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...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...Allstate’s holding company just caught its second credit downgrade to BBB+, three tiers above junk, this time from S&P Ratings....
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...Barclays operates a partnership model in the US market, running co-branded credit cards for 20 companies including The Gap, JetBlue Airways and the AARP....
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Shares of companies with large auto-insurance businesses — ones that trade without the protection of Warren Buffett’s imprimatur, at least — have started to reflect those issues....
...Allianz has fought off a legal challenge brought by a UK university after the insurance company refused to cover damage done by a controlled explosion on the grounds it fell within a “war exclusion” clause...
...Could ESG better account for a company’s climate governance?...
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...Those with the most exposure to home insurance have suffered more. Shares in Allstate, the country’s second-biggest home insurer by premium volume, have fallen by a fifth....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...Other water companies have high gearing too, built up in the decades since their 1989 privatisations....
...From there, Johnsen narrowed the list down to four fragrances, with two last-minute submissions coming from Epinette (Lesedi La Rona III and V)....
...companies.”...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...The awards event took place at Gotham Hall, New York on December 4, hosted by FT Live in association with research partner RSGI....
...Their total capitalisation has fallen even faster, notes Charles Hall at Peel Hunt. As for takeouts, 22 of the 27 bids recorded this year were FTSE Small Cap and AIM companies....
...This trend has intensified in recent years with large insurers following suit: for example, Allstate, Chubb and AIG sharply scaled down operations in California citing onerous price regulation....
...You can reach me at ben.hall@ft.com. The price to Ukraine of Russia’s aggression is breathtaking: £411bn to reconstruct and cover economic losses, according to a World Bank assessment in March....
...A survey for the World Bank found that 69 per cent of large Ukrainian companies are expected to be in arrears in the next six months. 75 per cent of exporters have experienced a drop in exports due to logistical...
...Debt the halls Shareholders of US retailer Macy’s could make a decent return in a leveraged buyout this holiday season....
...Kathleen Donnelly KC acted for 555 sub-postmasters in a 2019 High Court case, known as Bates v Post Office, that led to revelations the company had pursued thousands of people between 2000 and 2014 with...
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