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...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...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...
...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...
...The figures from Nationwide — which put the average cost of a property at £261,142 — were worse than expected....
...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...
...Kevin Shaw, national sales managing director at the property services company Leaders Romans Group, said: “2024 is off to a good start with more properties coming on and more sales happening.”...
...Relative to earnings, house prices in London reached the highest on record in 2016, according to separate data from Nationwide....
...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....
...Continental European commercial property insurance prices rose at the start of the year for the 22nd consecutive quarter, according to an index from broker Marsh....
...UK house prices rose more than expected in January, according to mortgage provider Nationwide, as easing mortgage rates helped to stabilise the property market....
...Third, a repricing of climate risks has led to a sharp rise in the cost of property catastrophe reinsurance — or insurance for insurance companies....
...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....
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...UK house prices fell for the first time in six months in March, according to the lender Halifax, surprising economists and adding to signs of inconsistency in the property market recovery....
...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...
...Reinsurers, including Lloyd’s companies, are expected to bear the brunt....
...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....
...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 property site forecasts that 1.1mn homes will be sold in 2024, up 10 per cent on last year’s total....
...Overall, property insurers paid out £4.9bn to households and businesses last year, with more than half of that to homeowners....
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