Sen. Lindsey Graham, R-S.C., is working on a new version of his previous bill to repeal and replace the Affordable Care Act, The Hill reported. As in Graham's earlier bill, which was co-sponsored with Sen. Bill Cassidy, R-La., the new measure also aims at repealing ACA subsidies and Medicaid expansion. Simultaneously, some conservative groups like the Heritage Foundation and the Galen Institute are working with former Sen. Rick Santorum, R-Pa., and other groups to develop a new ACA replacement plan.
U.S. property and casualty insurers are poised to see better performance in the commercial insurance market sector in 2018 after experiencing a significantly weaker underwriting performance in 2017, driven by higher catastrophe losses on property business, according to a Fitch Ratings report.
Assured Guaranty Ltd. and Assured Guaranty Municipal Corp. are urging the Financial Oversight and Management Board for Puerto Rico to revoke its approval of the island's "unlawful" revised fiscal plan. The plan violates several significant statutory requirements of the Puerto Rico Oversight Management and Economic Stability Act, or PROMESA, as well as the laws of constitutions of the U.S. and Puerto Rico, according to a letter signed by the companies' president and CEO, Dominic Frederico.
ABC, the healthcare-focused partnership between Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co., is struggling to find a CEO, CNBC reported. The Bezos-Buffett-Dimon joint venture aimed at cutting healthcare costs, is now reportedly looking for an entrepreneur after initially interviewing healthcare executives, which included former Aetna Inc. executive Gary Loveman and ex-Medicare chief Andy Slavitt.
Companies interested in doing run-off transactions in Oklahoma have started contacting the state for such deals once the state's newly signed insurance business transfer law takes effect in November, The Insurance Insider reported.
Travelers Cos. Inc.'s Long Point Re III Ltd. series 2018-1 catastrophe bond is set to reach the revised target size of $500 million, Artemis reported.
US health chief warns pharma on pricing; Roche reports lung cancer data pre-ASCO: The Trump administration is talking about merging the separate ways the U.S. federal government pays for pills; and Roche reported positive results on Tecentriq plus Avastin and Alecensa ahead of the annual ASCO meeting.
Financial news in other parts of the world
Asia-Pacific: US SEC fines ICBC unit; Thailand holds rate; Malaysia raids former PM's house
Europe: Deutsche Börse to shed managers; NN Group, KBC post Q1; AIB selling bad loans
Middle East & Africa: Saudi lenders Alawwal, SABB to merge; National Commercial Bank CEO steps down
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 0.54% to 30,942.15, and the Nikkei 225 rose 0.53% to 22,838.37.
In Europe, as of midday, the FTSE 100 was up 0.17% to 7,747.06, and the Euronext 100 was up 0.36% to 1,077.41.
On the macro front
The jobless claims report, the Philadelphia fed business outlook survey, the e-commerce retail sales report, the leading indicators report, the EIA natural gas report, the fed balance sheet and the money supply report are due out today.
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