Hints and tips:
...New York-listed insurer Assured Guaranty had more than $12bn of exposure to UK water companies at the end of 2023, with more than $2bn to Thames Water alone....
...Assured Guaranty typically works with lenders financing US municipal government-backed infrastructure projects, providing insurance which pays out to debt investors if a borrower defaults....
...Global stock market concentration is at its highest level in decades, increasing risk for passive investors....
...Essential comment before you go John Gapper Potential investors in Dr Martens’ IPO were this week promised that the “canvas for rebellious self-expression across generations” has plenty of room to grow....
...United Airlines shares climbed over 16 per cent, Delta Air Lines increased 14 per cent and Southwest Airlines rose 5 per cent....
...He was most recently a director at Fujitsu Ltd. Current Inchcape boss Stefan Bomhard is off to Imperial Brands, where he is set to be the new CEO....
...The government and regulators sought to damp rapid growth in the sector in the middle years of the decade, as they surmised that landlord investors were more likely to sell up quickly in any housing crisis...
...The main sponsor is Equitix, an infrastructure investor, while Durham has a 15 per cent stake....
...Late on Tuesday, the CSRC also approved the launch of six closed-end Chinese mutual funds to act as “strategic investors” in CDRs....
...Last year, an investment group led by former Blackstone executive Chinh Chu acquired Fidelity and Guaranty Life, another fixed annuities business, in a transaction that will see Blackstone manage FGL’s assets...
...So-called “monoline insurers” guarantee to pay investors back in full were the issuer to default....
...Investment cut victims Project Bonga Southwest (delayed) Company Shell Location Nigeria Shell’s plan to develop its Bonga oilfield in deep water off Nigeria has been delayed several times since 2015....
...After more than a year of talks, Fidelity Guaranty & Life has terminated Chinese insurer Anbang’s $1.6bn merger agreement....
...It has been linked with a possible purchase of the US insurer Fidelity & Guaranty Life, and is also seeking to take on risks from pension plans in the US....
...Now Arch is expanding into the mortgage business with an agreement this month to buy United Guaranty Corp (UGC) from AIG, a $3.4bn deal that will make the Bermuda-based group the biggest private mortgage...
...Questions from a US regulator have prompted Anbang Insurance to drop an application for approval of its $1.57bn buyout of Fidelity & Guaranty Life, the latest regulatory hurdle faced by the Chinese company...
...Meanwhile, Anbang’s $1.57bn offer for life insurer Fidelity & Guaranty Life is still pending approval from regulators in the US states of Iowa and New York, as well as from the CIRC....
...With the management clear-out came accusations of a culture clash, with Vivat’s new Chinese investors painted as overly controlling and demanding....
...The fourth-biggest operator — Southwest Airlines — dominates the low-cost point-to-point market....
...After a fierce, weeks-long bidding war between Marriott International and an investor consortium led by Anbang, the Chinese company called off the deal on Friday....
...Receive too many claims and the scheme may run out of money, as seems to be happening to its US equivalent, the Pensions Benefit Guaranty Corporation....
...The agreement between Puerto Rico Electric Power Authority, known as Prepa, and a group of municipal bond investors, hedge funds, fuel line lenders and the commonwealth’s de facto finance authority clinches...
...A deal, which would be the largest restructuring in the $3.6tn muni market, has not yet been clinched as monoline insurers — including Assured Guaranty, National Public Finance Guarantee and Syncora Guarantee...
...Since 2014, Anbang has outbid competitors to snap up the Waldorf Astoria hotel, a US landmark, for $1.95bn; paid $1.6bn for US insurer Fidelity and Guaranty Life; $1bn for a controlling stake in Korean insurer...
...Doing so lowers the interest rate and can also help to attract a wider investor base. For the insurers it can be good business....
International Edition