Blue Cross and Blue Shield of North Carolina CEO Patrick Conway tendered his resignation at the request of the company's board. The move came after North Carolina Insurance Commissioner Mike Causey urged Conway to resign after the insurer allegedly covered up the top executive's arrest in June on suspicion of drunk driving and child neglect.
Catastrophe risk modeling company Risk Management Solutions Inc. pegged the insured loss from Typhoon Faxai in the range of $5.0 billion to $9.0 billion. The estimate includes property damage and business interruption caused by typhoon wind and coastal flooding to residential, commercial, industrial, marine and automobile lines, as well as the private and mutual/kyosai markets.
Portfolio company Caribbean Catastrophe Risk Insurance Facility, or CCRIF, has made two payouts to the Bahamas, totaling $12.8 million, in the wake of the passage of Hurricane Dorian.
U.K.-based Rothesay Life PLC completed a deal to insure £3.8 billion of defined benefit liabilities for the Allied Domecq Pension Fund, describing the transaction as the largest scheme buy-in that incorporates deferred members and current pensioners. The insurance policy covers over 27,000 members, consisting of 17,000 pensioners and 10,000 deferred pensioners.
NYSE-listed Cigna Corp. launched private offers to exchange certain outstanding notes issued by its wholly owned subsidiaries for new senior notes to be issued by the parent company. The exchange offers are for notes issued by Cigna Holding Co., Express Scripts Holding Co. and Medco Health Solutions Inc.
The Toronto Stock Exchange accepted Fairfax Financial Holdings Ltd.'s intention to launch a normal course issuer bid through the facilities of the exchange or other alternative Canadian trading systems for its subordinate voting shares and certain preferred shares.
U.S.-based AssuredPartners Inc. acquired West Lafayette, Ind.-based commercial truck insurance provider Truck Insure Inc.
Activist investor CIAM's CEO Catherine Berjal wrote in a letter to France-based Scor SE's lead director, Augustin de Romanet, that the management ignored shareholder interests by pursuing destructive governance strategies in its discussions with SGAM Covéa over a deal, Reinsurance News reported. Berjal asked de Romanet to act as a mediator in the case between Scor CEO Denis Kessler and Covéa CEO Thierry Derez.
Hartford Financial Services Group Inc. appointed Deepa Soni chief information officer, effective Sept. 30. Also, Robert Kerris succeeded Sean Donaghy as insurance technology firm Ebix Inc.'s CFO, effective Sept. 23, and Bermuda-based Aspen Insurance Holdings Ltd. appointed Mohinder Kang chief people officer, effective Nov. 1.
And National Association of Mutual Insurance Companies President and CEO Charles Chamness is stepping down in the fall of 2020.
Now featured on S&P Global Market Intelligence
New class of insurtech underwriters emerges: More insurtech startups have been making the switch from digital agency to full-stack companies writing their own policies, with two examples in 2019 alone.
Berkshire continues rise in D&O market; CNA tumbles as premiums slump YOY in Q2: American International Group remained the top writer of directors and officers liability insurance during the period, according to S&P Global Market Intelligence data.
In other parts of the world
Asia-Pacific: China drafts rules on loan provisions; India to consider bailout framework
Europe: New CFO at Aviva, Commerzbank; UniCredit sells €730M loans; BNP faces lawsuit
Middle East & Africa: Egypt cuts rates; QNB gets nod for Hong Kong branch; Capitec's expansion plans
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng declined 0.33% to 25,954.81, and the Nikkei 225 dropped 0.77% to 21,878.90.
In Europe, around midday, the FTSE 100 was up 1.12% to 7,433.37, and the Euronext 100 was up 0.38% to 1,093.52.
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 durable goods orders report, the personal income and outlays report, the consumer sentiment report, the farm prices report and the Baker-Hughes Rig Count report are due out today.
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