AXA Equitable Holdings Inc.'s initial public offering
Despite the lower valuation, it is still the biggest U.S. IPO this year on the basis of proceeds raised, according to Reuters. The drop in pricing reflects investor concerns about the prospects for the life and pensions industry as low interest rates have dampened profits, the Financial Times said. The IPO is also part of an ongoing restructuring in the industry, the report said, citing UBS analyst John Nadel.
Citizens Property Insurance Corp.'s board of governors has approved the purchase of a $1.42 billion reinsurance program
Transatlantic Holdings Inc.'s catastrophe bond Bowline Re Ltd. series 2018-1 may upsize to $250 million from $200 million due to investor demand, Artemis reported. Transatlantic Holdings is the parent of Transatlantic Reinsurance Co.
At-Bay, Inc., a Mountain View, Calif.-based cyber insurance startup, raised $13 million in a series A funding round
Public and private insurers were poised to pay at least $1.5 billion in claims from severe thunderstorms
Former Zenefits CEO Parker Conrad has surrendered his insurance license
Texas Windstorm Insurance Association's board has authorized staff to get regulatory approval for a $175 million assessment to its insurance company members for losses related to Hurricane Harvey, the Insurance Journal reported. The assessment needs to be approved by the Texas Department of Insurance.
Atlas Financial Holdings Inc. will apply to the securities regulatory authorities in Ontario, Alberta and British Columbia for an order deeming it to have ceased to be a reporting issuer in all jurisdictions of Canada.
CNA Financial Corp. is facing a lawsuit for allegedly raising premiums of certain long-term care insurance policyholders despite promising that premiums will not increase unless the hike is imposed on all clients of the same age and coverage plan.
Insurance brokers
U.S. insurance companies expanded their holdings of assets classified as other loan-backed securities
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Featured news
Roche's Tecentriq fails key cancer trial; US Congress pushes opioid bills: The House Energy and Commerce Committee advanced more than two dozen bills aimed at tackling the U.S. opioid epidemic — sending the measures to the chamber floor for consideration. Among the measures that passed the committee was a bipartisan bill from Rep. Debbie Dingell, D-Mich., and Rep. Fred Upton, R-Mich., that was dubbed the ACE Research Act, which aims to speed the development of non-addictive painkillers by giving the National Institutes of Health additional flexibility to approve projects more quickly under the so-called "other transaction authority."
Financial news in other parts of the world
Asia-Pacific: AMP posts Q1 results; New Zealand holds rate; India mulls new insurance rules
Europe: RBS to pay $4.9B to settle US probe; UniCredit Q1 profit up 22.6% YOY
Middle East & Africa: Samba Q1 profit rises 6% YOY; Bahrain says reserves enough to keep dollar peg
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng rose 0.89% to 30,809.22, while the Nikkei 225 was up 0.39% to 22,497.18.
In Europe, around midday, the FTSE 100 fell 0.35% to 7,635.86, and the Euronext 100 was down 0.16% to 1,068.16.
On the macro front
The consumer price index, the jobless claims report, the EIA natural gas report, the treasury budget report, the fed balance sheet and the money supply report are due out today.
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