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Weekly news: Icahn sells stake in AIG; TransRe's cat bond may upsize to $250M

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Weekly news: Icahn sells stake in AIG; TransRe's cat bond may upsize to $250M

Risk and regulation

CNA Financial Corp. is facing a lawsuit for allegedly raising premiums of certain long-term care insurance policyholders despite promising that premiums will not increase unless the hike is imposed on all clients of the same age and coverage plan.

Property and casualty

United Insurance Holdings Corp., through its wholly owned subsidiaries, entered into reinsurance agreements to seek coverage for catastrophe losses from named or numbered windstorms and earthquakes.

Kingsway Financial Services Inc. entered into a letter of intent to sell its nonstandard automobile insurance companies. The company said the sale will allow it to focus on its extended warranty business.

Citizens Property Insurance Corp.'s board approved the transfer of $1.42 billion of risk to reinsurance markets for 2018, up 7% from 2017, Artemis reported.

Transatlantic Holdings Inc.'s Bowline Re Ltd. (Series 2018-1) deal may grow in its size to $250 million from the initial size of $200 million, Artemis reported.

Public and private insurers were poised to pay at least $1.5 billion in claims from severe thunderstorms that hit the U.S. in April, according to the latest Global Catastrophe Recap from Aon Benfield's Impact Forecasting.

Insurance brokers may be looking to sell more policies that provide coverage for executives' actions and decisions amid a slew of sexual misconduct scandals in corporate America and a proliferation of M&A-related lawsuits.

Freed of the yearslong burden of the Ambac Assurance Corp. Segregated Account, Ambac Financial Group Inc. can now use the extra available capital to look for acquisitions to grow the company.

The Lloyd's Corp. has directed underwriters to terminate any existing programs offered, marketed, endorsed or otherwise made available through the National Rifle Association as the programs come under scrutiny from the New York Department of Financial Services.

Radian Group Inc. subsidiary Radian Guaranty Inc. decreased its monthly premium rates and increased its single premium rates for mortgage insurance, including the introduction of rate adjustors related to multi-borrower loans and loans with debt-to-income ratios greater than 45%.

A bankruptcy court approved Patriot National Inc.'s plan of reorganization, which will result in the transition of ownership from its public shareholders to certain funds and accounts managed by Cerberus Business Finance LLC and its affiliates and TCW Asset Management Co. LLC.

Billionaire investor Carl Icahn sold his stake in American International Group Inc., Forbes reported, citing an individual familiar with the matter.

Life and health

After pricing below its expected IPO range, AXA Equitable Holdings Inc.'s shares fell further after its debut on the New York Stock Exchange, before regaining ground and finishing the first trading day up slightly.

Metropolitan Life Insurance Co. will assume roughly $6 billion in pension obligations under a pension risk transfer agreement with FedEx Corp.

Many health insurers have sought double-digit premium hikes for 2019 Affordable Care Act individual plans in Virginia and Maryland.

Prudential Financial Inc. unit Prudential Retirement and U.K.-based Pension Insurance Corp. Plc signed their sixth longevity reinsurance transaction since 2015.

Brighthouse Financial Inc. is waiting for insurance state regulators to finalize its capital reserve standards for variable annuities before the company returns capital to shareholders, President and CEO Eric Steigerwalt said.

Also featured

Life insurer sees asset-backed security investments as an area of focus

USAA leads way in homeowners insurance rate increases in March

US insurers favor specialty REIT bonds, with $11.4B held at year-end '17

US homeowners' combined ratio deteriorated in 2017, hit highest level since 2011

Few life insurance precedents for large AXA Equitable IPO

Ailing nonstandard auto group sees better days ahead