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...Case also highlighted artificial intelligence as a “very, very substantial” future risk for global business, as well as an opportunity for companies to innovate....
...Fast-growing private capital managers such as Apollo have in recent years pushed aggressively to create higher earning assets for insurance companies....
...Brindle’s partnership underwrites risks for New York-listed Fidelis Insurance, which floated last year and has a $2bn market value....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...Government bonds might be swapped out for other private credit assets as the reinsurer attempts to generate yield, for example....
...In recent months, Bermuda-based insurers Hamilton and Fidelis have opted for New York IPOs....
...Additional reporting by James Fontanella-Khan and Harriet Clarfelt in New York...
...Lemonade, whose shares have fallen more than 70 per cent since its first day of trading in New York in 2020, provides a range of insurance including for homes, pets and cars to customers in the US and Europe...
...Insurance prices are surging as companies look to repair their margins after years of significant losses from severe weather to insured properties, exacerbated by inflation in rebuild costs....
...“We are not going to comment on this matter save as to say that the [secretary of state] has taken such action without as much as requesting a meeting with the companies,” the company said....
...A string of big home insurers have halted new business in California, for example, in response to a surge in extreme weather losses....
...Global reinsurers have little exposure to lower intensity storms. But these severe convective storms (or SCS) are bad news for buyers of home insurance....
...The institution, a marketplace where more than 50 insurers and reinsurers agree to underwrite risks for businesses, reported a combined ratio — a closely tracked measure of claims and expenses as a proportion...
...The reinsurer served as the “primary balance sheet” for 777’s asset management strategy, according to a 2021 investor document seen by the FT....
...On Monday, the company announced it was buying Lloyd’s insurer Probitas for £242mn....
...But there was a “still a little bit of a supply-demand imbalance” for reinsurance, he added, as new entrants to the sector have been slower than after previous price corrections....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...As insurance companies recover from recent losses, and inflation falls, there should be scope for more competitive pricing....
...The reinsurer was at the heart of 777’s “insurance funding model”, according to 2021 pitch documents that said 777 Re sat between third party insurers and 777 portfolio companies....
...“The risk of something going out of control is extremely high,” said an executive at a big reinsurer. “The insurance industry has a problem in that region for the foreseeable future.”...
...Stonepeak, a New York-based group now managing more than $60bn in assets, was founded by Michael Dorrell and Trent Vichie....
...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 —...
...” for a valid surety in New York....
...A significant factor has been a sharp rise in the cost of property catastrophe reinsurance, or insurance for insurance companies....
..., New York and New Jersey....
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