Hints and tips:
Related Special Reports
...JAB says it is better positioned than other private capital competitors to become an owner of an integrated insurance and asset management company....
...Supporters of mutuality are excited by the platform that the Nationwide/Virgin Money deal in particular will bring....
...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...Lloyd’s of London has attracted its biggest syndicate backed by individuals, or “Names”, since the early 1990s, as the insurance market looks to rebuild a base among private investors after its best performance...
...Under the terms of the transaction, Nationwide will pay 218p in cash for each share of Virgin Money and a final dividend of 2p, the companies said on Thursday....
...A couple of months ago, my insurance company decided to raise the price of the yearly insurance premiums on our Brooklyn home by 51 per cent over three years, after more than doubling the estimated cost...
...The deal would also be a rare acquisition of a listed company by a mutual, which is owned by its more than 16mn members who have a current account, mortgage or savings with the company....
...While recognising the hurdles, people familiar with Nationwide’s approach say that its mutual status affords it greater time to pull off the integration than if it were a listed company beholden to shareholders...
...The mutual will pay 220p per share for the challenger bank, in a combination that the companies say will create the second-largest provider of mortgages and savings in the UK....
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...I would hope that the US Department of Justice, Federal Trade Commission or Consumer Financial Protection Bureau might consider looking into how major insurance companies communicate on pricing and coverage...
...A number of listed UK companies seem priced for a quick sale. On Thursday, Britain’s largest private building society Nationwide announced it had provisionally agreed a takeover of Virgin Money....
...The ship’s liability insurance is provided in the first instance by Britannia P&I, part of a global group of liability insurers that share their losses between themselves and $3bn worth of reinsurance....
...House prices fell year on year for most of 2023 reflecting rising borrowing costs. The average house price was £262,000 in April, Nationwide said, down from a peak of £274,000 in August 2022....
...The steep rise in the cost of home insurance in the US and elsewhere can be traced, in part, to a move two years ago by P&C reinsurers to increase the price of cover against natural catastrophes and toughen...
...Dozens of violent gangs have thrived in the absence of political leaders, and are estimated to control about 80 per cent of the capital Port-au-Prince, with more than 360,000 people displaced nationwide,...
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
...Reinsurers “need to feel that it is not just about selling insurance and making a profit. It’s about responsibility as part of society”, Hielkema said....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...He’s made a shit ton of money for the company.” Buffett’s fascination with the insurance industry dates back more than 70 years....
...The figures from Nationwide — which put the average cost of a property at £261,142 — were worse than expected....
...Analysts at Bank of America said the deal should not worsen the outlook for capital returns at Aviva....
International Edition