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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....
...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....
...The US Federal Deposit Insurance Corporation is working on proposals aimed at ensuring asset managers do not seek too much influence over the banks in which they hold large stakes....
...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...
...It is building a facility in Penang, but some US lawmakers already want to restrict American companies from collaborating on RISC-V projects....
...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 are of course other important announcements due this week, not least a steady flow of results, probably best described as a smorgasbord, from retailers and drugmakers to technology companies and insurance...
...But the UK has emerged as an alternative as politicians in Washington probe the company’s ties to Beijing, such as its alleged use of cotton from Xinjiang....
...The order from the appeals court provided a significant reprieve for Trump, who had been rushing to secure the cash for a bond after several insurance companies refused to accept his real estate holdings...
...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....
...When I chaired the FDIC during the financial crisis, we sold the failed the mortgage lender Washington Mutual to JPMorgan. It was our only bidder and was prepared to take over WaMu immediately....
...These companies collectively underwrote about 70 per cent of US homeowners’ premiums, it said. The Treasury’s proposals have highlighted the fragmented nature of US insurance regulation....
...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....
...(Washington Post)...
...Corporate earnings: Italian oil major Eni, Swiss construction chemicals company Sika, insurance group Swiss Re and NatWest announce earnings....
...Many commercial shipping companies have decided to avoid the critical shipping route, opting instead to take the longer journey between Asia and Europe around the Cape of Good Hope....
...Big insurers such as State Farm and Allstate said recently they had suspended offering home insurance to new customers in California....
...They have also garnered the support of Republicans in the House, who called on the heads of the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency...
...They believe they succumbed to the wishes of the Washington bureaucrats after the financial crisis, but they don’t want to give in a second time....
...Take a break from the news V-necks have been verboten for as long as most of us can remember, writes Teo van den Broeke....
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