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Conn. public health bill; tornado slams Kansas; Reliance General sale talk


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Conn. public health bill; tornado slams Kansas; Reliance General sale talk

Connecticut legislators are taking a step back to re-evaluate a bill that would have created a public health-insurance option following outcry from insurance carriers, The Wall Street Journal reported, citing state Sen. Matt Lesser. Insurance carriers took an issue on the creation of a public health insurance option as it would mean they would have to compete with the government for customers, with Lesser saying that Cigna Corp. shared "sharply worded concerns."

The National Weather Service rated a milewide tornado that plowed through northeast Kansas on the evening of May 28 as an EF-4, The Kansas City Star reported. The twister packed winds of up to 170 mph.

Insurers may have to make a $200 million payout due to a potential business interruption claim stemming from a partial shut-in at the White Rose oil field off the Canadian coast operated by Husky Energy Inc., The Insurance Insider reported. Axa XL is reportedly the lead insurer, while Willis Towers Watson PLC served as the broker.

American International Group Inc. named Sharon French president and CEO of life and retirement funds.

Swiss Life AG finalized the purchase of a 28-building core office portfolio in Paris' central business district from property company TERREÏS for a total of €1.7 billion, excluding transfer duties. Property Week also reported on the deal, adding that the properties were bought through real estate funds managed by Swiss Life Asset Managers' entities in Switzerland, France, Germany and Luxembourg.

Monument Assurance Belgium NV completed the acquisition of a runoff portfolio of traditional life and credit life business from Alpha Insurance SA, a Belgian composite insurance company owned by Enstar Group Ltd.

Reliance Capital Ltd. is in advanced talks to sell Reliance General Insurance Co. Ltd. to lender Hero FinCorp Ltd. for as much as 60 billion Indian rupees, The Economic Times reported.

South Korea-based Hanwha General Insurance Co. Ltd. plans to set up an online insurance unit sometime in June. The new unit, yet to be named, will market online insurance products under the Carrot brand name.

The Saudi Arabian Monetary Authority approved Al Ahlia Insurance Co. for Cooperative Insurance's 23.1% capital reduction plan, Argaam reported.

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US P&C industry's fastest-growing insurer takes Root as insurtech flourishes: The U.S. property and casualty and life insurance industries' fastest-growing carriers, as ranked by S&P Global Market Intelligence, face decidedly distinct near-term outlooks.

Novartis asthma combo improves lung function; EMA backs 2 drugs for EU approval: Novartis' inhaled combination therapy improved lung function in certain patients in a late-stage trial; and the European Medicines Agency endorsed approving two new medicines in May: Novartis' radiation drug and Univar's therapy for Wilson's disease.

In other parts of the world

Asia-Pacific: ANZ Bank New Zealand names interim CEO; Bandhan Bank to open 16 branches

Europe: UK slams EU plan on share trade; funds eye Sabadell unit; Amundi's Germany plans

Middle East & Africa: Hapoalim Q1 profit up; Israel faces snap election; Liberia revamps central bank

The day ahead

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

In Asia, Hang Seng lost 0.44% to 27,114.88, while the Nikkei 225 dropped 0.29% to 20,942.53.

In Europe, around midday, the FTSE 100 rose 0.51% to 7,221.79, and the Euronext 100 was up 0.47% to 1,027.79.

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 GDP report, the international trade in goods report, the jobless claims report, the corporate profits report, the retail inventories [Advance] report, the wholesale inventories [Advance] report, the pending home sales index, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

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