Banking & Financial Services News

Banking & Financial Services

Allstate announces April 2024 catastrophe losses totaling $494 million

The Allstate Corporation (NYSE: ALL) has disclosed its estimated catastrophe losses for April 2024, amounting to $494 million before tax and $390 million after tax. The losses are said to encompass 11 events, estimated at $491 million, with roughly 80% of the losses attributed to four wind, hail or tornadic events.
Banking & Financial Services

Allstate CEO to present at William Blair Growth Stock Conference

The Allstate Corporation, a leading publicly held personal lines insurer in the United States, has announced that its Chair, President and Chief Executive Officer, Tom Wilson, will be presenting at the William Blair Growth Stock Conference. The conference is scheduled for 8:00 a.m. Central on Wednesday, June 5.

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Banking & Financial Services

Morgan Stanley Baltimore celebrates second annual STEM Robotics Program graduation

Morgan Stanley Baltimore recently celebrated the second annual graduation of its STEM Robotics Program. The event was held at Morgan Stanley’s Thames Street Wharf office in Harbor Point, where middle school students from The Crossroads School showcased the robots they had constructed during the 12-week program, under the guidance of Morgan Stanley employees.

Banking & Financial Services

Gas prices continue slow decline due to weak domestic demand

WASHINGTON, D.C. (May 16, 2024)—The national average for a gallon of gasoline continues its slow decline, falling four cents since last week to $3.60. The main factors driving this decrease are weak domestic demand and oil costs below $80 a barrel.

Banking & Financial Services

Carlyle enters strategic partnership with Sungage Financial for solar loans

Global investment firm Carlyle (NASDAQ: CG) has announced a $450 million forward flow agreement to purchase newly issued residential solar loans from Sungage Financial, a leading provider of solar financing. Alongside this, Carlyle has made a strategic investment into Sungage Financial. This partnership is expected to enhance Sungage Financial's origination capacity and drive future growth.

Banking & Financial Services

Staffing shortages increase road risks for company drivers: Nationwide research

Nationwide research reveals that company drivers are facing escalating distractions and safety risks on the road, a situation worsened by staffing shortages leading to extended hours of driving and diminished focus on safety.

Banking & Financial Services

CEO Harvey Schwartz to present at Bernstein's annual strategic decisions conference

Carlyle (NASDAQ: CG) announced today that its Chief Executive Officer, Harvey Schwartz, is scheduled to present at Bernstein’s 40th Annual Strategic Decisions Conference. The event will take place in New York on Thursday, May 30, 2024, at approximately 9:00 AM EDT.

Banking & Financial Services

Morgan Stanley declares dividends on preferred stock

Morgan Stanley has announced the declaration of regular dividends on the outstanding shares of various preferred stock issues. The declared dividends are as follows:

Banking & Financial Services

Morgan Stanley sells four warehouses near U.S.-Mexico border for $178 million

Morgan Stanley Investment Management, via investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced the sale of a portfolio of four fully leased industrial properties. The properties, two in El Paso and two in Laredo, Texas, were sold for $178 million to two distinct institutional investors. The warehouses, totaling over 1.2 million square feet, are located within 10 miles of the United States’ border with Mexico which is currently experiencing a significant increase in manufacturing.

Banking & Financial Services

Allstate Corporation announces $0.92 quarterly dividend per share

NORTHBROOK, Ill., May 14, 2024 – The Allstate Corporation (NYSE: ALL) announced today that its board of directors has approved a quarterly dividend of $0.92 on each outstanding share of the corporation’s common stock. This dividend will be payable in cash on July 1, 2024, to stockholders of record at the close of business on May 31, 2024.

Banking & Financial Services

US P/C industry sees improved underwriting performance in 2023: Triple-I/Milliman report

The U.S. property/casualty industry experienced its second consecutive year of underwriting losses in 2023, with a net combined ratio of 101.6. Despite an improvement compared to 2022, personal lines remained the primary contributor to unprofitability in 2023. The latest industry underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman anticipate that premium growth will further enhance underwriting results in 2024, forecasting a net combined ratio of 100.2 for the P/C industry.

