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Cuomo plans tough steps to save coverage; Fla. regulator OKs Citizens takeouts

In the news

New York Gov. Andrew Cuomo is expected to require private insurers selling plans on the state's health insurance exchange to guarantee the Affordable Care Act's 10 essential health benefits, The New York Times reported. Cuomo could announce several tough measures in response to a potential repeal of the current health law. Any insurer that exits the state exchange could be blocked from participating in Medicaid or its children's health plan.

Insurance commissioners are offering new, unprecedented concessions to prevent health insurers from exiting their states' health marketplaces, according to The Hill.

Iowa Congressman Dave Loebsack has introduced legislation aimed at providing health insurance to those "who could be left without any options for coverage" in the state's health exchange marketplace. The proposal would provide such individuals with access to the same coverage offered to members of Congress and their staffs.


Fibonacci Reinsurance Ltd., RenaissanceRe Holdings Ltd.'s Bermuda-domiciled special purpose insurer, has issued a $45 million tranche of series 2017-2 class A participating notes, Artemis reported.

Swiss Re Capital Markets served as the sole structuring agent and lead bookrunner for New York Metropolitan Transportation Authority's $125 million MetroCat Re Ltd. series 2017-1 catastrophe bond


Assured Guaranty Ltd. units Assured Guaranty Corp. and Assured Guaranty Municipal Corp., filed an adversary complaint in the Federal District Court in Puerto Rico to challenge the legality of the commonwealth's decision to divert special revenue bond collateral from the payment of bonds issued by the Puerto Rico Highways and Transportation Authority to other allegedly "unauthorized" uses.


The Florida Office of Insurance Regulation has approved Southern Oak Insurance Co. to remove up to 10,000 coastal account policies and up to 5,000 personal lines account policies from Citizens Property Insurance Corp. Separately, National Specialty Insurance Co. received approval to remove up to 4,520 coastal account policies.


Westaim Corp. and Fairfax Financial Holdings Ltd. closed a transaction under which Fairfax Financial agreed to invest up to C$100 million in Westaim.


Summit, N.J.-based Specialty Program Group LLC, a holding company for specialty insurance brokers and underwriting facilities, acquired the assets of Paul Hanson Partners and its affiliate, PHP International.


Virginia Insurance Commissioner Jacqueline Cunningham will retire at the end of 2017. Cunningham became Virginia's insurance commissioner on Jan. 1, 2011.


Incumbent providers and new market participants alike claimed to have gained traction in the high-net-worth personal lines business following the completion of two transactions that were expected to alter the competitive landscape, notes an S&P Global Market Intelligence report.

Featured news

Incyte cancer therapy talk of town at ASCO; Stada eyes takeovers: Pfizer Inc. reportedly increased the U.S. prices of 91 drugs by 5% to 13% on June 1. The company had not joined a pledge by other big pharmaceutical companies such as Allergan PLC, AbbVie Inc. and Sanofi to cap its annual price increases to less than 10% per year.

Financial news in other parts of the world

Asia-Pacific: CIC, Blackstone ink deal; NAB, Israeli equity platform to collaborate

Europe: RBS settlement stalemate; SocGen launches ALD IPO; BNP Paribas fined

Middle East & Africa: S&P acts on Bahrain, South Africa; Kuwait values bourse for potential IPO

The day ahead

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

In Asia, the Hang Seng fell 0.24% to 25,862.99, and the Nikkei 225 was down 0.03% to 20,170.82.

In Europe, as of midday, the FTSE 100 dropped 0.26% to 7,527.73 and the Euronext 100 had fallen 0.37% to 1,026.57.

On the macro front

The productivity and costs report, the Gallup US consumer spending measure report, the PMI services index, the factory orders report, the ISM non-Mfg index, the Federal Reserve's labor market conditions index and the TD Ameritrade IMX are due out today.