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
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
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
In China
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.
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