltd. has not been made yet.
In the U.S., WellCare Health Plans Inc. completed its $2.5 billion acquisition of Meridian Health Plan of Illinois Inc., Meridian Health Plan of Michigan Inc. and pharmacy benefits manager MeridianRx. And, Brown & Brown Inc. unit Brown & Brown of Kentucky Inc. purchased substantially all of the assets of Finance & Insurance Resources Inc.
Standard Life Aberdeen PLC increased its stake in Phoenix Group Holdings to 26.94% from 8.71%, according to a market filing.
Bloomington, Ill.-based State Farm Mutual Automobile Insurance Co. avoided the racketeering trial related to its alleged involvement in the election of an Illinois Supreme Court justice after agreeing to a $250 million accord, Chicago Tribune reported.
Canada-based Fairfax Financial Holdings Ltd. announced that Morgan Keegan & Co. LLC paid $20 million to settle claims against it in a 2006 lawsuit seeking damages for the alleged manipulation of Fairfax stock.
Rainfall from Tropical Storm Gordon will cause flash flooding across portions of the western Florida Panhandle, southwest Alabama, southern and central Mississippi, northeastern Louisiana, Arkansas, Missouri, southern Iowa and Illinois, according to the National Hurricane Center. A tornado or two is possible today and tonight over Mississippi and western Alabama. Gordon is forecast to weaken to a tropical depression later today.
Fitch set a stable outlook on the global reinsurance industry for the first time in five years but is also warning that price competition could start to intensify again given recent catastrophe-induced increases.
Greenlight Capital Re Ltd. shares dropped after it reported that it was down 6.5% in August. The stock declined 4.67% to close at $12.25 per share on Sept. 4. For the year, the fund is down 20.9%, its biggest decline since at least 2004.
Randall & Quilter Investment Holdings Ltd. issued $146 million of loss portfolio transfer reinsurance covering commercial auto liability risks for a U.S.-based risk retention group.
And, the average return of the Eurekahedge ILS Advisers Index for July was 0.57%, the best so far this year, Artemis reported. Thirty-three funds posted a positive return for the month with only one insurance-linked securities fund reporting negative performance.
Now featured on S&P Global Market Intelligence
Excess capacity in spotlight as reinsurance industry prepares for Rendez-vous: The persistent abundance of traditional and alternative capital is likely to be a big talking point at an important, and opulent, meeting in Monte Carlo.
Scandal-ridden Theranos to dissolve; Bayer cuts 2018 outlook on Monsanto deal: Theranos, the blood-testing company accused of faking tests and defrauding customers will formally dissolve, The Wall Street Journal reported; and Bayer lowered its outlook for 2018 to reflect the acquisition of the world's top seed-maker, Monsanto.
In other parts of the world
Asia-Pacific: Tokyo Century may raise Indonesian bank stake; Philippines OKs Axa/XL Group deal
Europe: EU money-laundering shortcomings; TSB Pester's £1.7M in spotlight
Middle East and Africa: Citigroup snaps up Leumi stake; South Africa slips into recession
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng fell 2.56% to 27,258.17, while the Nikkei 225 fell 0.51% to 22,580.83.
In Europe, around midday, the FTSE 100 decreased 0.45% to 7,424.68, and the Euronext 100 decreased 0.84% to 1,039.01.
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 MBA mortgage applications report, the international trade report and the Redbook report is due out today.
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