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...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...
...The growth in casualty insurance is intended to provide a “better balance” to its catastrophe-exposed property policies....
...The US property and casualty insurance industry has suffered through a summer of devastating thunderstorms on the continent....
...At its height, Signa sat atop a sprawling empire of luxury buildings and addresses in Europe and America including New York’s Chrysler Building, London’s Selfridges and Berlin’s KaDeWe....
...But in New York, some of the best properties coming to market are now sitting for months....
...KaDeWe, Germany’s most famous and exclusive department store, filed for administration on Monday, becoming the latest casualty of René Benko’s crumbling property empire....
...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...
...We talked a little bit about these sorts of stocks last week, and we mentioned our first pick, Everest Group, then. Everest is a property casualty reinsurer and primary insurer based in Bermuda....
...The US Treasury secretary Janet Yellen also last week raised concerns over the impact of falling property valuations on the banking system....
...Aareal, which is owned by Advent International and Centerbridge Partners, and its listed German peer Deutsche Pfandbriefbank have been particularly hard-hit by their exposure to US commercial property....
...We show the cohort of banks that meet either criteria in terms of share of bank loans and bank and non-bank loans/ debt....
...The bank originated as the Nippon Credit Bank, which was among the highest-profile casualties of the protracted fallout from the collapse of Japan’s 1980s property bubble....
...Today, however, Oceanwide Plaza remains unfinished and its parent company is out of money....
...The US commercial property market, the largest in the world, has been sliding....
...That helped mitigate any massive losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
...Stacom led the $5.4bn sale of New York’s Peter Cooper Village and Stuyvesant Town in 2006, which included 110 separate buildings and 80 acres of property....
...Bank of America’s chief executive Brian Moynihan said in December that the bank had identified just $5bn in commercial property debt tied to buildings in sectors of the property market in which prices had...
...a series of defaults shook the country’s property sector....
...“It’s one of those only-in-Miami type of things that you’re going to have a condo project branded by a nightclub,” one of the city’s top property lawyers observed....
...Commercial property markets in Germany are so far faring better than the US but America’s pain is likely to spread....
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...During the pandemic there was a steep rise in Yorkville sales, up from 693 in 2019 to 1,099 in 2021, before cooling substantially to 812 in 2022 and 594 last year, according to property analytics company...
...Berkshire Hathaway Energy, which owns the HomesServices of America property broker, was added as a defendant in a lawsuit alleging that estate agents engaged in price-fixing and broke the law when they required...
...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....
...That helped mitigate any huge losses for Berkshire’s all-important property and casualty insurance segment. Profits here jumped....
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