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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)....
...SELL: Asos (ASC) The journey to a leaner and more agile business could be a long one, writes Jennifer Johnson....
...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....
...But it added that the vehicles should only be available to institutions such as investment firms, credit institutions, pensions funds and insurance companies....
...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....
...The wall of buying has Beijing’s fingerprints all over it as Central Huijin, an investment arm of China’s sovereign wealth fund, joined a raft of state-owned insurance companies and asset managers in buying...
...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....
...The increase was mostly due to higher adjusted pay and benefits, according to the company’s earnings commentary....
...I remember when the Supreme Court was just about to overturn the Roe v Wade abortion ruling in 2022. I spoke to the CEO of a large American business....
...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....
...companies.”...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...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...
...companies....
...Andrew Bailey dishes out tough love to British public Aggregate demand: UK homeowners secure £800bn windfall with house price rise Fiscal policy: Lower public borrowing gives Sunak room to stall national insurance...
...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....
...Hunt also copied Labour’s plan to extend a windfall tax on oil and gas companies. Labour had planned to spend £2bn raised from reforming the non-dom levy on the NHS and school breakfast clubs....
...In other countries, mortgage insurance mitigates the risk premium for high LTV loans. Even after paying for insurance against default, buyers can still save money....
...777 had $9bn to $10bn of assets under management including a “close to $4bn insurance balance sheet”, he said....
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