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...The UL network traces its roots to a late 19th century effort to help insurance companies save money by testing electrical products for fire risk....
...The attorney-general’s lawyers further claimed Knight Insurance sent “100 per cent of its retained insurance risk to affiliates in the Cayman Islands”, where “lax regulations” allowed the company to bolster...
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...But some of Hankey’s companies have been accused of being dishonest with their customers, too....
...And here’s what I’m keeping tabs on today and over the weekend: Economic data: The US Labor Department’s Bureau of Labor Statistics releases monthly import and export statistics and the University of Michigan...
...It is not just rising base rates that are to blame: credit card companies have increased the margin they add on to a record high, the Consumer Financial Protection Bureau found last month....
...Car companies including General Motors and Ford said on Tuesday that they would work to reroute shipments to nearby ports, while Nissan said it did not expect significant disruption....
...We also get data on the construction of new homes in January from the US Census Bureau and the US Department of Housing and Urban Development....
...A survey by the American Farm Bureau Federation found the average cost of a Thanksgiving dinner for 10 people will be $61.17, a fall of 4.5 per cent from record levels in 2022....
...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....
...Mississippi has one of the highest poverty rates of any US state, according to the Census Bureau, and more than 15 per cent of its population experiences food insecurity, far above the national average of...
...If the CFPB’s funding is unconstitutional because it is not appropriated, well then so too is that of the Federal Reserve itself, as well as the Farm Credit Administration, the Federal Deposit Insurance...
...The Bureau of Labor Statistics’ total payrolls number for January was undeniably strong. But focusing on the “blowout” headline figure detracts from a more nuanced story....
...Stellantis, the parent of Chrysler, picked Indiana for a new battery plant in a joint venture with Samsung SDI. And General Motors plans to make electric pick-ups at a Michigan plant after retooling....
...The FT-Michigan Ross poll comes on the heels of several other national surveys showing that Biden would lose to Trump in a hypothetical general election match-up....
...the farms....
...“Folks, ‘Bidenomics’ is just another way of saying the American dream,” he said last week at a farm in Northfield....
...Trump, who was headed to Michigan on Wednesday in an attempt to win the support of striking auto workers, took to social media to call the ruling a “political scam”....
...Here’s what else I’m keeping tabs on today and over the weekend: Economic data: University of Michigan publishes the results of its US consumer sentiment survey....
...Four people with direct knowledge of the situation said that in the most recent rounds of hiring, diplomats and other experts had been poached by two of Japan’s largest insurance companies and three of its...
...We also have learned since SVB’s failure that the bank was, in fact, using a service to farm out deposits for FDIC insurance....
...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....
...[MUSIC PLAYING] Marc Filippino Sources tell the FT that US insurance giants Cigna and Humana are considering a merger. That deal would create an American health insurance company worth about $140bn....
...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....
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