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...Further reading: — What’s going on with US car insurance? — Unhedged episode on auto insurance — Allstate is a BBB credit now — The insurance storm continues — Car insurance! Again!...
...If a combined ratio is above 100, that means a company’s insurance business is unprofitable, or it’s paying out more in claims and operating expenses than it is earning in premiums....
...Fitch downgraded Allstate’s holding-company credit to BBB+ from A- earlier this year, citing “sharp underwriting result deterioration”....
...KKR last month told investors that lending to high-rated companies was part of a $40tn opportunity amid a “structural shift away from the traditional commercial banking model.”...
...Barclays operates a partnership model in the US market, running co-branded credit cards for 20 companies including The Gap, JetBlue Airways and the AARP....
...a number of large companies moved their listings away from the UK....
...Auto-insurance losses were part of the reason Fitch Ratings downgraded Allstate’s credit to BBB from A- this week, as auto-policy underwriting is the insurer’s biggest line of business by premiums collected...
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Key economic and company reports Here is a more complete list of what to expect in terms of company reports and economic data this week....
...This is roughly comparable to average default rates observed in companies that receive a B credit rating from S&P (3.4 per cent) and a B3 from Moody’s (4 per cent)....
...California last month struck a deal with insurance companies to continue writing policies for property in disaster-prone areas, after big US names such as State Farm and Allstate stopped issuing any new...
...Media will be a strong theme here with results from Fox, News Corp, Disney, Thomson Reuters and The New York Times Company....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...Those with the most exposure to home insurance have suffered more. Shares in Allstate, the country’s second-biggest home insurer by premium volume, have fallen by a fifth....
...It produced 1.16mn b/d in the US in the quarter versus 895,000 b/d previously, boosted in part by its acquisition of PDC Energy....
...Insurance brokers secure insurance for their clients, taking a fee or commission in the process....
...Our research into the $15tn homeowners’ insurance market finds this phenomenon is a result of state-level price regulation, a pervasive feature of the market....
...In a recession, funding dries up and you don’t have any FDIC insurance, which causes people to run to the banks with their deposits....
...Wood Mackenzie forecasts peak production of 1.5mn b/d of production by 2033 — more than that of many Opec countries....
...It has also begun to manage the debt portfolios for large insurance companies, including AIG and Allstate....
...At full capacity, the refinery will process 650,000 b/d, which could transform the country into a net exporter of refined fuels....
...Gaps in coverage are already emerging: US companies State Farm and Allstate have stopped accepting new home insurance policies in California thanks to the state’s wildfire risk....
...That’s a big reason that State Farm, one of the country’s largest insurance companies, announced late last month that it would stop selling coverage to California homeowners — not just those in wildfire...
...The investment managers that form the layer in between get their capital from insurance companies, sovereign wealth funds, pension funds and so forth....
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