Banking & Financial Services News on Business Daily

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.

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.

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.

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

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.

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.

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.

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.

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.

The economic uncertainty and inflation of recent years continue to impact investors as they plan for retirement. According to a new survey by Nationwide, most investors' 'magic number,' or the specific savings target they believe necessary for retirement, ranges between $1 million and $2 million. However, the feasibility of this goal is under scrutiny.

Steve Dalessandro, a Michigan-based insurance agent, found himself on one of football's biggest stages recently. Dalessandro, who founded Dalessandro Insurance Inc. in 1995, was invited to attend the 2024 NFL Draft weekend in Detroit as a guest of Nationwide, an official sponsor of the National Football League since 2014. As part of that experience, he was offered the chance to announce an official team selection during Round 6.

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.

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.

Nationwide’s health and well-being program receives honors

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.

In a year when more Americans will turn 65 in the United States than at any point in history, one-third of current retirees aged 60-65 are considering returning to work, with half citing the fear of running out of money as their top reason for doing so, according to a recent study from the Nationwide Retirement Institute®. This represents a significant retirement crisis, according to leaders participating in a panel discussion at the Milken Global Conference. The panel discussed how the financial industry can collaborate to address the challenges facing American retirees and...

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.

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...

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...

Reid from New York shared the story of his cat Giles, who had a mishap under a sofa bed, saying, “Something has happened, and we're really sorry, but [Giles] got trapped under the couch.” Fortunately, Giles received the necessary care and Reid mentioned, “He did need some stitches … but he was the model patient.”Kaitlyn, who is a colleague of Reid, mentioned that their workplace offered Nationwide pet insurance as a voluntary benefit. This decision was made after a costly visit to the vet, and Kaitlyn stated, “Their Nationwide pet insurance plan covered Giles’s sofa bed...