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...Everton Football Club’s suitor 777 Partners has called in turnaround and crisis management experts, as the investment firm wrestles with accusations of fraud and the unravelling of the reinsurance financing...
...A-Cap entities directly funded some of 777’s sports investments, including providing what appears to be $60mn in short-term working capital finance to Nutmeg Acquisition, an entity involved in 777’s football...
...behind 777’s series of high-profile sporting acquisitions....
...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...
...But there is a fragility to this recent success. Last year’s results benefited from fewer hurricane claims as well as a steep rise in reinsurance prices....
...Under-insurance is a vast problem in the island nation; 95 per cent of those affected by 2021’s Hurricane Elsa did not have insurance....
...Despite the challenges within reinsurance capacity across the industry, Allstate was able to renew its reinsurance protection, although at a higher cost, which will help protect the balance sheet from severity...
...In response, the industry and government came together to create Pool Re, a terrorism reinsurance scheme underpinned by a state guarantee....
...The reason I like that stock is reinsurance companies are always cheap because in a sense it’s just capital, right? It’s like a kind of bank or a reverse bank....
...to a note last month by S&P Global Ratings....
...This year’s hurricane season has been “benign”, says Charles-Marie Delpuech, an associate director at S&P. “We did not really have a major hurricane this season,” he observes....
...Ratings have a significant effect on interest rates for borrowers who don’t print their own currency / run the world / etc, so additional downgrades from S&P Global or Moody’s would presumably matter a bit...
...In the latest remarks by a senior industry figure highlighting the effect a tightening reinsurance market is having on insurance prices, Greenberg identified “reinsurance pricing and availability” as a key...
...The others are the Baltic Sea, the Barents Sea and the Sea of Japan....
...Following a complaint about Humanity 1’s activities, Berlin denied any responsibility for the ship and said Italy should urgently allow rescued people ashore....
...Life and health reinsurance was on track to meet its target of net income for the year of approximately $300mn, while corporate solutions, the commercial insurance division, was forecast to record a “combined...
...and research at S&P Global Ratings....
...Insured losses to property are likely to total $30bn-$40bn, according to S&P Global Ratings....
...Prices for catastrophe reinsurance are set to soar after another year of extreme weather and rising costs to provide cover....
...Overall, Swiss Re has about a 10 per cent share of the reinsurance market....
...The resulting fix — a $2bn layer of reinsurance to support Citizens — was dismissed by critics, even at the time, as a sticking-plaster solution that would not address the market’s larger problems....
...Now, it owns a range of insurance and reinsurance companies as well as a toy producer, a funeral products maker, a hotel developer and a manufacturer of custom trailers....
...Once markets began pricing in central bank interest rate rises, a clutch of capital providers were happy to exchange the high risks and volatility of reinsurance underwriting for a decent yield in a more...
...King & Wood MallesonsO: 6; L: 6; I: 7; Total: 19The firm acted for Hong Kong-based reinsurance specialist Peak Re on the issue of the first 144A catastrophe bond transaction in Hong Kong....
...The base-case scenario from rating agency S&P Global Ratings is for $16bn of global insured losses due to the conflict, with half of that shared among reinsurance groups....
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