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Insurance Reinsurance

  • NEW YORK, Sept 19- Allstate Corp's Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a government subsidized flood insurance program, calling for a more streamlined system that does not overburden taxpayers. The impact of hurricanes Harvey and Irma, which hit Texas and Florida in recent weeks, has added urgency to the issue.

  • Sept 19- Allstate Corp Chief Executive Officer Tom Wilson on Tuesday called on U.S. lawmakers to overhaul a federal program that subsidizes flood insurance for homeowners, calling it a "bad" system that overburdens taxpayers. Treasury and likely to face billions of dollars in additional costs in the wake of Hurricanes Harvey and Irma, which struck Texas and...

  • Irma, one of the most powerful Atlantic Ocean storms on record, hit several islands in the northern Caribbean before barrelling into Florida's Gulf Coast, causing further destruction. Residential flood loss from Hurricane Irma is expected to be between $25- $38 billion, Corelogic said, adding that the figure included storm surge, inland and flash flooding in...

  • MUMBAI, Sept 19- ICICI Lombard General Insurance Co Ltd's initial public offering to raise 57 billion rupees was nearly three times subscribed on the last day of the sale, underscoring investor enthusiasm in India's booming IPO market. The interest in ICICI Lombard augurs well for SBI Life Insurance Co Ltd's 84 billion rupee IPO, potentially the biggest in...

  • BERLIN/ FRANKFURT, Sept 14- Germany's Munich Re warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma. Irma, one of the most powerful Atlantic Ocean storms on record, ravaged several islands in the northern Caribbean, killing at least 60 people, before barrelling into...

  • MUMBAI, Sept 13- SBI Life Insurance Co will launch next week what will be India's first billion-dollar initial public offering since 2010, paving the way for a record-setting year for IPOs in the country. The shares, that will begin trading Oct. 3 will be sold in a price range of 685- 700 rupees apiece, raising as much as 84 billion rupees for SBI Life's main...

  • *FTSE 100 down 0.2 pct at close. *JD Sports jumps after record first half. The FTSE 100 ended the session 0.2 percent lower at 7,400.69 points after stronger-than-expected inflation figures for August sent the pound to a one-year high against the dollar, weighing on mostly foreign-earning blue-chips.

  • *Sets price range of 685 rupees to 700 rupees a share- sources. MUMBAI, Sept 12- India's SBI Life Insurance Co Ltd will launch an initial public offering next week to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in what will be the country's first billion-dollar IPO in nearly seven years. The country has already seen more than $3 billion in...

  • Florida’s insurance damage

    Paul Newsome, Sandler O’Neill and Partners provides insight to the effect Hurricane Irma could have on insurance companies.

  • *JD Sports jumps after record first half. LONDON, Sept 12- Shares on Britain's major index wilted on Tuesday as housebuilders weighed on benchmark gains and rising inflation boosted the pound. The FTSE 100 erased early gains to trade down 0.2 percent after stronger than expected inflation figures for August sent the pound to a one-month high against the euro,...

  • NEW YORK, Sept 11- Shares of U.S. insurers jumped on Monday, with companies most exposed to Florida posting sharp gains, as loss estimates from Irma were seen as being less severe than feared as it was downgraded to a tropical storm from a hurricane. Insurance stocks have been volatile since late August as investors anticipated significant losses after Hurricane...

  • *Dollar rebounds as Irma, North Korea worries ebb. Treasury debt as demand slipped for safe-haven assets and investors took on more risk after North Korea marked its founding on Saturday without new provocations. Ranked as one of the most powerful hurricanes ever recorded in the Atlantic, Irma hit a wide swath of Florida on Sunday before being downgraded to a...

  • MILAN, Sept 11- European shares closed higher on Monday as insurers benefitted from a drop in the estimated cost of Hurricane Irma and investors breathed a sigh of relief that North Korea celebrated its founding day without a major missile test. Wall Street opened sharply higher, helping Europe during afternoon trading. "Insured losses are now expected to be...

  • NEW YORK, Sept 11- Shares of U.S. and European insurers jumped on Monday, with companies particularly exposed to Florida posting sharp gains, as the losses from powerful storm Irma were seen as being less severe than feared. Shares of Florida insurers Heritage Insurance Holdings Inc, HCI Group Inc and Universal Insurance Holdings Inc all rose about 15 percent,...

  • *Insured losses from Irma seen as high as $40 billion. MONACO, Sept 11- Insured losses in the United States from Hurricane Irma could total $40 billion, according to one risk forecaster, and though that was less than earlier projections, the elite of the insurance world convening in this sunny resort were reluctant to signal relief. AIR Worldwide forecast on Monday...

  • MILAN, Sept 11- European shares rose on Monday, led by insurers as the downgrade of Hurricane Irma in the United States raised the prospect that costs for the industry may be lower than initially feared. Europe's insurance index was the biggest sectoral gainer, up 2 percent and set for its best day in more than four months after the estimated insured loss in the U.S....

  • MONACO, Sept 11- As Hurricane Irma battered Florida, the cream of the insurance world-- gathered under the Mediterranean sun in Monte Carlo-- was assessing the costs of the storm for the global industry. The takeaway so far: Irma and its predecessor Hurricane Harvey, which caused massive flooding in Texas two weeks ago, are likely to take a toll on profits in a sector...

  • MONACO, Sept 10- As Hurricane Irma battered Florida on Sunday, the cream of the insurance world-- gathered under the Mediterranean sun in Monte Carlo-- was assessing the costs of the storm for the global industry. The takeaway so far: Irma and its predecessor Hurricane Harvey, which caused massive flooding in Texas two weeks ago, are likely to take a toll on profits in a...

  • Sept 8- Florida's insurance and reinsurance market is well equipped to handle hurricane losses, but Irma could strain the state's coverage market depending on the extent it makes landfall in Florida, according to rating agencies. Irma, the second major hurricane to approach the United States in two weeks, is expected to make landfall in south Florida on Sunday...

  • MUMBAI, Sept 8- ICICI Lombard General Insurance Co Ltd's initial public offering of shares opening next week aims to raise up to 57 billion rupees, the latest listing in what is expected to be a record-setting year for India. India has already seen $3.2 billion in IPOs this year, according to Thomson Reuters data, and looks set to easily surpass the $4 billion raised...