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Warren calls for SEC probe on insurers' fiduciary rule comments; United Guaranty files for IPO

Inthe news

Sen. Elizabeth Warren, D-Mass., urgedthe SEC to look into alleged inconsistent comments made by insurers about theproposed rule that would require retirement advisers to put their clients'interests above their own, Reuters reported. In February, the senator calledout Lincoln National Corp.,National Life Insurance Co.,Prudential Financial Inc.and AEGON NV'sTransamerica for publicly complaining that the rule would hurt their businessbut privately telling investors that it would not be a major issue. Warrenwants the SEC to determine whether the contradictory statements violatesecurities laws.

UnitedGuaranty Corp. fileda registration statement on Form S-1 with the SEC for a proposed IPO of itscommon stock. As part of its strategic actions, , UnitedGuaranty's parent company, is offering an undisclosed number of United Guarantycommon shares.

MetLifeInc. may have wona legal challenge to its designation as a systemically important financialinstitution but the company will pushthrough with the planned divestment of a large part of its insurance unit, The Wall StreetJournal reported.

The ruling can be considered a "surprise"win, not only for MetLife shareholders, but also for those of PrudentialFinancial and AIG, accordingto the Journal's MoneyBeat blog,which cited a research note from FBR analyst Randy Binner. The analyst expectsMetLife to have difficulty arguing the case if it moves up to the Supreme Court.

A Florida judicial circuit court with 'sclaim of trade secret protection for its Quarterly and Supplemental ReportingSystem data that is submitted to the Florida Office of Insurance Regulationpursuant to state law.

Vermont Department of Financial RegulationCommissioner Susan Donegan will stepdown.

TennCare Director and Deputy Commissioner of HealthCare Finance and Administration Darin Gordon is leaving to enter the private sector atthe end of June.

Cleveland engagedAON Risk Services Northeast to help it develop and obtain a $10 millioninsurance plan for litigation risks related to the Republican NationalConvention. AON Risk Services Northeast will receive a $1.5 million brokeragefee for its service.

was the of federalmultiperil crop insurance in 2015, with more than 17% of the market, even asthe insurer's direct premiums written and market share declined on ayear-over-year basis.

Theapplicable regulatory bodies in Australia, Bermuda, Hong Kong, Sweden and theU.K. approvedWhite Mountains Insurance GroupLtd.'s sale of Sirius International Insurance Group Ltd. toChina Minsheng Investment Corp.Ltd.

Arthur J.Gallagher & Co. acquiredJoseph Distel & Co.

The Florida Hurricane Catastrophe Fund is consideringa reinsurancepurchase of at least $1 billion in 2016, Artemis reported. The plan wasdiscussed at a Florida Cabinet meeting but no vote was taken.

Nonelderly U.S. residents who do not have healthinsurance coverage as of March 2015 totaled 32.9 million, accordingto the 2015 Current Population Survey — Annual Social and EconomicSupplement. Nearly 28% of the uninsured are eligible for Medicaid or theChildren's Health Insurance Program, and 21% are eligible for marketplace taxcredits.

Creditors of Puerto Rico Electric Power Authority gavePuerto Rico officials until April 7 to file their proposedcustomer fee, which would repay debt used to restructure about $9 billionowed by the utility, Bloomberg News reported.

The Journal's Risk& Compliance Journal features a Q&A with Christof Bentele, head ofglobal crisis management at Allianz Global Corporate & Specialty, whotalked about how the terrorisminsurance market will change as clients review their coverage after terrorevents and as demand rises with the increased frequency of attacks.

Inother parts of the world

Standard & Poor's Ratings Services cut its 2016growth projections for the eurozone economy to 1.5% from 1.8% in November 2015,and now expects growth in the region to reach 1.6% next year. The rating agencyattributed its action to a nosedive in financial conditions at the start of theyear, saying the eurozone economy was "flying on one engine."

Berenberg observed that the alternative reinsurancemarket is increasing its presence in Europe and could pose a threat to some reinsurersin the region, Artemis reported.Berenberg said capital provision and risk underwriting are being "disaggregated"by new entrants in the reinsurance industry offering alternative risk transfermechanisms.

AllianzGroup is looking to sell a $5 billion portfolio of life insurancepolicies in Italy and has picked Goldman Sachs to run the sale of the closedlife policies, Reuters reported.

RelianceCapital Ltd. saidNippon Life Insurance Co.completed its acquisition of an additional 23% stake in Nippon Life Insurance now holds a 49% stake in Reliance Life Insurance. Theentire transaction amounted to 22.65 billion Indian rupees.

Theday ahead

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

In Asia, the Hang Seng dropped 0.13% to 20,776.70,while the Nikkei 225 was down 0.71% to 16,758.67.

In Europe, as of midday, the FTSE 100 was down 0.41%to 6,177.46, and the Euronext 100 fell 1.27% to 865.63.

Onthe macro front

The jobless claims report, the Chicago PMI, the EIAnatural gas report, the Fed balance sheet and the money supply report are dueout today.