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...Canadian insurance group Manulife has announced a C$13bn ($9.6bn) reinsurance deal with KKR’s Global Atlantic, freeing up C$1.2bn of capital that the Toronto-based insurer intends to return to investors...
...Tim Rourke, UK head of P&C pricing, product, claims and underwriting at WTW, said the data suggested “the relentless rise in prices may finally be turning a corner”....
...Higher interest rates along with elevated premiums should be tailwinds for insurers....
...New York-listed insurer Assured Guaranty had more than $12bn of exposure to UK water companies at the end of 2023, with more than $2bn to Thames Water alone....
...Florida has estimated that it could save up to $150mn a year by importing key medicines for treating diabetes, infectious diseases such as HIV and hepatitis C, and mental health conditions....
...One scoop to start: The IMF has urged regulators to bear down on the liquidity risks presented by life insurers linked to private capital groups, warning of potential “contagion” to the wider financial sector...
...All this has taken a toll on insurers’ earnings. The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...Unlike rivals such as Apollo Global and KKR, both of which own large insurers, Blackstone manages assets it acquires on behalf of insurers such as Allstate and AIG....
...And while some pension funds have set targets to reach net zero by 2050, very few (unlike banks and insurers) have clear red lines about investing in companies with oil and gas development plans....
...Tim Rourke, UK Head of P&C pricing, product, claims and underwriting at Willis Towers Watson, said insurers were having to deal with a “cocktail of rising costs”, including rising vehicle theft and long...
...The moves have been more pronounced at the riskiest end of the credit spectrum, with the average spread on “triple C and lower” bonds expanding on Tuesday by its most in a day since March — when banking...
...; b) commercial superfunds; c) folks who reckon that there is a better use of government funds than underwriting wealthier people who get to retire on private defined benefit pensions Furthermore, the existence...
...Flowers, who attempted a rescue of insurer AIG during the 2008 financial crisis, said investors were underestimating the risks resulting from a flood of money into private credit loans and a push by insurers...
...The budget, headlined by a new dental care plan, also aims to push down credit card fees and raise taxes on banks and insurers....
...One group sang to the tune of YMCA, “H-S-B-C, get your money out of H-S-B-C . . . they’re selling greenwashing lies . . . investors complicit up to their eyes”....
...Apple did its best to make a switch to USB-C charging cables sound exciting....
...Other motor insurers have suffered, too....
...Danny Harmer, Aviva’s chief people officer, said the insurer had created a commercial leadership programme to develop a diverse pipeline....
...In May 2022, he helped secure $1.1bn in damages from insurers, contractors, and the building’s security agency over their civil responsibility for the collapse....
....— Higher JGB yields will encourage Japanese insurers/ pension funds to run down their FX-hedged overseas bond holdings (specifically EGBs)....
...Many CLOs have also already hit their limits on the number they can buy of triple C loans — one of the lowest credit ratings the major agencies can assign....
...The C$400bn fund has paused making private investments in China and is shutting its Shanghai office....
...Fast casual chain Chipotle and insurer Prudential report after the market closes....
...Similar low-cost Covid policies offered by Alibaba- and Tencent-backed ZhongAn Online P&C Insurance and midsized Yong An Insurance have also been removed from current product offerings....
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