Below are press releases from companys with preferred stock and/or baby bonds outstanding–or just news of a general interest.
Brunswick Corporation Declares Quarterly Dividend
OFS Credit Company Provides January 2024 Net Asset Value Update
JPMorgan Chase Declares Preferred Stock Dividends
Office Properties Income Trust Announces Fourth Quarter 2023 Results
MetLife Announces First Quarter 2024 Preferred Stock Dividend Actions
Annaly Capital Management, Inc. Announces Preferred Dividends
Brighthouse Financial Announces Preferred Stock Dividends and Related Depositary Share Distributions
Hercules Capital Reports Fourth Quarter and Full-Year 2023 Financial Results
Air Lease Corporation Announces Fourth Quarter & Fiscal Year 2023 Results
Pyxis Tankers Announces Closing of Modern Dry Bulk Vessel Acquisition & Commercial Update
PartnerRe Ltd. Declares Dividend on Preferred Shares
Allstate Announces January 2024 Catastrophe Losses and Implemented Rates
NuStar Energy L.P. Reports Solid Fourth Quarter and Full-Year 2023 Earnings Results
I suspect more to do with uninsured drivers.
It seems like a lot of people have forgotten how to drive and do stupid things, leading to a huge increase in accidents. I am not surprised that auto insurers are applying for rate increases…
apparently: covid -> brain damage -> bad decisions
I suspect more to do with uninsured drivers.
I hedge car insurance rates by driving an old car with liability only. I realized one day what the Super Duty was costing me in fuel (diesel), maintenance ($150 oil changes), and insurance. Not to mention tying up tens of thousands of dollars on a pile of aluminum sheet metal that mostly sits in the garage because I’m retired.
I like the old car. It reminds me of when I was young and drove old cars. I’m having fun working on it.
Insurers in CA are trying to play hardball with regulators (who have to approve rates) by refusing to issue new policies and cancelling old ones. I suspect our idiot governor will find a creative way to cave in (once the appropriate “campaign contributions” are made).
I still drive my 15 year old pickup. It has been hit twice in the last two years (neither my fault), so I got a new front bumper, grill, fender, running boards and got one whole side repainted. If I could just get someone to hit the other side, it would look like new!
I was afraid they might total it for the last accident. All cosmetic, but over $6K to repair.
Re: “Allstate continues to pursue rate increases as we execute the auto insurance profit improvement plan …” and “…rate increases for Allstate brand auto insurance resulted in a premium impact of 1.4%…” Not with Allstate or an owner of the stock. However, I would be happy to get a 1.4% auto increase.
Beware thin envelopes from your auto insurance carrier. They bring the news of rate hikes. My carrier sent me a friendly letter saying , “and by the way, we have applied for a 25% statewide auto insurance rate hike. We were so nice that we cut our auto rates 10-15% during the pandemic..” so this increase will hurt only half as bad as you feel when you read this.
Fact Check: Partially true. Premiums were flat in 2020. Dropped 11% from 2020 to 2021, 2022 up a little. However, 2023 was up ~20%.
Disclosure:. Generally ok with insurers. I have not yet figured out how to hedge auto insurance. premiums On my avoid list: auto insurance carriers (simply too crazy a business). Florida property insurers. Caveat emptor list: annuity insurers (bad algos, interest rate gyrations, and lately PE pirates.)
JMO. DYODD.
Bear, Our insurance broker advised insurers in the Carolinas have submitted for a 43% rate increase.
#gotinflation?
WOW Alpha that is one heck of an increase. They must really be getting blasted in that area. Would love to see their “Loss Ratios”.
Chuck, It’s an eye-opener for sure. The explanation provided was that the increase would normalize the local rates to the rest of the nation. Of course that meant nothing, so yes, would love to see their loss ratios and reserve levels.
A takeaway I think is that like utes, properly managed insurers have a built in back-door for revenue/profits/solvency/distributions, – so long as they are not undermined via their own malinvestments. CRE comes to mind.