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Insurers to fund MGM Vegas shooting bill; Voce withdraws nominees; Safe Auto IPO


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Insurers to fund MGM Vegas shooting bill; Voce withdraws nominees; Safe Auto IPO

MGM Resorts International disclosed in a regulatory filing that its insurers have agreed to pay $751 million of insurance coverage that would fund a potential settlement with people who sued the casino operator over the October 2017 shooting in Las Vegas. MGM Resorts said it is "reasonably possible" that a settlement will be reached, and depending on the level of participation, the settlement amount could reach between $735 million and $800 million.

Voce Capital Management LLC withdrew its director nominees for election to Argo Group International Holdings Ltd.'s board at the May 24 annual shareholder meeting after two states revoked their approvals of Voce's proxy solicitation. The activist shareholder accused Argo of lobbying the states.

Ohio-based Safe Auto Insurance Group Inc. launched an IPO of common shares. The company applied to list its shares on the Nasdaq Global Select Market under the ticker symbol SAIG.

Two or three cases of serious misconduct at Lloyd's of London could emerge this week as the insurance marketplace moves to purge its work environment of sexual harassment, Chairman Bruce Carnegie-Brown told City A.M.

The Ardonagh Group Ltd. fetched an enterprise value of £1.9 billion after backers Madison Dearborn Partners and HPS Investment Partners agreed to purchase £92 million of additional shares in the U.K.-based insurance broker from unnamed institutional investors and other minority shareholders, The Insurance Insider reported.

MS Amlin PLC bought a minority stake in specialist reinsurance managing general agent Envelop Risk.

U.K.-based private equity firm AnaCap Financial Partners LLP acquired a majority stake in Denmark-based health insurance and claims management services provider SundhedsGruppen A/S for undisclosed terms. SundhedsGruppen consists of Danish private health insurance provider Dansk Sundhedssikring A/S and healthcare network provider PrimaCare A/S.

LAMP Insurance Co. Ltd. asked the Supreme Court of Gibraltar to appoint an official receiver and place the business into liquidation. LAMP said it is insolvent and has been unable to secure additional financing. The hearing date for the application is scheduled for May 31.

Australia-based Ensurance Ltd. disclosed that it is in advanced discussions with high-net-worth and strategic investors as part of its bid to raise more capital in the near future. The Australian insurance underwriting agency said it is looking into various capital raising strategies, such as securing additional working capital and renegotiating existing debt instruments, as it expects its negative operating cash flows to continue.

Nigeria's National Insurance Commission more than tripled the minimum capital requirement for insurers, Bloomberg News reported. Existing companies have until June 2020 to meet the new requirement, which is effective immediately for the issuance of new licenses.

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Life insurers accelerate surplus note issuance pace: U.S. life insurers are well on their way to exceeding their 2018 level of issuance of surplus notes, the unsecured, deeply subordinated, debt-like instruments used by some insurance companies as a source of capital.

Merck & Co. to buy Peloton for $1.05B; Google AI better in lung cancer detection: Merck & Co. is acquiring cancer drug developer Peloton Therapeutics for $1.05 billion in cash up front; and Google said research results showed that its artificial intelligence predicted lung cancer more accurately and consistently than radiologists.

In other parts of the world

Asia-Pacific: BoComm Life gets OK on wealth subsidiary; Pakistan raises key interest rate

Europe: Nationwide CFO retiring; Tesco Bank exits mortgage lending; HSBC's China push

Middle East & Africa: Mizrahi Tefahot Bank posts rise in Q1 profit; Israel's central bank holds rate

The day ahead

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

In Asia, Hang Seng fell 0.47% at 27,657.24, while the Nikkei 225 shed 0.14% to 21,272.45.

In Europe, around midday, the FTSE 100 gained 0.76% to 7,366.61, and the Euronext 100 lifted 0.59% to 1,050.67.

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 and the existing home sales report are due out today.

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