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US uninsured rate flat; The Hartford in play for Aspen; Icahn gets support

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US uninsured rate flat; The Hartford in play for Aspen; Icahn gets support

The proportion of people without health insurance remained roughly flat overall in the U.S. at 9.1% in 2017, The New York Times reported. According to the Centers for Disease Control and Prevention, the uninsured rate declined in states that expanded Medicaid under the Affordable Care Act and inched upward in states that did not. The number of people without insurance has fallen by 19.3 million since the ACA's passage in 2010, the Times noted.

The Hartford Financial Services Group Inc. has advanced to the second round of the Goldman Sachs- and JP Morgan-run auction for Aspen Insurance Holdings Ltd., according to re-Insurance.com.

Europe's General Data Protection Regulation, which takes effect Friday and threatens companies with big fines for infringements, is driving up demand for cyber insurance in Europe, Reuters wrote. Less than a tenth of the $2.5 billion global cyber insurance market is written in Europe, although CFC Underwriting Ltd. and Jardine Lloyd Thompson Group PLC are among companies that have seen an increase in inquiries.

U.S. property and casualty net premiums written rose 4.7% in 2017 to $556.90 billion and ticked up 1.8% in commercial lines to $192.40 billion, Business Insurance reported, citing A.M. Best. The industry combined ratio deteriorated to 104.0% in 2017 from 100.9% in 2016 due to higher catastrophe losses.

Czech Republic-based Arca Capital intends to work with investor Carl Icahn and other minority shareholders to oppose AmTrust Financial Services Inc.'s proposed going-private transaction.

Ascot Group Ltd. unit Ascot US Holding Corp. agreed to acquire Greyhawk Insurance Co. and unit Greyhawk Specialty Insurance Co. The deal is subject to regulatory approvals.

In India, Aditya Birla Sun Life Insurance Co. Ltd., which is 49% owned by Sun Life Assurance Co. of Canada, has matched Max Life Insurance Co. Ltd.'s offer of more than 60 billion Indian rupees for IDBI Federal Life Insurance Co. Ltd., according to The Economic Times. JP Morgan is running the sale process, which includes the 26% stake held by Belgium's Ageas SA/NV

Meanwhile, private equity firm Warburg Pincus made the highest offer among all bidders for the 26% stake in IndiaFirst Life Insurance Co. Ltd. owned by U.K.-based Legal & General Group PLC, sources told Mint. The potential deal is valued at about $150 million, although this figure might change as talks are still ongoing.

India's insurance regulator wants state-run general insurers National Insurance Co. Ltd., United India Insurance Co. Ltd. and Oriental Insurance Co. Ltd. to raise 100 billion rupees in capital before their planned merger and subsequent listing, an official told Bloomberg News.

Featured news

Dova gets 1st US FDA approval for platelet drug; WHO begins Ebola vaccinations: Dova's nod for Doptelet is the first FDA approval for an oral treatment for thrombocytopenia in chronic liver disease patients; and the WHO began administering Merck & Co's Ebola vaccine in the Democratic Republic of Congo.

Financial news in other parts of the world

Asia-Pacific: Warburg Pincus front-runner for IndiaFirst stake; ANZ postpones UDC Finance IPO

Europe: SFO charges vs. Barclays dismissed; Dubai bank to buy Sberbank's Turkish unit

Middle East & Africa: US funds vying for Abraaj unit; Ghana steps up bank consolidation efforts

The day ahead

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

In Asia, the Nikkei 225 dropped 0.18% to 22,960.34.

In Europe, around midday, the FTSE 100 climbed 0.20% to 7,874.50, and the Euronext 100 gained 0.12% to 1,087.44.

On the macro front

The Redbook and the Richmond Fed Manufacturing Index are due out today.

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