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...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...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....
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...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....
...As companies exit some areas and demand higher premiums in others, affordable home insurance cover — for many an essential annual outlay, often a condition of their mortgage debt — is getting harder to secure...
...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...
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...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....
...One whose reputation has suffered is Salo Flohr, the world No2 behind Alexander Alekhine in the early 1930s....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...Those with the most exposure to home insurance have suffered more. Shares in Allstate, the country’s second-biggest home insurer by premium volume, have fallen by a fifth....
...From there, Johnsen narrowed the list down to four fragrances, with two last-minute submissions coming from Epinette (Lesedi La Rona III and V)....
...companies.”...
...The suburban New York-based institution last March acquired most of Signature’s deposits and just over a third of its assets including nearly $13bn in loans, in a deal arranged by the Federal Deposit Insurance...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...This trend has intensified in recent years with large insurers following suit: for example, Allstate, Chubb and AIG sharply scaled down operations in California citing onerous price regulation....
...In June 2004, at the invitation of the UN, a group of asset managers, banks and insurance firms launched a 60-page report called “Who Cares Wins”....
...“The biggest banks have not had that much deposit pressure,” said Alexander Yokum, who follows regional banks for CFRA....
...Kathleen Donnelly KC acted for 555 sub-postmasters in a 2019 High Court case, known as Bates v Post Office, that led to revelations the company had pursued thousands of people between 2000 and 2014 with...
...Terminal V did not respond to a request for comment....
...Gaps in coverage are already emerging: US companies State Farm and Allstate have stopped accepting new home insurance policies in California thanks to the state’s wildfire risk....
...It has also begun to manage the debt portfolios for large insurance companies, including AIG and Allstate....
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