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Weekly news: Insured losses in May to reach $2.5B; Icahn sues AmTrust Financial

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Weekly news: Insured losses in May to reach $2.5B; Icahn sues AmTrust Financial

Property and casualty

State Farm Mutual Automobile Insurance Co. is set to reduce personal auto insurance rates in Alabama by 3%, the Insurance Journal reported.

Assured Guaranty Corp. and Assured Guaranty Municipal Corp. filed an adversary complaint against Puerto Rico, its governor and the territory's financial oversight and management board after commonwealth unveiled a revised fiscal plan.

Insured losses from an outbreak of convective storm weather that affected several U.S. states in May could reach around $2.5 billion, Artemis reported, citing catastrophe modeler Karen Clark & Co.

The Hartford Financial Services Group Inc. moved to the second round in the Aspen Insurance Holdings Ltd. auction, which is managed by Goldman Sachs and JP Morgan, according to re-Insurance.com.

Carl Icahn sued AmTrust Financial Services Inc. over the company's pending go-private transaction that the investor is "strongly against."

AIG Specialty Insurance Co. must defend and indemnify Office Depot Inc.'s $68.5 million settlement of a whistleblower suit, a federal appeals court ruled, reversing a district court decision.

Life and health

Anthem Inc. will acquire Aspire Health Inc., a non-hospice, community-based palliative care provider based in Tennessee.

American Equity Investment Life Holding Co. is discussing a potential sale with interested suitors, Reuters reported.

Aetna Inc. shareholders voted against proposals for an annual report on lobbying and for reducing the percentage of shareholders required to call a special meeting.

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