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...“Winner” indicates that the organisation won an FT Innovative Lawyers North America award for 2023. The full list of award winners is available here....
...In a speech earlier this year, the Bank of England’s Prudential Regulation Authority, which oversees insurance companies, called for moderation “in the face of considerable temptation” to do deals....
...On the insurance side, none of the public insurers are close to the 10% limit, which means it would probably be a heavy lift for them to scale up to maintain eligiblity....
...First Citizens had acquired SVB just two weeks earlier from the US Federal Deposit Insurance Corporation....
...Globally, insurance companies manage assets of about $44tn, according to the International Association of Insurance Supervisors....
...Higher rates wiped almost $7bn from the company’s “embedded value” last year. Embedded value is a key metric in insurance. It is also controversial....
...of America....
...At the end of last year, almost 96 per cent were not covered by the FDIC insurance policy which guarantees deposits up to $250,000. At Bank of America, this figure was around 38 per cent....
...The four biggest US banks — JPMorgan, Citigroup, Wells Fargo and Bank of America — lost $52.4bn of market value in Thursday trading....
...But Merrill unravelled during the 2008 financial crisis and was forcibly merged into Bank of America....
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...Data compiled by NAIC shows CLO holdings of insurers have surged to more than $200bn, though that figure represents only about 3 per cent of the aggregate investment portfolio of the companies in the insurance...
...the potential monopoly power of some of the biggest tech companies....
...“The EU is implementing Basel III in a way that these requirements apply to all banks — that provides an additional layer of safety in the prudential regulation of EU banks,” said Dombrovskis....
...By comparison, Bank of America has estimated that around 38 per cent of its $1.9tn in deposits were not covered by FDIC insurance....
...“Not a single one of the clients who are in these funds would pay these rates for any other type of insurance, certainly not term [life] insurance,” she points out....
...The company, which provides life insurance in mainland China, has retreated 14 per cent since the start of the year....
...America’s five largest banks, including JPMorgan and Bank of America, would also not be buyers, these people said....
...The failure of one of Drexel’s biggest clients, the Executive Life Insurance Company, destroyed the retirement incomes of thousands of Americans....
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...insurance executive, speaking on condition of anonymity....
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