trending Market Intelligence /marketintelligence/en/news-insights/trending/tdtoq-k7-8xxhthnyq_6ra2 content esgSubNav
In This List

Icahn rips AmTrust; Virginia to expand Medicaid; Berkshire eyed Uber investment

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Icahn rips AmTrust; Virginia to expand Medicaid; Berkshire eyed Uber investment

The back-and-forth between AmTrust Financial Services Inc. and Carl Icahn continued as the activist investor blasted the company's decision to count votes itself at a June 4 special meeting during which it will seek shareholder approval for its go-private deal. Icahn said AmTrust should engage an independent inspector for that purpose, Intelligent Insurer reported.

The Virginia General Assembly voted to expand Medicaid to up to 400,000 eligible low-income adults, The Wall Street Journal reported. Gov. Ralph Northam is expected to sign the bill.

In Connecticut, Gov. Dannel Malloy signed two bills that require insurance companies to offer full coverage in the state for essential health benefits such as ambulatory services, hospitalization, and mental health and substance use disorder services. The bills also mandate coverage for prosthetic devices, the Hartford (Conn.) Business Journal wrote.

After years of reserve charges, American International Group Inc. is carrying a $17 million excess reserve cushion thanks to a reinsurance deal with Berkshire Hathaway Inc. and more conservative reserving, according to Morgan Stanley. Intelligent Insurer has a report.

Meanwhile, Berkshire boss Warren Buffett confirmed to CNBC that his company had discussions with Uber Technologies about potentially investing in the company but that the parties could not reach an agreement. Bloomberg News had reported that Berkshire offered a $3 billion investment.

Schinnerer Group Inc. CEO Christopher Schaper told Artemis in an interview that capital in the insurance-linked securities sector would not flee even if this year saw a repeat of costly 2017 catastrophes. Historically, large loss years have led to an influx of new capital in the alternative capital space and Schaper said that were more large events to occur in 2018, capital would look to enter the space, not exit from it. Schinnerer Group is Marsh's underwriting manager and managing general agent arm.

Two Universal Insurance Holdings Inc. units completed their 2018-2019 reinsurance programs, effective June 1. One subsidiary extended the top of its reinsurance tower for a single Florida event to $3 billion, $350 million more than last year's top end at the time of placement. The other expanded the top of its tower by 24%.

In China, former Anbang Insurance Group Co. Ltd. Chairman Wu Xiaohui has appealed his fraud and embezzlement conviction. He was sentenced to 18 years behind bars for involvement in fraudulent fundraising and embezzlement.

Bermuda-based Qatar Reinsurance Co. Ltd. is suspending underwriting new and renewal business for facultative lines in Dubai, a move somewhat driven by a lack of "rating adequacy" in the business, The Insurance Insider reported.

Featured news

Pfizer's Xalkori gets UK NICE nod; Trump says drugmakers agree to lower prices: The U.K. regulator recommended using Pfizer's Xalkori through the Cancer Drugs Fund for treating a type of lung cancer, and President Trump said he has a commitment from some drugmakers to voluntarily reduce the prices of their medicines.

Financial news in other parts of the world

Asia-Pacific: Hong Kong OKs virtual banks; Indonesia hikes rate; ICICI Bank to probe CEO

Europe: Deutsche Bank commits to US amid cuts; Italy crisis may delay RBS stake sale

Middle East & Africa: Mizrahi-Union Bank merger blocked; NCB has new CEO; Allianz buys Africa Re stake

The day ahead

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

In Asia, the Hang Seng was up 1.37% to 30,468.56, while the Nikkei 225 rose 0.41% to 22,109.22.

In Europe, around midday, the FTSE 100 rose 0.13% to 7,699.53, and the Euronext 100 gained 0.27% to 1,056.77.

On the macro front

The jobless claims report, the Bureau of Economic Analysis' personal income and outlays report, the Chicago PMI, the pending home sales index, the EIA natural gas report, the EIA petroleum status report, the fed balance sheet and the money supply report are due out today.

The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.