In an emailed statement to S&P Global Market Intelligence yesterday, Czech investment company Arca Capital dismissed as "cosmetic" the $1.25 per share increase in AmTrust Financial Services Inc.'s go-private deal value. It remains "strongly against" the revised transaction. Fellow shareholder Short Hills Capital Partners is against the sweetened deal as well, The Insurance Insider reported.
In other M&A
In the U.K., Lloyds Banking Group PLC raised £344 million from the sale its remaining 97.7 million shares in Standard Life Aberdeen PLC, representing 3.3% of the total shares of the U.K. asset manager, at 352.5 pence per share. The transaction settlement is expected to take place June 12.
Turning to catastrophe losses,
And, the Insurance Council of Texas said that damage to homes and autos in the aftermath of a hailstorm in Dallas is expected to cost the insurance and reinsurance business about $425 million, Artemis reported.
Meanwhile, the U.S. Department of Justice said the Affordable Care Act
Also, worldwide cyber insurance
Reinsurance
Deutsche Bank analysts expect renewals in 2018 to remain at the current 1% to 2% level and said that pricing could actually decline in 2019 if catastrophes in 2018 remain within expectations, according to Reinsurance News.
The joint healthcare venture between JPMorgan Chase & Co., Berkshire Hathaway Inc. and Amazon.com Inc. finally has a CEO, which they expect to announce within two weeks. David Feinberg, CEO of Geisinger Health System, shut down rumors that he was chosen for the job, telling CNBC that he plans to stay in his current job.
From the S&P Global Ratings insurance conference
Arch Capital Group Ltd. is working with the Central Bank of Ireland to gain regulatory approval to continue certain underwriting operations of its U.K. insurer Arch Insurance Co. (Europe) Ltd. and its Gibraltar insurer Alwyn Insurance Co. Ltd. after the U.K. leaves the European Union.
And, a number of property and casualty companies saw their stocks slip during morning trading June 6 after a report surfaced that Amazon.com Inc. was considering entering the home insurance space.
Featured news
Bayer completes $62.5B Monsanto deal; DOJ says key ACA part unconstitutional: Bayer completed its acquisition of Monsanto after receiving all necessary approvals; and the U.S. Department of Justice said the Affordable Care Act's individual mandate is unconstitutional under a tax law that President Trump signed in 2017.
Financial news in other parts of the world
Asia-Pacific: Australia's Prospa delays IPO indefinitely; UK firm to invest in Indian PE fund
Europe: Lloyds exits Standard Life Aberdeen; Deutsche Bank to sell $3B energy loans
Middle East & Africa: Atlas Mara Q1 profit rises YOY; Moody's lowers Cameroon outlook
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng declined 1.76% to 30,958.21, and the Nikkei 225 decreased 0.56% to 22,694.50.
In Europe, around midday, the FTSE 100 was down 0.66% to 7,653.51, and the Euronext 100 was down 0.40% to 1,053.12.
On the macro front
The wholesale trade report and the Baker-Hughes Rig Count report are due out today.
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