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Weekly news: Arca presses fight over AmTrust deal; Aspen CEO stepping down

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Weekly news: Arca presses fight over AmTrust deal; Aspen CEO stepping down

Property and casualty

Subsidiaries of Assured Guaranty Ltd., Syncora Holdings Ltd. and MBIA Inc. have filed new motions to lift a court-ordered stay that would allow them to attempt to enforce their rights to place Puerto Rico Electric Power Authority into receivership.

In response to an investor calling on it to explore a sale, RenaissanceRe Holdings Ltd. said it would "continuously focus" on enhancing shareholder value by implementing its strategic plan.

United Insurance Holdings Corp. anticipates pretax catastrophe losses of about $35 million, net of expected reinsurance recoveries, for the third quarter.

Christopher O'Kane will step down as CEO and director of Aspen Insurance Holdings Ltd. following the completion of its acquisition by funds affiliated with Apollo Global Management LLC.

Arca Capital, which owns 2.4% of the outstanding shares of AmTrust Financial Services Inc., said it will meet with key state insurance regulators to make the case that AmTrust's pending privatization transaction would put its policyholders at risk because of a lack of public shareholder oversight.

Life and health

Manulife Financial Corp. rejected a short seller's statements that the company could lose billions of dollars if it loses a lawsuit concerning a universal life policy issued in the 1990s.

Aegon NV's Transamerica unit will pay $195 million to settle a lawsuit that took issue with certain monthly deduction rate adjustments on universal life insurance policies in the U.S.

Aetna Inc.'s headquarters will remain in Hartford, Conn., for at least the next 10 years upon closing of its acquisition by CVS Health Corp.

International Paper Co. bought a group annuity contract from Prudential Insurance Co. of America transferring $1.6 billion of its pension obligations to the Prudential Financial Inc. unit.

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