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AmTrust doubles down; Travelers closes cat bond; MS Amlin P&C boss departs

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AmTrust doubles down; Travelers closes cat bond; MS Amlin P&C boss departs

AmTrust Financial Services Inc. CEO Barry Zyskind told employees that the company plans to push ahead with its go-private deal after investor Carl Icahn said he was "strongly against" the pending transaction, Intelligent Insurer reported.

Insurers and brokers including Arthur J. Gallagher & Co., Swiss Re AG and Allianz Group are assessing any impact to their business after the U.S. pulled out of the Iran nuclear accord and threatened sanctions against companies that do business with the country, Reuters reported. Lloyd's of London, too, is reviewing any potential implications from the move.

A.M. Best said cyber direct premiums written increased 32% to $1.78 billion in 2017 and policies in force rose 24% to $2.58 billion, according to Business Insurance. The rating agency noted that while Fortune 500 companies have been quick to protect against cyber risk, the take-up rate for small and medium-sized companies remains in the teens. Chubb INA Group supplanted American International Group Inc. as the biggest underwriter of cyber insurance, The Insurance Insider wrote, also citing the A.M. Best report.

Travelers Cos. Inc.'s Long Point Re III Ltd. (series 2018-1) catastrophe bond closed at $500 million, Trading Risk reported. The notes are exposed to losses from tropical cyclones, earthquakes, severe thunderstorms and winter storms across the northeastern U.S.

Executive change: Kim Hvirgel, CEO of Amlin Insurance SE and global managing director of MS Amlin PLC's property and casualty business, is leaving to pursue opportunities outside the company, The Insurance Insider reported, citing an internal memo.

New Zealand-based CBL Corp. Ltd.'s voluntary administrators postponed a creditors meeting after it became clear that there would be a stalemate over the resolutions proposed to either place the CBL Insurance Ltd. parent into liquidation or handle control of the company back to its directors.

Italian insurers Società Reale Mutua di Assicurazioni and Generali are considering potential acquisitions in South America, among others. Società Reale General Manager Luca Filippone told Italy's Milano Finanza that the company may use some of the €457 million freed up after the application of the internal Solvency II model for deals in South America, Portugal, Spain and other European countries. Generali would look at possible deals in Brazil and Argentina, and Europe and Asia, CEO Philippe Donnet told Affari & Finanza, although he also said growth "will be mainly organic."

Featured news

Roche drug aces phase 3 study; Trump wants to make acting VA head permanent: Roche said a phase 3 trial of Hemlibra showed the drug significantly controlled bleeding in certain patients with hemophilia A; and U.S. President Donald Trump picked Robert Wilkie to permanently lead the Department of Veteran Affairs.

Financial news in other parts of the world

Asia-Pacific: Woori Bank to restructure; Inditrade Capital exits broker unit; CBA may cut jobs

Europe: iZettle sold for $2.2B; Lloyds cuts Irish exposure; BPCE, Natixis post profits

Middle East & Africa: Beltone eyes Oragroup stake; NCB has new chairman; Kigali to list in Kenya

The day ahead

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

In Asia, the Hang Seng was up 0.60% to 31,234.35. The Nikkei 225 added 0.31% to 23,002.37. In Europe as of midday, the FTSE 100 rose 0.80% to 7,841.15, and the Euronext 100 advanced 0.64% to 1,088.32.

On the macro front

The Chicago Fed National Activity Index is due out today.

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