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Icahn backs AmTrust; AIG eyeing more M&A; Aetna CFO to replace CVS Health's

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Icahn backs AmTrust; AIG eyeing more M&A; Aetna CFO to replace CVS Health's

Activist investor Carl Icahn agreed to support AmTrust Financial Services Inc.'s go-private deal after the parties increased the per-share price to $14.75 from $13.50. Prague-based Arca Capital, which had supported Icahn, said shortly after the announcement of the revised offer that it welcomed the June 4 shareholder rejection of the $13.50 price tag and said AmTrust should be valued at more than $22 per share.

In other M&A news, American International Group Inc. is planning to expand its life and retirement business overseas and would consider another multibillion-dollar deal, CEO Brian Duperreault told the Financial Times.

Shareholders of Bermuda-based XL Group Ltd. signed off on the company's pending $15.3 billion takeover by French insurer Axa. The $57.60-per-share deal is expected to be completed in the second half.

And the Delaware Department of Insurance received an amendment to the Form A statement regarding the acquisition of Genworth Life Insurance Co. by China Oceanwide Holdings Group Co. Ltd. and certain of its affiliates. China Oceanwide and Genworth Financial Inc. are now proceeding with the deal without the unstacking of Genworth Life & Annuity Insurance Co. as a Virginia-domiciled direct wholly owned subsidiary of Genworth Life Insurance.

Aetna Inc. CFO Shawn Guertin will succeed CVS Health Corp.'s outgoing CFO, David Denton, who will leave the pharmacy healthcare services provider after it completes its $69 billion acquisition of Aetna. The deal is expected to complete in the second half, pending regulatory approval.

Federal regulators in charge of labeling companies as systemically important financial institutions may be getting ready to remove Prudential Financial Inc.'s designation once and for all, according to Chairman, President and CEO John Strangfeld Jr.

In the U.K., the Prudential Regulation Authority suspended work on changing the controversial risk margin element of the Solvency II pan-European insurance capital regime, prompting a backlash from insurers.

The Auckland High Court set a July 30 starting date for a three-day hearing on the Reserve Bank of New Zealand's application to liquidate CBL Insurance Ltd. The regulator had asked for an extension to allow for the presentation by stakeholders of alternative options and their consideration by the central bank and CBL's interim liquidators.

The Insurance Council of Australia reported that more than 6,700 personal claims have been lodged so far in the wake of a storm that hit Tasmania last month, Nine.com.au reported. The cost of damage to homes, properties, businesses and infrastructure including roads and bridges is pegged at A$45 million.

Tampa, Florida-based HCI Group Inc. secured coverage of up to $888 million for catastrophic losses in a single event, excluding flood losses, from June 1 through May 31, 2019. CEO Paresh Patel expects the company to recognize net reinsurance costs of approximately $123 million for the 2018-2019 contract year.

Taiwan's Fubon Life Insurance Co. Ltd. intends to participate in Huifu Payment Ltd.'s IPO on the Hong Kong stock exchange because of the rapid growth of Chinese third-party payment industry and the payments company's profit outlook, the Taipei Times reported.

Featured news

Trump considers HHS revamp; J&J gets $2.8B offer for sterilization unit: The White House may consider adding certain welfare programs to the U.S. Department of Health and Human Services; and Johnson & Johnson received a $2.8 billion offer for its sterilization products business from industrial equipment-maker Fortive.

Financial news in other parts of the world

Asia-Pacific: UK fines Canara Bank; Malaysia may replace bourse CEO; Aussie lender defers IPO

Europe: UK suspends work on Solvency II fix; Italy to review coop banking reform

Middle East & Africa: Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement

The day ahead

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

In Asia, the Hang Seng was up 0.81% to 31,512.63, while the Nikkei 225 rose 0.87% to 22,823.26.

In Europe, around midday, the FTSE 100 fell 0.09% to 7,705.22, and the Euronext 100 rose 0.18% to 1,061.99

On the macro front

The jobless claims report, the quarterly services survey, the EIA natural gas report, the consumer credit report, the Fed balance sheet and the money supply report are due out today.

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