As insurers push states to speed up the process of approving long-term care rate increase requests, regulators approved 271 rate increases during the first quarter, according to information collected by S&P Global Market Intelligence's RateFilings.com.
Travelers Cos. Inc. may upsize its Long Point Re III Ltd. series 2018-1 catastrophe bond to $500 million from $300 million, Artemis reported, citing sources. The company has reduced the coupon price guidance to between 2.75% and 3% from a range of 3% to 3.5%.
Maryland's Total Cost of Care All-Payer Model has received federal approval. The model aims to control the growth in healthcare costs, both at hospitals and community providers, while improving patient outcomes and quality of care. The model, which takes effect Jan. 1, 2019, and extends through the end of 2023, is expected to save $1 billion over five years.
Axa has completed the initial public offering of U.S. subsidiary AXA Equitable Holdings Inc. and declared that the financing needed for the acquisition of XL Group Ltd. is now secured. Axa booked overall proceeds of $4.02 billion from transactions involving AXA Equitable shares.
The U.S. property and casualty industry's surplus hit a new all-time high of $752.5 billion in 2017, up $51.7 billion from the prior year, according to a report published by Verisk Analytics Inc.'s ISO and the Property Casualty Insurers Association of America.
1347 Property Insurance Holdings Inc., National Security Group Inc. and Kingsway Financial Services Inc. reported results for the first quarter May 14.
Merck KGaA's profit falls; Lilly's cluster headache drug succeeds in late trial: Germany-based Merck KGaA said first-quarter earnings fell 18.2% year over year, due in part to negative foreign exchange effects from a weaker dollar, and Eli Lilly's phase 3 trial of galcanezumab in episodic cluster headache met its main goal.
Financial news in other parts of the world
Asia-Pacific: JPMorgan Chase names new China CEO; AMP to face more lawsuits
Europe: Allianz, Crédit Agricole post Q1 profits; SIX Group, Worldline in €2B deal
Middle East & Africa: Qatar's FX manipulation probe intensifies; ex-Moza Banco execs fined
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng fell 1.23% to 31,152.03, while the Nikkei 225 dropped 0.21% to 22,818.02.
In Europe, around midday, the FTSE 100 climbed 0.28% to 7,732.60, and the Euronext 100 shed 0.04% to 1,070.77.
On the macro front
The retail sales report, the Empire State Manufacturing Survey, the Redbook, the business inventories report, the Housing Market Index and the Treasury International Capital report are due out today.
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