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...The failure of Signa, a property empire built over the past two decades by its politically connected, billionaire founder Benko, has been the highest-profile casualty of the strains across Europe’s commercial...
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...Elliott’s move, which marks its fourth major public foray into the Japanese stock market after engagements with Toshiba, SoftBank and Dai Nippon Printing, targets a company with a property empire that stretches...
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...Allstate’s 2Q underwriting results (as measured by its “combined ratio”) highlights what can happen when weather and economic conditions turn against property and casualty insurers....
...And it has plans to pursue more: . . . since 2022, the Allstate brand implemented rate increases of 33.3%, which included 16.4% in 2023 and 6.9% in the fourth quarter driven by the recent approvals in California...
...Should companies be punished for handing money back to shareholders? The Department of Justice seems to think so....
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...Kevin Shaw, national sales managing director at the property services company Leaders Romans Group, said: “2024 is off to a good start with more properties coming on and more sales happening.”...
...Mayhem persists among the US’s property and casualty insurers. Auto-insurance businesses are still losing money....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...KaDeWe, Germany’s most famous and exclusive department store, filed for administration on Monday, becoming the latest casualty of René Benko’s crumbling property empire....
...Brexit and mortgage regulatory changes also played a role, according to Richard Donnell, executive director at property consultancy Houseful....
...Property casualty reinsurance is not cyclical, so it’s not a bet on a confusing economy; pricing and contract terms in reinsurance in particular are better and tighter now than they have been in years; and...
...The bank originated as the Nippon Credit Bank, which was among the highest-profile casualties of the protracted fallout from the collapse of Japan’s 1980s property bubble....
...Regardless of Canary Wharf’s ability to keep some of its critical tenants, it still has a plentiful amount of debt, with the group holding £7.6bn of property and £4.2bn of net debt....
...Newmark, a real estate advisory and brokerage company, said the estimated $2tn of US commercial real estate debt maturing between this year and 2026 would have to be refinanced at much higher interest rates...
...The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...Its property and casualty insurance division weakened, posting an overall underwriting loss reflecting worse conditions for areas such as credit insurance, but its major life and health insurance division...
...Or in Sweden, where SBB pursued an aggressive roll-up of health and education property. Both are selling assets fast to fix overstretched balance sheets....
...Swedish property group Samhällsbyggnadsbolaget (SBB) has too much debt and too little time....
...The former credit rating analyst and his team have worked since 2018, funded by venture capital firm Silverstripe, to set up the company and obtain a banking licence....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...He said the South American country had benefited from the easing of US sanctions on its oil industry in October and the entry of US companies such as Chevron....
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