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China's financial regulator confirmed the nationalization of troubled Anbang Insurance Group Co. Ltd., approving as a shareholder the state-backed fund that injected more than 60 billion yuan into the company around the beginning of April.
Stockholders of New York-based AmTrust Financial Services Inc. approved the insurer's sweetened go-private deal. Prague-based Arca Capital, which owns 2.4% of the insurer, said in an email to S&P Global Market Intelligence that it voted against the deal.
Canada's Manulife Financial Corp. will reduce its workforce there by 700 jobs as it seeks to digitize and combine its operations. The company will also consolidate its two Canadian division locations into one headquarters.
Germany-based Allianz Group denied a media report concerning at least 5,000 layoffs in Germany, Reuters reported. Manager Magazin had reported that the insurer was planning to cut just under 20% of its total German workforce.
Allianz's real estate division will invest £350 million to become part of a joint venture with Greystar Real Estate Partners and Canada's Public Sector Pension Investment Board to develop U.K. student housing. Dutch insurer NN Group NV, meanwhile, agreed to sell a Dutch residential real estate portfolio for [euro]1.5 billion, for an estimated capital gain of [euro]80 million.
In the U.S., Arthur...