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XL Catlin shelves plans to launch Alloy Re; Athene Holding files for IPO

In the news

's XL Catlin has shelved plans to createtotal return reinsurer AlloyRe with alternative asset manager , The Insurance Insider reported.

Sourcesfor the news outlet said capital raised by Alloy Re was "well below"the targeted $600 million.

filed for anIPO. The companyfiled to list class A common shares, with an initial proposed maximum aggregateprice, used only to calculate the registration fee, of $100 million.

Consumeradvocates are pressing en masse for state insurance regulators to requireinsurance companies to disclose their use of big data in all aspects of the relationship withpolicyholders, from marketing to claims adjustment. Insurers' use of big data isa revolutionary change in their relationships with consumers and with stateregulators, economist Birny Birnbaum said during a NAIC working groupconference call.

Followingthe federal government's announcement of aninterim final rule tomake it easier for health co-ops to raise capital,  Land of Lincoln Health said it will lookfor investors to raise funds in order to deal with financial troublescaused by heavy losses from its AffordableCare Act's exchange business in Illinois, the Chicago Tribune reported. The Chicago-based insurance startup lost$90.8 million in 2015 on revenues of $147.4 million, according to the report.

TheObama administration could give states more power to manage the Affordable CareAct's risk adjustment program, in a concession to critics who complained thatthe program unfairly penalized certain companies and threatened to destabilizethe exchange system. Thenew policy, issued late on May 6, encourages state insurance commissioners toseek "local approaches" to easing the impact of the risk adjustmentprocess on small and high-growth health plans. That language appears to open the door to allowing states to artificially limitthe amounts that companies might have to pay into the program each year.

'sUnited Guaranty Corp.secured $298.6million in indemnity reinsurance from special purposes insurerBellemeade Re II Ltd. for a portfolio of mortgage insurance policies.

closed the of for approximately $55 million in cash.

made a strategic equityinvestment inLivongo Health, a consumer digital health company focused on chronic conditions.

filed ashelf registrationfor common stock, common share purchase rights, preferred stock, senior debt,subordinated debt, depositary shares, warrants, stock purchase contracts andstock purchase units.

closed the of two tranches ofsenior notes totaling $600 million in aggregate principal amount.

reported quarterlyresults today.

Clickhere to read asummary of select earnings reported May 9 by insurance companies covered byS&P Global Market Intelligence.

In other parts of the world

FitchRatings saysinvestors are expected to adopt the headline Solvency II ratio as their first measureof insurers' capital strength, despite the model's flaws. The rating agencysaid it will continue to assess insurers' capital based primarily on its prismfactor-based capital model, as it believes prism scores are more comparablethan Solvency II metrics.

first-quarter group net incomeof €271.2 million, compared to €279.7 million in the same period a year ago.Excluding a €39 million special effect from the previous year, group net incomerose 12.7% year over year. CEO Ulrich Wallin reaffirmed the company's aim toachieve a full-year profit of at least €950 million.

is willing to further grow itspresence in Brazil via acquisitions and expects the South American country'sinsurance sector to expand 10% in 2016, Bloomberg News reported, citingPhilippe Jouvelot, president of the French insurer's Brazilian subsidiary.

The day ahead

andFirst Acceptance Corp.are expected to report earnings today.

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

InAsia, the Hang Seng rose 0.43% to 20,242.68, while the Nikkei 225 was up 2.15%to 16,565.19.

InEurope, as of midday, the FTSE 100 was up 0.77% to 6,161.83, and the Euronext100 rose 1.26% to 864.70.

On the macro front

TheNFIB Small Business Optimism Index, Redbook and the wholesale trade report aredue out today.