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...Home insurance is becoming increasingly unaffordable in areas such as California and Australia, as global warming has made storms, floods and wildfires more frequent and severe....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...Lloyd’s of London has attracted its biggest syndicate backed by individuals, or “Names”, since the early 1990s, as the insurance market looks to rebuild a base among private investors after its best performance...
...This part of the insurance industry has been hit by four consecutive years of outsized losses from extreme weather....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...A string of big home insurers have halted new business in California, for example, in response to a surge in extreme weather losses....
...AXA Millésimes, the insurance company’s wine division, is far lower-key than Bernard Arnault’s vast LVMH empire, but has its own investment in Outpost on Howell Mountain, east of the valley....
...The Carmel Beach Hotel, operated by Mirabel, the hotel-restaurant company owned by local David Fink, has taken over Colonial Terrace at the corner of 13th and San Antonio (a serendipitous location: San Antonio...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...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...
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...New Jersey’s problem is too much water to start with — unlike places such as California, which suffer shortages....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...The reinsurance industry says it cannot currently price the type of localised risk that is pushing up home insurance costs and leading to reduced coverage in states like California....
...The company set a new target to generate £2bn of operating profit by 2026, and new guidance that the cash cost of its dividend should grow by a mid-single-digit percentage....
...According to an index from insurance broker Marsh, global commercial insurance rates rose in the final three months of last year, the 25th straight quarter of increases....
...MPs last year blamed regulatory foot-dragging for London losing out on $700mn of insurance-linked securities that went to Singapore....
...Regulatory scrutiny of the special risks presented by private equity ownership of life insurance companies has climbed, after Italy’s Eurovita — another life insurer majority owned through Cinven funds —...
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...To explain a bit further: Let’s imagine a company with $100 of asset value and $60 in liabilities, which leaves it with an equity value of $40....
...Blackstone owes the University of California twice as much as it did last quarter as part of a complex transaction to shore up its flagship real estate fund....
...On Monday, the company announced it was buying Lloyd’s insurer Probitas for £242mn....
...A significant factor has been a sharp rise in the cost of property catastrophe reinsurance, or insurance for insurance companies....
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