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Weekly news: AmTrust going private; more reserving issues at MetLife

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Weekly news: AmTrust going private; more reserving issues at MetLife

Risk and regulation

The SEC is investigating MetLife Inc. over the calculation of certain reserves related to variable annuity guarantees assumed from a former operating joint venture in Japan. The company filed its Form 10-K for the year ended Dec. 31, 2017, after revising its full-year 2017 net income.

Separately, Secretary of the Commonwealth of Massachusetts William Galvin said his office discovered hundreds of retirees owed pension payments by MetLife.

A recommendation tucked in a U.S. Treasury Department report published in the fall of 2017 garnered little attention at the time, but could have big consequences for the long-term care insurance industry.

A number of U.S. states are suing the federal government over the Affordable Care Act, claiming that recently enacted federal tax reform has rendered the healthcare law unconstitutional.

Life and health

Health Insurance Innovations Inc. executives heaped praise on a federal regulator's proposed rule to expand the amount of time short-term health plans can cover a patient during the company's fourth-quarter 2017 earnings call.

The plaintiffs of several lawsuits agreed to voluntarily dismiss claims against the mammoth deal between Aetna Inc. and CVS Health Corp.

Aflac Inc. is facing a putative class-action complaint over allegedly making misleading public disclosures.

Property and casualty

Two of Assured Guaranty Ltd.'s bond insurance subsidiaries appealed a Puerto Rico court's dismissal of their complaint over the commonwealth's violation of special revenue protections for Puerto Rico Highways and Transportation Authority bonds under the Bankruptcy Code.

AmTrust Financial Services Inc. agreed to a go-private transaction after a group of investors raised its buyout offer to $13.50 per share from $12.25 per share. The transaction values AmTrust's fully diluted equity at nearly $2.7 billion, excluding the company's outstanding preferred stock.

American International Group Inc. filed an automatic shelf registration statement related to the sale of an undetermined amount of various securities from time to time.

Liberty Mutual Holding Co. Inc. has been selling off subsidiaries at a fast clip, but Chairman, President and CEO David Long said the company may also look to bolster its presence in existing markets.

MGIC Investment Corp. reached an agreement on all issues in its legal dispute with the Internal Revenue Service, according to a Form 10-K filing.

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