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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...Grosvenor, the Duke of Westminster’s property company, is launching a £900mn lending business focused on residential development, as real estate investors opt for debt investments over the risk of buying...
...The housing department has applied to a property tribunal for an order to require companies in property tycoon John Christodoulou’s Yianis Group to contribute to fixing safety issues at the Canary Riverside...
...The failure of Signa, a property empire built over the past two decades by its politically connected, billionaire founder Benko, has been the highest-profile casualty of the strains across Europe’s commercial...
...A significant part of the Signa group debt was provided by non-bank financial companies such as Dortmund-based insurer Signal Iduna, a midsized company with 12mn customers, mainly in health and life insurance...
...More than a dozen German insurance companies filed a petition with Vienna’s district court last week, a copy of which was seen by the FT, demanding an end to Signa Prime’s self-administration....
...Vanke, one of China’s leading property developers, said it would cut its debt by $14bn after a nationwide slowdown in the sector hit its sales and saw its profits fall by almost half in 2023....
...The insurer was likely to “receive questions about potentially buying a commercial lines [property and casualty] business at the top of the cycle . . . but the purchase price seems reasonable in this respect...
...Under the terms of the transaction, Nationwide will pay 218p in cash for each share of Virgin Money and a final dividend of 2p, the companies said on Thursday....
...UK house prices rose more than expected in January, according to mortgage provider Nationwide, as easing mortgage rates helped to stabilise the property market....
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...Purchasers with plenty of equity — borrowing no more than 60 per cent of the value of the property — can get a two-year fix with Barclays at 4.53 per cent....
...The deal would also be a rare acquisition of a listed company by a mutual, which is owned by its more than 16mn members who have a current account, mortgage or savings with the company....
...Its property and casualty insurance division weakened, posting an overall underwriting loss reflecting worse conditions for areas such as credit insurance, but its major life and health insurance division...
...The company also faces a threat from the roughly £100mn acquisition of smaller rival property search platform OnTheMarket by the well-funded US property data group CoStar....
...Prices rose 0.7 per cent from January, taking the average property price to £260,420....
...The property site forecasts that 1.1mn homes will be sold in 2024, up 10 per cent on last year’s total....
...Europe’s second-biggest insurer, which cemented its focus on property and casualty insurance with the $15.3bn acquisition of XL in 2018, said it would prioritise dividend growth and annual share buybacks...
...He estimated nationwide revenues from land sales could fall to Rmb2.9tn in 2024, compared with Rmb3.2tn in 2023 and Rmb4trn in 2022....
...Several state banks last year unveiled new credit lines to companies including Country Garden as part of government support for the property market. But Country Garden’s sales kept falling....
...Last week, lender Nationwide reported that house prices rose 0.7 per cent month on month in January. Both Nationwide and Halifax base their house price indices on the mortgages they approve....
...UK house prices rose unexpectedly last month, supported by a lack of properties for sale, according to the mortgage provider Nationwide....
...The flood maps that Fema uses to set premiums for its federally underwritten National Flood Insurance Program — which is how most Americans get flood insurance — are outdated....
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