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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!...
...Further reading: — What’s going on with US car insurance? — Car insurance! Again! — The US insurance storm continues — Taking a CLOser look at insurers...
...Auto-insurance businesses are still losing money. And a run of unusually destructive bad weather has brought additional losses for their property-insurance businesses....
...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....
...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....
...Auto-insurance losses were part of the reason Fitch Ratings downgraded Allstate’s credit to BBB from A- this week, as auto-policy underwriting is the insurer’s biggest line of business by premiums collected...
...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....
...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....
...Although the decisions by US insurers such as Allstate and State Farm to stop writing homeowners insurance in California may appear unduly harsh, they do serve to make the hazard risk explicit (“What happens...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...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....
...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....
...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....
...Allstate, the fourth largest property insurer in California, is also holding off on signing new 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....
...It has also begun to manage the debt portfolios for large insurance companies, including AIG and Allstate....
...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....
...Allstate cited the growing bill from wildfires as among the reasons it paused selling new home insurance policies in California last year....
...Ecommerce site eBay, cleaning goods manufacturer Clorox, and insurance companies Allstate and MetLife report after Wall Street’s closing bell....
...Or, for another example, look at Allstate, the insurance group headquartered in Illinois. A few years ago, its executives realised that gerrymandering was undermining democracy in their state....
...Shares in both Allstate and Chubb are up by a fifth since the start of January, trading near all-time highs. AIG has gained 46 per cent in the same period....
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