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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....
...The loans are not just feeding Apollo’s wholly owned insurance operation, Athene....
...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....
...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...
...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....
...“There’s no good tobacco company,” said King, a doctor who began her career on a lung cancer ward....
...The company said the head of its insurance operations, Gilles Dellaert, would lead the combined unit....
...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....
...companies.”...
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...This trend has intensified in recent years with large insurers following suit: for example, Allstate, Chubb and AIG sharply scaled down operations in California citing onerous price regulation....
...In 2011, encouraged by a work colleague and a registered financial adviser, Cornford, then an insurance broker, moved his £96,000 retirement savings pot....
...Shipowners have called for increased military protection to ward off the threat. “You can’t defend yourselves against missiles,” Belsnes said....
...A state-owned energy company called GB Energy will cost a one-off £8.3bn and a £7.3bn “national wealth fund” will be set up to invest in the decarbonisation of heavy industry....
...Kathleen Donnelly KC acted for 555 sub-postmasters in a 2019 High Court case, known as Bates v Post Office, that led to revelations the company had pursued thousands of people between 2000 and 2014 with...
...Terminal V did not respond to a request for comment....
...They could be right, but playing devil’s advocate is always a useful exercise to ward off confirmation bias....
...The tracker “shows that fossil fuels are becoming a ‘sin’ industry”, said Ward Warmerdam from Profundo, adding that it should “spur oil and gas companies to speed up their energy transition efforts with...
...SVB Financial Group, a parent holding company, filed for bankruptcy in March after Silicon Valley Bank became the ward of the FDIC following a $42bn bank run....
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