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...The Palo Alto, California-based group received the valuation following a $53mn fundraising led by venture firms General Catalyst and Premji Invest, with participation from Andreessen Horowitz and SV Angel...
...Berkshire Energy’s PacifiCorp is facing, in the worst case, tens of billions of dollars in civil liability for the alleged role its equipment played in multiple wildfires that raged in California and Oregon...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...Aviva chief executive Amanda Blanc said the deal “opens up new opportunities to accelerate growth” in the group’s general insurance business....
...National General implemented rate increases at 10% in 2022 and an additional 12.8% in 2023....
...Key economic and company reports Here is a more complete list of what to expect in terms of company reports and economic data this week....
...California regulators have barred Cruise’s autonomous vehicles from the state’s roads and accused the company of misrepresenting details about an accident, dealing a sharp setback for the General Motors-owned...
...Its PacifiCorp electric utility, which has operations in Oregon and California, paid $631mn in settlements over wildfires last year....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Berkshire also detailed the continued fallout from the 2020 and 2022 wildfires that spread through California and Oregon....
...Globally, insurance companies manage assets of about $44tn, according to the International Association of Insurance Supervisors....
...“It’s everyone from insurance companies, [to] sophisticated family offices and even sovereign wealth funds.”...
...The conglomerate had sold down relatively modest stakes in the likes of General Motors, HP, Chevron and Procter & Gamble....
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...The bond, which Trump had to post in order to pause the enforcement of the judgment while he appeals against it, was underwritten by the Knight Insurance Group in California, according to a filing to a Manhattan...
...Having outperformed other financials last year, the S&P Property & Casualty Insurance index is down 7 per cent so far this year. That compares with the S&P 500’s 15 per cent gain....
...Victims of the fire in Oregon have sought more than $7bn in damages and the company has also been defending itself against claims from California residents....
...The Big Read Earlier this week, Knight Insurance Group, one of a handful of companies owned by Los Angeles-based subprime auto loan billionaire Don Hankey, put up the $175mn bond for Donald Trump....
...Allstate is just one of multiple insurers that have stopped offering new homeowners’ policies in California because of the risk, as local press has reported....
...Treasure chest Shareholders are starting to ask questions over who really owns the art on companies’ balance sheets, the FT’s Leo Lewis writes....
...The second-hand value of the top-10 selling battery cars in the US, including models from Tesla, General Motors and Ford, fell an average of 28 per cent in 2023, data from CarGurus and compiled by HSBC show...
...There are of course other important announcements due this week, not least a steady flow of results, probably best described as a smorgasbord, from retailers and drugmakers to technology companies and insurance...
...So they are an insurance company for insurance companies. They do have a primary property casualty insurance unit, but mostly they’re reinsurance....
...Five long positions in five very different industries (property casualty insurance; discount retail; health insurance; aerospace and defence; travel)....
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