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Humana rules out Centene deal; Scor's $250M cat bond; $4.6M Buffett lunch


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Humana rules out Centene deal; Scor's $250M cat bond; $4.6M Buffett lunch

Humana Inc. said it will not make a proposal to combine with Centene Corp. as an alternative to its proposed transaction with WellCare Health Plans Inc. Humana added that it made a one-time, limited exception to its no-comment policy.

WellCare CEO Ken Burdick and Executive Vice President and CFO Drew Asher will hold executive leadership roles in Centene after the completion of the companies' merger. Burdick will be employed for a two-year term.

Liberty Mutual Insurance completed its acquisition of AmTrust Surety, the U.S. surety operations of AmTrust Financial Services Inc. The acquisitions of AmTrust Insurance Spain, Nationale Borg and Nationale Borg Reinsurance are expected to close in the second half of the year.

Universal Insurance Holdings Inc. units Universal Property & Casualty Insurance Co. and American Platinum Property and Casualty Insurance Co. have completed their 2019-2020 reinsurance programs, effective June 1. Also, Palomar Holdings Inc. completed reinsurance programs renewing and incepting June 1.

The Scor SE-sponsored Atlas Capital UK 2019 PLC catastrophe bond closed May 31. The transaction will provide the group with multiyear risk transfer capacity of $250 million against named storms in the U.S., earthquakes in the U.S. and Canada and windstorms in Europe. An earlier report pegged the size of the transaction at $175 million.

Lloyd's of London Syndicate 1200 ceased writing new onshore energy business in London and will be placing its approximately £20 million-premium book into run-off, The Insurance Insider reported, citing sources. After reviewing its portfolio, Argo Group International Holdings Ltd.'s syndicate reportedly decided to write ongoing onshore energy business in Bermuda, including downstream and power generation businesses.

Zurich Insurance Group AG completed the acquisition of Australia & New Zealand Banking Group Ltd.'s life insurance business, OnePath Life Ltd. The terms of the transaction include a 20-year agreement that will allow Zurich Insurance's life insurance products to be distributed through ANZ's bank channels.

About 19% of U.K. companies have terrorism insurance, according to a study commissioned by Pool Reinsurance Co. Ltd., Reinsurance News reported. The study also found that only 15% of small- and medium-sized enterprises have secured terrorism insurance. A third of the respondents said that the biggest factor preventing them from getting terrorism insurance are the low odds of them making a claim.

The Supreme Court of Gibraltar has ordered the appointment of the Official Receiver, a government department, as liquidator of LAMP Insurance Co. Ltd. The Official Receiver tapped Grant Thornton Ltd. to advise and assist on matters relating to the liquidation.

South Korea-based Hyundai Marine & Fire Insurance Co. Ltd. said wholly owned unit Hyundai Insurance (China) Co. Ltd. plans to issue shares to an unnamed Chinese company for an unspecified stake to make the China unit a joint venture.

A private lunch with Berkshire Hathaway Inc. Chairman and CEO Warren Buffett was auctioned off at a new record price of $4.6 million, handily beating the previous record of $3.5 million, Reuters reported.

In other parts of the world

Asia-Pacific: China explains Baoshang Bank takeover; Mitsubishi UFJ cuts London workforce

Europe: Danske selling Estonian unit; Covéa sues Credit Suisse; crypto vigilance sought

Middle East & Africa: Zimbabwe clinches IMF deal; Ghana kicks off microfinance sector cleanup

The day ahead

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

In Asia, the Hang Seng was down 0.08% to 26,880.45, and the Nikkei 225 fell 0.92% to 20,410.88.

In Europe, around midday, the FTSE 100 was down 0.39% to 7,133.74, and the Euronext 100 was down 0.39% to 1,018.09.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The PMI manufacturing index, the ISM manufacturing index and the construction spending report are due out today.

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