Banking & Financial Services

Carlyle Global Credit to provide financing for Big Bus Tours expansion

Global investment firm Carlyle (NASDAQ: CG) has announced that its Global Credit platform will provide a comprehensive financing package to support the growth of Big Bus Tours, the leading global provider of hop-on hop-off sightseeing bus tours. With over 5 million customers annually, Big Bus Tours is the world's largest operator of open-top sightseeing bus tours with operations across Europe, North America, the Middle East and Asia Pacific.

Banking & Financial Services

AAA projects record-breaking travel numbers for Memorial Day weekend

AAA anticipates that approximately 43.8 million travelers will journey 50 miles or more from home over the Memorial Day holiday period. This year's total number of travelers marks a 4% increase from last year and is close to matching the record set in 2005 with 44 million Memorial Day travelers.

Banking & Financial Services

Triple-I: US P/C Replacement Costs to Outpace Inflation by 2026

U.S. property/casualty replacement costs are currently rising at a slower rate than overall inflation and this trend is expected to persist for the next two years, according to the Insurance Information Institute’s (Triple-I) latest Insurance Economics Outlook. Despite this slowdown in cost increases, it is unlikely to ease upward pressures on insurance premiums, particularly in light of deteriorating underwriting trends and multi-year replacement cost increases. However, it may provide some short-term relief for carriers before surpassing overall inflation again by 2026.

Banking & Financial Services

Minor drop in gas prices ahead of Memorial Day: AAA report

WASHINGTON, D.C. (May 9, 2024)—In the past week, gas prices have seen a minor decrease, with the national average falling by three cents to $3.64 since last Thursday. This slight dip in prices is attributed to lukewarm domestic demand ahead of Memorial Day and oil costs remaining below $80 a barrel.


Banking & Financial Services

Florida's Property Insurance Market Sees Improvement Following Legislative Reforms

The Insurance Information Institute (Triple-I) reports that Florida’s property insurance market is experiencing improvements, attributed to legislative reforms that address legal system abuse and fraud. The reforms, established in 2022 and 2023, have paved the way for stability in the market as the 2024 Atlantic hurricane season approaches.

Banking & Financial Services

Headline: Carlyle invests $180 million in Zippy Shell for strategic growth and debt refinancing

Global investment firm Carlyle (NASDAQ: CG) has invested $180 million in Zippy Shell, providing transitional capital to the US moving and storage company. The investment, in the form of preferred equity, aims to refinance existing debt and fund strategic growth initiatives, including network and fleet expansion and real estate acquisitions. This move is supported by a new first lien debt facility led by JP Morgan.

Banking & Financial Services

Morgan Stanley Private Credit Leads Strategic Growth Capital Investment In Guardian Dentistry Partners

Morgan Stanley Private Credit (“MSPC”) and Prudential Private Capital have jointly led a growth capital investment into Guardian Dentistry Partners (“GDP”), a dental partnership network that aims to provide support services and growth opportunities for its dentist partners. Ashwin Krishnan, Managing Director and Co-Head of North America Private Credit at Morgan Stanley Private Credit, stated, “Working with ownership and management, we were able to deliver a structured solution combining both debt and equity securities, helping Guardian achieve its near-term financial and...

Banking & Financial Services

Nationwide’s Term Life Website Receives DALBAR Top Recognition for Fourth Consecutive Year

Nationwide’s Term Life website has once again secured top honors for the best customer experience, receiving recognition from DALBAR for the fourth consecutive year. The website was also one of only two companies to earn the prestigious DALBAR Communications Seal of Excellence designation.Holly Snyder, president of Nationwide’s Life Insurance business, expressed the company's dedication to customer satisfaction, stating, "We strive to deliver an extraordinary customer experience and we’re excited to earn DALBAR’s “excellent” designation for four years in a row. This shows...