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Weekly news: Alberto insured losses expected at $50M; WellCare in $2.5B deal

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Weekly news: Alberto insured losses expected at $50M; WellCare in $2.5B deal

Property and casualty

Munich Re expects an average 2018 hurricane season with about three large hurricanes, compared to twice as many in 2017, the Financial Times reported. The hurricane season runs from June 1 to Nov. 30.

Catastrophe modeling company Karen Clark & Co. estimates insured losses from subtropical storm Alberto may near $50 million, with impacts to residential, commercial and industrial properties, as well as automobiles.

Egan-Jones recommended that shareholders vote in favor of AmTrust Financial Services Inc.'s go-private deal, becoming the second proxy advisory firm to do so. Earlier, Glass Lewis & Co. LLC also urged AmTrust shareholders to vote for the transaction.

The Wisconsin Office of the Commissioner of Insurance did not approve Ambac Assurance Corp.'s request to pay accrued and unpaid interest on surplus notes on the next scheduled interest payment date of June 7.

Life and health

WellCare Health Plans Inc. CEO Kenneth Burdick expressed confidence in the prospects of the company's government-sponsored health programs business following the announcement that WellCare will acquire Meridian Health Plan of Michigan Inc., Meridian Health Plan of Illinois Inc. and pharmacy benefit manager MeridianRx for $2.5 billion in cash.

Overall new sales for short- and long-term disability markets grew 7.3% in 2017 despite the negative impact of market consolidation on the performance of some U.S. group disability insurers, said Jennifer Fleck, co-author of Milliman Inc.'s U.S. Group Disability Market Survey.

The U.S. Securities and Exchange Commission is reviewing a complaint that accuses Aflac Inc. of engaging in income smoothing, a practice in which a company shifts sales between reporting periods to meet earnings projections, Bloomberg News reported.

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