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AIG could sell Manhattan HQ; tornadoes lash Midwest; Old Republic proxy access


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AIG could sell Manhattan HQ; tornadoes lash Midwest; Old Republic proxy access

American International Group Inc. plans to sell its headquarters in Manhattan's Financial District for roughly $275 million, The Real Deal reported, citing unnamed sources.

The National Oceanic and Atmospheric Administration said about 60 tornadoes lashed eight states in the U.S. Midwest on May 27, The Insurance Insider reported. Property damage was reported in Ohio, Indiana, Iowa and other states.

The California State Senate approved legislation allowing the state to buy insurance policies to help pay costs stemming from natural disasters, including the recent wildfires, Artemis reported.

Federal Life Group Inc. is seeking to suspend its obligation to file periodic reports with the SEC. The company expects the suspension of its reporting obligations to take effect 90 days after it voluntarily filed a Form 15 on May 28.

Old Republic International Corp. shareholders voted in favor of California Public Employees' Retirement System's proposal for the company to adopt a proxy access bylaw at their May 24 annual general meeting. The proxy access bylaw provides that a shareholder or a group of shareholders that named a director nominee must have beneficially owned 3% or more of the company's outstanding common shares continuously for at least three years prior to the submission of the nomination.

Arthur J. Gallagher & Co. acquired Zionsville, Ind.-based Cairnstone Financial LLC for undisclosed terms.

The French Prudential Supervision and Resolution Authority called on Scor SE and SGAM Covéa to settle their differences to ensure financial stability, Reuters reported.

A.M. Best maintained its negative market segment outlook on India's non-life insurance market, citing a reliance on realized and unrealized investment gains to offset technical losses and potential short-term disruption from regulatory enhancements.

Allianz Group will stop writing commercial motor, public liability and property insurance policies in New Zealand starting May 31, online news portal Stuff reported. The Germany-based insurer will continue offering travel insurance and marine insurance.

Now featured on S&P Global Market Intelligence

Individual annuity growth surge likely to slow soon: Outsized year-over-year growth in ordinary individual annuity considerations fueled the U.S. life industry's expansion for a fourth consecutive quarter, according to a first look at March 31 statutory results.

WHO eyes drug cost transparency; Celgene's Revlimid gets US nod for blood cancer: The World Health Organization adopted a resolution that urges member states to improve drug cost transparency; and the U.S. Food and Drug Administration approved Celgene's Revlimid and Roche's Rituxan to treat two types of blood cancer.

In other parts of the world

Asia-Pacific: Pakistan bourse CEO resigns; Kenanga gets regulatory nod to buy Libra Invest

Europe: Scope cuts Deutsche; Abanca closes in on Liberbank bid; NordLB, Helaba post Q1

Middle East & Africa: Israel's First International Bank sees Q1 profit up; MTN's mobile money push

The day ahead

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

In Asia, Hang Seng lost 0.57% to 27,235.71, while the Nikkei 225 dropped 1.21% to 21,003.37.

In Europe, around midday, the FTSE 100 shed 1.29% to 7,174.82, and the Euronext 100 declined 1.34% to 1,024.96.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The U.S. Redbook, U.S. Richmond Fed manufacturing index and U.S. State Street investor confidence index are due out today.

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