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...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...
...Munich Re’s main insurance business Ergo provided about €700mn in loans, while Germany’s fourth largest insurance group R+V lent €500mn, more than half of which is not collateralised, according to the documents...
...Royal London, the life insurer which had its own role in the events at LV, earlier this month said it would enter the corporate pensions market, where companies offload their defined benefit pension schemes...
...The syndicate will look to write business across multiple insurance and reinsurance lines, including political violence, marine, aviation and property catastrophe....
...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...the company in as many years....
...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 figures from Nationwide — which put the average cost of a property at £261,142 — were worse than expected....
...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....
...Should companies be punished for handing money back to shareholders? The Department of Justice seems to think so....
...UK house prices rose more than expected in January, according to mortgage provider Nationwide, as easing mortgage rates helped to stabilise the property market....
...The company makes about four-fifths of its sales in the US, where the market is highly competitive....
...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....
...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....
...With no intention to convert to a public listed company, there is no requirement to consult Nationwide’s 3.7mn committed members....
...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....
...Andy Haigh Director of Climate Positive Solutions, Grosvenor Property UK, London W1, UK...
...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 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...
...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 Nationwide house price index provides a timely indicator of the property market, which affects the wider economy via house-related spending....
...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....
...The move will make Sampo the largest pure property and casualty insurer in the Nordic region....
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