Banking & Financial Services News on Business Daily

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.

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.

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.

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.

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...