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Trump calls for more healthcare funds; Patriot National considering alternatives

In the news

In a surprising May 28 late-evening tweet, President Donald Trump called for more money to be spent on healthcare, a proposal that conflicts with his fiscal-year 2018 budget request and a bill that passed the House, which he supported. "I suggest that we add more dollars to Healthcare and make it the best anywhere. ObamaCare is dead — the Republicans will do much better!" Trump tweeted. The White House did not respond to requests from S&P Global Market Intelligence to clarify which programs the president was asking Congress to allocate additional healthcare dollars.

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Fairfax Financial Holdings Ltd. agreed to sell part of its stake in India-based ICICI Lombard General Insurance Co. Ltd. to three companies, including one owned by private equity funds managed by Warburg Pincus LLC.

Allison Commercial Insurance Agency Inc. acquired assets from Health Benefit Advisors Inc., the Ventura County Star reported.

Sirius International Insurance Group Ltd. acquired medical insurance products and assistance services provider International Medical Group from ABRY Partners LLC.

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Patriot National Inc.'s board has formed a new special committee of independent directors to explore and review strategic alternatives for the company.

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Avatar Property & Casualty Insurance Co.'s Casablanca Re Ltd. (Series 2017-1) catastrophe bond, which shrunk to $87.7 million, is now expected to complete at the originally targeted amount of $100 million, Artemis reported.

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This time around, MedStar Family Choice Inc. has not been awarded the five-year managed care contracts for the Washington, D.C., Medicaid program that take effect Oct. 1, the Washington Business Journal reported. In 2016, the company reportedly had revenue of $256.7 million on the district's managed care contracts, on $224.9 million in claims and $15.5 million in administrative costs. The D.C. Department of Health Care Finance said it planned to award the contracts to AmeriHealth Caritas, Trusted Health Plan and Anthem Inc. unit Amerigroup D.C.

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The World Bank estimates that natural disasters are costing the global economy about $520 billion per year, Financial Tribune reported. The United Nations International Strategy for Disaster Reduction said that direct economic losses from major natural disasters, including floods, storms, earthquakes and drought, were projected at $138.8 billion in 2016, according to the report.

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Employers Holdings Inc. has filed a shelf registration statement for the sale of an undisclosed amount of common stock, preferred stock, debt securities, depositary shares, purchase contracts, purchase units and warrants from time to time.

AmTrust Financial Services Inc. closed a previously announced private placement of 24,096,384 common shares, yielding gross proceeds of $300 million.

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Illinois lawmakers passed two measures that would regulate workers' compensation rate adjustments and create a nonprofit public corporation using loans from the state's insurance department.

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New York Attorney General Eric Schneiderman charged several New York City public employees in the latest round of arrests surrounding the state's investigation of a fraudulent insurance scheme against Aflac Inc. The defendants allegedly defrauded Aflac of thousands of dollars by forging physician or supervisor signatures while filing false insurance claims with the company, according to the indictments.

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The Securities and Exchange Commission is considering whether to ask for feedback on the definition of fiduciary duty, Bloomberg reported.

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And, CopperPoint Insurance Cos. hired Scott Shader as COO.

Featured news

Trump calls for more healthcare spending; Congo approves Merck's Ebola vaccine: President Donald Trump called for more money to be spent on healthcare, a proposal that conflicts with his fiscal-year 2018 budget request; and the Democratic Republic of the Congo approved the use of Merck's experimental Ebola vaccine.

Financial news in other parts of the world

Asia-Pacific: Alipay extends US partnership; China Minsheng leads pre-IPO round of P2P lender

Europe: Co-op eyes debt/equity swap; Allfunds sale OK; MPS in bad loan sale talks

Middle East & Africa: MedGulf douses sale rumors; Israel, Kenya central banks hold rates

The day ahead

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

In Asia, the Hang Seng climbed 0.24% to 25,701.63, while the Nikkei 225 dropped 0.02% to 19,677.85.

In Europe, around midday, the FTSE 100 fell 0.46% to 7,513.18 and the Euronext 100 dropped 0.41% to 1,022.26.

On the macro front

The Bureau of Economic Analysis' personal income and outlays report, the S&P Corelogic Case-Shiller HPI, the consumer confidence report, the State Street Investor Confidence Index and the Dallas Fed manufacturing survey are due out today.