Banking & Financial Services News on Business Daily

Researchers at the Insurance Information Institute (Triple-I) have determined that home insurance premiums in Florida rose at a much lower rate than originally projected in 2022 and 2023. The significant differences in premium averages reflect the impact of legislative legal system abuse reforms as well as lower levels of inflation in replacement costs. Both factors were not anticipated at the time Triple-I’s estimates were made.

Morgan Stanley Wealth Management (MSWM) announced today a significant addition to its AI @ Morgan Stanley suite of GenAI tools for Financial Advisors (FAs). The new tool, AI @ Morgan Stanley Debrief, powered by OpenAI, generates notes during client meetings and identifies action items with client consent. Post-meeting, it summarizes key points, drafts an email for the Advisor to edit and send, and saves a note into Salesforce.

Investment funds managed by Morgan Stanley Energy Partners announced the closing of the sale of Durango Permian LLC to a subsidiary of Kinetik Holdings Inc. The consideration for the sale includes a combination of cash and equity, along with contingent consideration payable upon the successful commissioning of Durango Permian’s Kings Landing Gas Gathering and Processing Development.

Grand Velas Boutique Hotel Los Cabos in San Jose del Cabo, Mexico, has been awarded the prestigious AAA Five Diamond Designation. This adults-only, all-inclusive resort features views of the Sea of Cortez, 79 suites, a private beach, and an infinity pool. According to AAA, Five Diamond hotels provide luxurious amenities and impeccable service for a unique experience.

Global, 24 June 2024 - Apex Group Ltd. (“Apex”) has announced that global investment firm Carlyle’s Global Credit business (“Carlyle”) and Goldman Sachs Private Credit (“Goldman Sachs”) have jointly committed in excess of $1.1 billion into the global financial services provider. This commitment supports Apex’s sustainable growth strategy, following the successful integration of several previous acquisitions, continued strong organic growth, and technological innovations.

London, UK – 24 June, 2024 – Global investment firm Carlyle (NASDAQ: CG) announced the launch of a new evergreen private equity strategy, Carlyle AlpInvest Private Markets SICAV ("CAPM SICAV" or the "Fund"). This initiative offers investors worldwide, excluding the US, access to a global portfolio of private markets investments through Carlyle's Global Investment Solutions business, AlpInvest.

Paula Twidale, the current Senior Vice President of AAA Travel, will retire at the end of December 2024, concluding a notable 40-year career in the travel industry. Twidale's career began in the airline sector at Boston’s Logan International Airport before she transitioned to tour and leisure travel. She has achieved several milestones, including serving as the first woman board chair of the United States Tour Operators Association and being nominated five times by Travel Agent Magazine as one of the most powerful women in travel.

WASHINGTON, DC (June 20, 2024) – AAA projects that 70.9 million travelers will journey 50 miles or more from home over the Independence Day holiday travel period. For the first time, AAA analyzed the entire July 4th week, including the Saturday before and the Sunday after the holiday. This year’s projected number of travelers for that time period represents a 5% increase compared to 2023 and an 8% increase over 2019.

Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean. The transaction is subject to customary regulatory approvals.

Carlyle Aviation Partners has announced the closure of its fifteenth aircraft portfolio transaction, AASET 2024-1 Trust. The trust issued $428 million in Secured Notes to purchase a portfolio of twelve aircraft, comprising ten narrowbody and two widebody models. This marks the first commercial aircraft asset-backed securitization (ABS) issuance in two years.

With a shared vision and commitment to women’s soccer and the greater Seattle community, Sounders FC Owners and Carlyle have united to usher in a new era for Reign FC. Maya Mendoza-Exstrom has been appointed Chief Business Officer at Reign FC, leading a women-led leadership team after a decade with Sounders FC.

Morgan Stanley Investment Management (MSIM) has announced the completion of converting a fixed income mutual fund into an exchange-traded fund (ETF). This development follows the conversion of two fixed income mutual funds to ETFs in March 2024, expanding MSIM's offering to eight active fixed income ETFs.

WASHINGTON, D.C. (June 13, 2024)—Another week has seen a continued decline in gas prices as the national average for a gallon of gasoline dipped by two cents since last Thursday to $3.46. The primary reasons for this decline are low gasoline demand and increasing supply.

Global investment firm Carlyle (NASDAQ: CG) has announced changes in its leadership within Americas Corporate Private Equity, effective immediately.

The Insurance Information Institute (Triple-I) has reported improvements in personal auto profitability, although these gains may take time to impact premium rates. According to Triple-I's newly published Issues Brief, "Trends and Insights: Personal Auto Insurance Rates," the 2023 net combined ratio for auto insurers was 104.9, a 7.3-point improvement over 2022. Additionally, the net written premium growth for 2023 reached 14.3%, the highest in over 15 years and six points higher than the next-highest during that period.

Research and consulting firm Sedgwick released a report on May 31, which found that attorneys use a tactic called anchoring to win large verdicts. These verdicts are contributing to social inflation, which refers to insurance costs increasing faster than overall economic inflation.

Global investment firm Carlyle (NASDAQ: CG) has announced the appointment of Yoshinori Komiya as Senior Advisor to its Japan advisory team. Mr. Komiya will assist in identifying and assessing new investment opportunities and contribute to value creation within Carlyle’s existing portfolio.

Tokyo, Japan – June 6, 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has agreed to sell 100% of Tokiwa Cosmetics Group (collectively with Tokiwa Corporation and its subsidiaries, “Tokiwa”), a global cosmetics research, development, and manufacturing company, to Nihon Kolmar Holdings (collectively with TOA Inc., its 100% subsidiary, “TOA Group”), Japan’s largest cosmetics ODM/OEM manufacturer. Terms of the transaction were not disclosed.

Morgan Stanley at Work has released its fourth annual State of the Workplace Financial Benefits Study, revealing that employees continue to prioritize retirement planning support and financial guidance as essential workplace benefits. The study highlights that in an uncertain economic climate, employees are reducing their plan contributions while seeking financial advice from workplace resources. Meeting these needs is seen as crucial for attracting and retaining talent.

Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), has announced the acquisition of a 49% stake in Onslow Iron Road Trust (Road Trust). The partnership includes Mineral Resources Limited, which retains a 51% ownership.