* Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley are among the banks chosen to help manage the IPO of U.K-based online loan provider Funding Circle, a source told Bloomberg News.
* First Mid-Illinois Bancshares and First BancTrust released supplemental merger-related disclosures in order to settle a complaint alleging that the Illinois-based banks did not disclose material information about their deal.
* In Massachusetts, Salem Five Cents Savings Bank has acquired Cape Ann Insurance.
* BlackRock is merging its multiasset portfolio construction activities into one client portfolio solutions unit, Pensions & Investments reports, citing a memo issued to the asset manager's employees.
* Under their merger agreement, Health insurance company Cigna will pay pharmacy benefit manager Express Scripts $2.1 billion if the deal fails to close due to lack of regulatory approval. On the other hand, Cigna will receive $1.6 billion should the Express Scripts' board change its recommendation, Express Scripts' shareholders vote against the deal and Express Scripts terminate the deal because of superior offer.
* The state of Utah is asking the federal government to pay a greater share of the costs in its efforts to expand Medicaid.
* Employers Reassurance will bear the burden of the large long-term reserve deficiencies that parent General Electric disclosed in January. The reinsurance company reported statutory net loss of $2.33 billion in 2017 due to large increases in its aggregate reserves for the accident-and-health business.
The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.
