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Ore. regulator mulls coverage extension for failed co-op's policyholders; HHS' Burwell advocates for competition in health insurance market

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Ore. regulator mulls coverage extension for failed co-op's policyholders; HHS' Burwell advocates for competition in health insurance market

In the news

Oregon'sinsurance department is hoping toavoid forcing nearly 12,000 people to find new health insurance,following the abrupt collapse of the state's consumer operated and orientedplan. State officials are searching for options that would allow 'sindividual policyholders to keep their coverage and current deductibles, even asthe company is put into receivership, spokesman Jake Sunderland said in aninterview.


U.S.Department of Health and Human Services Secretary Sylvia Mathews Burwell saidcompetition in the health insurance market is necessary to boost quality ofhealth coverage and to keep premiums from rising, Bloomberg News reported,citing an interview. Burwell declined to comment on 's acquisition ofHumana Inc. andAnthem Inc.'sdeal forCigna Corp.


-sponsored catastrophe bond, Blue Halo Re Ltd. series 2016-2 upsizedto $225 million from the initial size of $100 million, Artemis reported.


'sIPO price is expected to be between $14 per share and $16 pershare. The P&C insurer is offering 5 millioncommon shares in its proposed IPO. Further, certain selling stock holders areoffering 1 million common shares and granted the underwriters a 30-day optionto purchase up to an additional 900,000 shares.


estimates$18 million in pretaxcatastrophe losses, net of reinsurance and including reinstatement premiums, inthe second quarter.


Withone of its primary markets facing economic and political challenges,Charleston, W.Va.-based BrickStreet Mutual Insurance Co. continues to throughorganic means and, by virtue of a multifaceted transaction announced July 11 by which itwill acquire a block of business currently underwritten by property and casualtyunits of HM Insurance GroupInc., deal activity.


Therate of uninsured Hispanics aged 18 to 64 in Texas has dropped by 30% since theopening of Affordable Care Act's marketplace in late 2013, but nearly one-thirdof Hispanics in this age group remained uninsured at the end of the ACA's thirdopen enrollment period, according to a reportreleased by Rice University's Baker Institute and the Episcopal HealthFoundation.


subsidiariesUnited American InsuranceCo. and First UnitedAmerican Life Insurance Co. closed the sale of their Medicare Part D Prescription Drug Plancontracts to SilverScriptInsurance Co., effective July 1.

unit AmTrust International acquired Arc Legal Assistance for undisclosed terms. Arc Legal is a managing general agent offering legalexpenses insurance and assistance products in the U.K. and the Republic ofIreland.

Randall & Quilter Investment Holdings Ltd.completed theacquisition of Bermuda-based AgencyProgram Insurance Co. (SAC) Ltd. from its predominately individualshareholders for a total consideration of approximately $1.4 million in cash.

Financial news in other partsof the world

Asia-Pacific:

Europe:Italy's €50B bank bailout plan;Deutsche Bank branch closures; Turkey's financial stability measures

Middle East & Africa:National Bank of Kenya ex-CEOarrested; Saudi's NCB, Riyad Bank report Q2 profits

The day ahead

is expectedto report earnings today.

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

InAsia, the Hang Seng rose 0.66% to 21,803.18.

InEurope, around midday, the FTSE 100 was up 0.25% to 6,685.84 but the Euronext100 0.23% lower to 862.86.

On the macro front  

TheNational Association of Home Builders' housing market index and the TreasuryInternational Capital report are due out today.