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...The new syndicate was announced on the day of its full-year results, which confirmed its best underwriting performance since 2007....
...Many companies within the group are still trading, but people close to the business said further insolvencies were expected within days....
...Lemonade, whose shares have fallen more than 70 per cent since its first day of trading in New York in 2020, provides a range of insurance including for homes, pets and cars to customers in the US and Europe...
...The company said Lavine, a large donor to the Democratic party and the former chair of Columbia University’s board of trustees, “believes the time is right to take on a new role” and step back from day-to-day...
...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....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...Slow, steady and humdrum is having its day in the sun. sujeet.indap@ft.com...
...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...
...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 property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Holiday and caravan parks have been left submerged by days of heavy rainfall....
...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....
...One introduction to start: Amelia Pollard has joined DD to oversee the day-to-day production of the newsletter. Pollard joins from Bloomberg, where she recently covered distressed debt....
...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....
...This week it asked regulators to allow it to reduce second-class deliveries to every other day....
...The board of the FDIC voted to approve the update on Thursday, but the proposals are still subject to a 60-day comment period....
...As Sonali Basak pointed out on Bloomberg last week, if the assets are held within insurance-company subsidiaries, insurance regulators will have visibility, and there will be some required disclosures....
...companies.”...
...Night and day.”...
...Those days are long behind us.”...
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