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Cyberattacks top biz risk list; Lloyd's overhaul; 'Syndicate-in-a-Box'

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Cyberattacks top biz risk list; Lloyd's overhaul; 'Syndicate-in-a-Box'

Aflac Inc. subsidiary Aflac Japan disclosed the results of a review of postal channel sales following reports that Japan Post Co. Ltd. improperly sold about 104,000 Aflac-issued insurance policies, resulting in customers being temporarily uninsured or double-charged. The review found 196,355 lapsed and reissued policies among the more than 1.2 million new policies examined. Japan Post Holdings Co. Ltd. CEO Masatsugu Nagato bowed in apology and promised to bring back public trust after the scandal, The Japan Times reported.

Cyberattacks are the most important challenge for European and North American businesses for the second year in a row, highlighting the increased sophistication and proliferation of this type of attack, according to a study by the World Economic Forum in partnership with Marsh & McLennan Cos. Inc. and Zurich Insurance Group AG.

MS Amlin PLC is set to depart nine classes of business and operations after an underwriting review.

Lloyd's of London's central governing body, the Corporation of Lloyd's, will change to deliver the 330-year-old insurance market's new modernization plan, according to one of its top executives. Performance management director Jon Hancock said the Corporation would deliver services to make Lloyd's a digital marketplace. Hancock said this included "setting and maintaining consistent data standards" and "controlling and influencing the technology we use."

Munich Re will launch the first so-called Syndicate-in-a-Box at Lloyd's, Hancock also said. The Syndicate-in-a-Box concept, part of the new Future at Lloyd's strategic plan, is designed to allow companies to more easily and cheaply set up shop in the Lloyd's market.

Generali's board will not proceed with an investment offer for the bancassurance business of Spanish lender Banco Bilbao Vizcaya Argentaria SA, Reuters reported, citing Il Sole 24 Ore. There were reportedly doubts about the profitability of the investment.

U.S.-based broker Acrisure acquired Netherlands-based Raetsheren, The Insurance Insider reported. Acrisure, which purchased about 100 domestic businesses in 2018, is reportedly eyeing a similar number this year.

ASR Nederland NV CFO Chris Figee will resign, effective Feb. 1, 2020. He will take up a similar role in Dutch landline and mobile telecommunications company KPN.

Fellow Dutch insurer NN Group NV announced plans to appoint Tjeerd Bosklopper as CEO Netherlands ad interim.

And Armour Group Ltd. named Yulia Bruskova group chief risk officer. Bruskova will assume the role in November.

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UK life insurers exposed to no-deal Brexit house-price falls: Insurers' growing interest in equity release mortgages and other illiquid assets means they are at risk if property prices drop after a disorderly exit from the European Union. Ratings analysts, however, believe companies are sufficiently cushioned.

In other parts of the world

Asia-Pacific: Paypal enters China payments market; Westpac mulls life insurance exit

Europe: Credit Suisse COO quits over spying; stricter rules for UK funds; Luminor sale

Middle East & Africa: Fitch cuts Saudi Arabia's rating; Nigerian banks miss deadline to boost lending

The day ahead

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

In Asia, the Nikkei 225 lifted 0.59% to 21,885.24.

In Europe, around midday, the FTSE 100 fell 0.40% to 7,378.59, and the Euronext 100 was down 0.15% to 1,097.49.

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 Redbook Index for retail sales, the Purchasing Managers' Manufacturing Index, Institute For Supply Management manufacturing index and the construction spending report are due out today.

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