Economic
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US home insurers suffer biggest loss of century in 2023
U.S. home insurers suffered their worst underwriting loss this century in 2023, as a toxic mix of natural disasters, inflation and population growth in at-risk areas put a vital financial market under acute pressure, according to rating agency AM Best. Insurers providing policies to homeowners were hit with a $15.2 billion net underwriting loss last […]
Seven banks share data with UK law enforcement in ‘dirty money’ crackdown
Barclays (BARC.L), opens new tab, NatWest and Lloyds are among seven banks to share customer data with the National Crime Agency (NCA) in the largest project of its kind worldwide to tackle criminal gangs, money laundering and “dirty money” flowing through the country. Reuters revealed one year ago that more than six banks, including NatWest and Lloyds (LLOY.L), […]
NatWest snaps up $3 bln Metro Bank mortgage book, upgrades outlook
NatWest (NWG.L), opens new tab has bought a 2.4 billion pound ($3.09 billion) mortgage book from Metro Bank (MTRO.L), opens new tab and upgraded its performance outlook for the year, boosting its shares even though the British bank’s first-half profit fell 16%. The transaction represents the latest in a slew of consolidation deals this year in Britain’s crowded banking […]
Scotiabank resolves technical issue impacting thousands of its customers
Bank of Nova Scotia (BNS.TO), opens new tab said on Friday that it has resolved a technical issue that impacted thousands of its clients in Canada, with several complaining about missing paychecks and other problems. “We have resolved the technical issue impacting our clients’ inbound payments. Clients will start to see their payments posted to their accounts,” […]
Insurer Mapfre buoyed by US recovery and fewer natural disasters
Spanish insurer Mapfre (MAP.MC), opens new tab said on Friday its first-half net profit jumped thanks to fewer and more benign natural disasters and a turnaround in its car insurance business in the United States. Mapfre said its net profit rose 65% to 494 million euros ($536 million), up from 300 million euros in the same period […]
Insurance broker WTW posts higher Q2 profit on robust product demand
Insurance broker WTW (WTW.O), opens new tab posted a 20% rise in its second-quarter profit on Thursday, helped by a strong performance in its risk and brokerage business. The company also raised the lower end of its forecast range for annual profit. It expects 2024 adjusted earnings per share between $16 and $17 compared with the prior […]
Metro Bank sells residential mortgage portfolio to NatWest for $3 bln
Britain’s Metro Bank (MTRO.L), opens new tab is selling its portfolio of prime residential mortgages to NatWest Group (NWG.L), opens new tab for up to 2.4 billion pounds ($3.1 billion) in cash, it said on Friday. The sale is expected to reduce Metro’s risk-weighted assets by approximately 824 million pounds, leading to an improvement in the British lender’s Common […]
KKR to take edu-tech firm Instructure private for $4.8 billion
KKR & Co (KKR.N), opens new tab will take education software platform Instructure Holdings (INST.N), opens new tab private for $4.8 billion, the private equity firm said on Thursday. The buyout heralds a potential resurgence in private equity activity, following a period of dormancy due to elevated interest rates that had hindered debt financing for leveraged buyouts. The deal […]
NYCB posts bigger loss than expected on exposure to office real estate
New York Community Bancorp (NYCB.N), opens new tab reported second-quarter loss that was worse than Wall Street’s expectations on Thursday, as it set aside more money to cover potential losses from its office and multi-family loan book. Its shares fell 11% as the downbeat results upset the poise that the lender had regained over the last few […]
Lazard swings to profit on investment banking rebound, beats estimates
Lazard (LAZ.N), opens new tab swung to a profit in the second quarter, exceeding analysts’ expectations as dealmaking surged. Wall Street investment banks have benefited from a rebound in activity as corporations carry out mergers or raise money with stock and debt offerings. The recovery comes after rising interest rates weighed on activity for two years. Revenue in Lazard’s […]
