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...Supporters of mutuality are excited by the platform that the Nationwide/Virgin Money deal in particular will bring....
...The chief executive of Aon, one of the world’s largest insurance brokers, has called for better modelling of climate risks, saying conditions in the property insurance market were “stressed” after a surge...
...Lloyd’s of London has attracted its biggest syndicate backed by individuals, or “Names”, since the early 1990s, as the insurance market looks to rebuild a base among private investors after its best performance...
...This part of the insurance industry has been hit by four consecutive years of outsized losses from extreme weather....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...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....
...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....
...While recognising the hurdles, people familiar with Nationwide’s approach say that its mutual status affords it greater time to pull off the integration than if it were a listed company beholden to shareholders...
...The mutual will pay 220p per share for the challenger bank, in a combination that the companies say will create the second-largest provider of mortgages and savings in the UK....
...Dozens of violent gangs have thrived in the absence of political leaders, and are estimated to control about 80 per cent of the capital Port-au-Prince, with more than 360,000 people displaced nationwide,...
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...Insurance companies have lifted prices drastically in the past couple of years after spiralling inflation in their claims costs — as items such as car parts and second-hand cars became much more expensive...
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...The rising cost of home insurance and motor insurance has exacerbated cost-of-living pressures on households....
...A number of listed UK companies seem priced for a quick sale. On Thursday, Britain’s largest private building society Nationwide announced it had provisionally agreed a takeover of Virgin Money....
...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....
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...The figures from Nationwide — which put the average cost of a property at £261,142 — were worse than expected....
...Analysts at Bank of America said the deal should not worsen the outlook for capital returns at Aviva....
...Separately, Bank of America has named Simon Ives as chair of Emea corporate and investment banking. He was previously chair of Emea healthcare investment banking....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...Instead, they said consumer spending remained strong, and much of the drop in lending came from large companies, which have used their excess cash, or better markets, to pay down debt....
...Jake Stott, founder of Manchester-based broker Mondo Mortgages, said the increase in the Nationwide data “highlights the optimism that is emerging after a turbulent 2023”....
...The company set a new target to generate £2bn of operating profit by 2026, and new guidance that the cash cost of its dividend should grow by a mid-single-digit percentage....
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