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.

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.

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...

ST. JOHNS, Fla., May 3, 2024 – The Insurance Information Institute (Triple-I) is urging individuals in hurricane-prone areas to prepare for what is anticipated to be a busy 2024 Atlantic hurricane season. The season, projected to be "very active," is expected to bring significant challenges, as highlighted by Triple-I CEO Sean Kevelighan during National Hurricane Preparedness Week.Kevelighan emphasized the importance of financial protection and property resilience, stating, "During National Hurricane Preparedness Week, everyone who lives in a hurricane-prone community...

WASHINGTON, D.C. (May 2, 2024)—The national average for a gallon of gas waffled up and down over the past week before settling higher by two cents at $3.67. The slight increase in pump prices happened despite a lull in domestic gasoline demand and falling oil prices.According to Andrew Gross, a spokesperson for AAA, "From a demand perspective, we have entered the pre-Memorial Day funk." Gross also noted, "And the cost of a barrel of oil is nearly $10 less than two weeks ago, as oil prices have fallen into the upper $70s. This may keep pump prices somewhat flat for the...

The Allstate Corporation announced the availability of its first quarter 2024 results on May 1, 2024. According to a Form 8-K filed by the company, the financial results for the quarter ended March 31, 2024, are now public. The company's page at sec.gov and www.allstateinvestors.com provide access to the Form 8-K, earnings release, investor supplement, and press release.In a statement, the company highlighted that interested parties can visit www.allstateinvestors.com to access the materials related to the first quarter results. Additionally, The Allstate Corporation will...

Sydney Al-Lateef, a twelve-year-old with a vibrant personality and a love for performing arts, has been named the 2024 Nicklaus Youth Spirit Award recipient. Despite her youthful age, Sydney has already showcased her talents in poetry and performance on television and radio programs.

New York and Washington, May 1, 2024 – Global investment firm The Carlyle Group Inc. (NASDAQ: CG) released its unaudited financial results for the first quarter ended March 31, 2024. According to Carlyle Chief Executive Officer Harvey M. Schwartz, the first quarter results demonstrate the firm's ongoing positive momentum, highlighted by another record quarter of Fee Related Earnings. Schwartz stated, “This is the outcome of our efforts to invest for growth and drive shareholder value. Carlyle is well-positioned to capitalize on the steadily improving investment environment...

E*TRADE from Morgan Stanley today released the data from its monthly sector rotation study, based on the E*TRADE customer notional net percentage buy/sell behavior for stocks that comprise the S&P 500 sectors.E*TRADE from Morgan Stanley, a provider of financial services to retail customers, shared insights from its latest monthly sector rotation study. The study focuses on analyzing the buy/sell behavior of E*TRADE customers in stocks that make up the S&P 500 sectors.The findings of this study provide valuable information for investors looking to understand market...

Two hotels and four restaurants have recently been added to AAA's prestigious Five Diamonds list. Among them are Emeril’s in New Orleans, Louisiana, Jungsik in New York, New York, Le Hatley Restaurant in North Hatley, Quebec, Canada, Mandarin Oriental Boston in Boston, Massachusetts, Mugen in Honolulu, Hawaii, and Raffles Boston, also located in Boston, Massachusetts.In a statement, AAA highlighted the significance of the Five Diamond designation, stating that they offer "ultimate luxury and leading-edge cuisine." This recognition is reserved for establishments that excel...