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...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...
...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!...
...Allstate’s holding company just caught its second credit downgrade to BBB+, three tiers above junk, this time from S&P Ratings....
...Climate change means your home insurance premiums are probably going up. So are reinsurers’ returns....
...Read more here. 5) Lloyd’s of London — the world’s oldest insurance market — acquired a reputation for inefficiency, complacency and boorish behaviour....
...Helen Thomas will be back next week. Have a great week, Nathalie ThomasLex writer nathalie.thomas@ft.com...
...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...
...As we’ve covered previously, the US’s auto insurance rates have soared 24 per cent over the past two years (v BLS data)....
...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....
...During the recent annual meeting of China’s rubber-stamp parliament, Yi Gang, former head of the People’s Bank of China, cited the need for an insurance mechanism for presales, which he said would help the...
...Louise Thomas, motoring expert at Confused.com, said that while data suggested “increases could be slowing for now”, drivers should consider adding antitheft features, such as wheel locks, to their car,...
...Activist hedge funds often buy modest stakes in listed companies and then strong-arm their targets into selling themselves at a premium....
...The BBC has agreed to sell the Elstree studio complex that is home to soap opera EastEnders to French insurance company Axa, providing a financial boost of up to £70mn for the cash-strapped broadcaster....
...Chief executive Thomas Buberl told the Financial Times the group would ratchet up sales to businesses with fewer than 1,000 employees, pushing traditional products such as property insurance and specialist...
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...Shares of companies with large auto-insurance businesses — ones that trade without the protection of Warren Buffett’s imprimatur, at least — have started to reflect those issues....
...I worked for some years for a mutual insurance company that is now probably the best capitalised insurer in the UK....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...“While we’re seeing new makes and models on our roads now, these cars typically have more advanced technology or parts,” said Louise Thomas, a motor insurance analyst at Confused.com....
...Allstate, State Farm and AIG have stopped underwriting new homeowners’ policies in California because of the risk of destructive wildfires....
...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....
...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....
...“Having the right insurance is fundamental and should offer people the peace of mind that, when things go wrong, they’re protected,” said Abby Thomas, chief executive and chief ombudsman at the Financial...
...companies.”...
...helen.thomas@ft.com...
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