Exelon (EXC) raised its hostile bid for NRG Energy (NRG) to $7.45 billion.

Flagstone Reinsurance Holdings (FSR) offered to acquire all outstanding IPC Holdings (IPCR) shares. The offer includes exchange of 2.638 new common shares per IPCR share held, plus $5.50 in cash per share, for total consideration of $33.62 per IPCR share [based on yesterday's closing price]. FSR says its offer is superior to the pending offer made by Validus (VR), which it reaffirms today and consists of $3.75 in cash and 1.1234 VR voting common shares for each IPCR common share, for total consideration of $28.86 based on VR's closing price on July 1.

American International Group (AIG) agreed to sell 100% of its ownership interests in Inversora Pichincha S.A. and Interdinco S.A., which comprise AIG's consumer finance operations in Colombia, to Banco Pichincha C.A. of Ecuador and other parties. Terms of the transaction were not disclosed. In addition, it says it has closed the sale of 21st Century Insurance Group, the wholly owned subsidiaries of AIG's U.S. personal auto insurance business, to Farmers Group, Inc., a subsidiary of Zurich, for $1.9 billion.

Acura Pharmaceuticals (ACUR) and King Pharmaceuticals say the FDA has issued a Complete Response Letter regarding the New Drug Application [NDA] for their Acurox Tablets CII, an immediate release product intended for the relief of moderate-to-severe pain. They say the letter raises issues about the potential abuse deterrent benefits of Acurox. Cos say they are currently evaluating the letter, and at this stage believe they can respond to the issues raised without conducting any additional studies.

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