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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 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...
...Leaseholders pay towards insurance policies that cover the whole building, but typically have no control over how that policy is chosen or the level of commission shared with brokers and freeholders....
...Insurance companies lent money to Signa partly because of the regulatory and interest rate environment, according to one person familiar with the situation....
...: appointees of Austrian property tycoon René Benko and his co-shareholders....
...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...
...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....
...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...
...Austin, Texas, which was red hot during the pandemic, is now in the throes of a property market crash, while prices in Albany, Providence and Hartford posted double-digit year-on-year gains....
...The ship’s lead liability insurer, Britannia P&I, said on Thursday it was “working closely with the vessel’s owner and manager and the relevant US authorities as part of the investigation into the casualty...
...Microsoft, which owns Excel, said the company remained a “key technology partner for companies across financial services broadly, and insurance specifically”....
...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...
...A significant factor has been a sharp rise in the cost of property catastrophe reinsurance, or insurance for insurance companies....
...Poste Italiane has excess insurance capital and has hedge protection from interest rate volatility....
...But development in the US’s most densely populated state is heavily concentrated near shores and rivers, putting homes and businesses at risk. That risk is not being factored in to insurance premiums....
...Property insurance rates, a particular source of pressure, were up another 6 per cent, and overall prices grew 2 per cent....
...That helped mitigate any massive losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
...Overall, the group posted a €5.1bn operating profit for the period, up 17 per cent on the same period last year, with profitability improving at its property and casualty division despite losses from European...
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
...The US property and casualty (P&C) industry recorded a $26.5bn net underwriting loss in 2022, says rating agency AM Best....
...As at the end of 2022, US insurers (primarily life insurance companies) held some 20 per cent of all outstanding US commercial mortgage loans, accounting for 9 per cent of the insurance industry’s total...
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