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...— Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...With that in mind, let’s look at S&P’s downgrade of Allstate, with our emphasis below: The downgrade reflects Allstate’s continued weak underwriting performance given elevated catastrophe losses, persistently...
...Blackstone, which has struck investment management partnerships with large insurers like AIG and Allstate, said recently it was seeing a “dramatic increase in demand” from clients for the loans....
...Unlike rivals such as Apollo Global and KKR, both of which own large insurers, Blackstone manages assets it acquires on behalf of insurers such as Allstate and AIG....
...Yet the insurers are still losing money on their auto businesses, going by Progressive and Allstate’s latest quarterly reports....
...Financial markets closed Japan: Shōwa Day....
...Allstate’s second quarter combined ratio — incurred losses and expenses over earned premium — of 145 per cent was a near record. Then calamity struck Hawaii....
...Take Allstate and Progressive: It isn’t total market mayhem, but it isn’t exactly copacetic, either....
...Financial markets closed Pakistan: Kashmir Day....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...Instead of buying outright, it has struck partnerships with several large insurers including AIG and Allstate, where it provides asset management services to their policies....
...Shares in Allstate, the country’s second-biggest home insurer by premium volume, have fallen by a fifth....
...The implications of uninsurability have caught the attention of financial regulators, who previously viewed climate losses in the financial sector as the key issue for stability....
...It has also begun to manage the debt portfolios for large insurance companies, including AIG and Allstate....
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...The Glasgow Financial Alliance for Net Zero, usually a constant source of pronouncements, commitments, strategies and statements about tackling climate change, has been borderline mute this year....
...In practice, when wildfires ravage California, it is the homeowner in Virginia who ends up shouldering a significant share of the financial burden....
...Allstate, the fourth largest property insurer in California, is also holding off on signing new policies....
...The share price of two of the largest US car insurance companies — Take Allstate and Progressive — have fallen in the past month, reflecting the rising costs of underwriting auto insurance policies....
...Last week, US insurer Allstate posted a net loss of $310mn in the fourth quarter as higher motor insurance prices were not enough to overcome increased claims costs and related increases in its reserves....
...Alex SkaggsLike, so Allstate, Progressive, all those guys. Ethan WuMargins just being the difference between cost and price, yeah. Alex SkaggsYeah, their profitability. Ethan WuRight....
...On Wednesday we analyse a hot topic from a world financial centre. On Friday we dissect the week’s big themes. Please sign up here....
...“To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1bn — would have been borderline irrational...
...“I’m not saying I can beat Allstate,” Wand says, referring to the 89 year-old, $35bn market cap insurance group....
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