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...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Allstate’s holding company just caught its second credit downgrade to BBB+, three tiers above junk, this time from S&P Ratings....
...Fitch downgraded Allstate’s holding-company credit to BBB+ from A- earlier this year, citing “sharp underwriting result deterioration”....
...Barclays operates a partnership model in the US market, running co-branded credit cards for 20 companies including The Gap, JetBlue Airways and the AARP....
...companies.”...
...Shares of companies with large auto-insurance businesses — ones that trade without the protection of Warren Buffett’s imprimatur, at least — have started to reflect those issues....
...The US Federal Deposit Insurance Corporation is working on proposals aimed at ensuring asset managers do not seek too much influence over the banks in which they hold large stakes....
...Also in the group is Manuel Sánchez Rodriguez, a former top executive at Spanish bank BBVA and a board member, since 2018, of the US government-backed mortgage insurance company Fannie Mae....
...The restrictions set out by the Federal Deposit Insurance Corporation on Thursday would apply to any takeover that created a bank with more than $50bn in assets, and increase for any deal above $100bn....
...Results at BofA, like its large competitors, were also dragged down by costs tied to last year’s regional banking crisis after the Federal Deposit Insurance Corp imposed another round of fees on the nation...
...The writer is a former chair of the US Federal Deposit Insurance Corporation and a senior adviser to the Systemic Risk Council Thoughtful shoppers distinguish between best price and best value....
...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for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...US plans for shutting down a global bank call for removing top management, wiping out the shareholders and imposing losses on creditors of its holding company....
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...London-based PIC has more than 300,000 policyholders amassed through so-called bulk annuity deals, where it takes over pension fund liabilities and the assets backing them from their sponsoring companies...
...Financials Acquisition Corp, a special purpose acquisition company, said on Monday it had terminated a plan to combine with a newly created entity, London Innovation Underwriters, after the latter received...
...Both companies have previously had deals blocked....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...US health insurer Cigna has abandoned plans to merge with Humana, a blockbuster transaction that would have created a $140bn insurance giant, according to people familiar with the matter....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...Media will be a strong theme here with results from Fox, News Corp, Disney, Thomson Reuters and The New York Times Company....
...The Federal Deposit Insurance Corporation on Thursday said the number of weak US banks had risen by eight to 52 in the final three months of 2023, the biggest jump since the demise of SVB....
...A special purpose acquisition company attempting to raise up to £300mn to funnel into a new venture investing in the Lloyd’s of London insurance market has failed to raise enough money, blaming “volatile...
...threatens to sue (Dow Jones) Small investors power Trump Media’s market valuation above $13bn (FT) Trump aims to outraise Biden-Obama event with $33mn fundraiser (FT) Lloyd’s of London chief calls for quick insurance...
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