As part of its announcement that it had lost more than $1 billion in the third quarter, XL Capital has said that it agreed in principle to enter into a quota share reinsurance treaty with a newly formed reinsurance company. This company will be funded with $500 million to $1 billion of dedicated capital from its parent holding company. Under this agreement, XLCA expects to cede to this company specified portions of its property catastrophe and retrocessional lines of business. The lead investor in this company is expected to be investment funds managed by an alternative asset manager with which XLCA has had a long-standing relationship. XLCA will not be an equity investor in this new company.
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Bluegreen Vacation originated the loans and Fitch expressed confidence in its record of good performance as servicer.
7h ago -
Lendbuzz sells the notes as it juggles mixed performance results from 2023. Originations and revenues saw huge jumps, but so did operating expenses.
April 23 -
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
April 23 -
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22 -
Price guidance was not available on the series 2024-1, the database notes that the series 2024-2 class A notes are expected to price between 63 and 65 basis points over the three-month interpolated yield curve.
April 22 -
But the number of properties whose mortgage is more than 90 days late is at its lowest since 2006, ICE Mortgage Technology said.
April 22