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With scientists predicting yet another active year for storms, making your home hurricane resistant has become a more valuable precaution. "Already, we are seeing storms move across the country that can bring additional hazards like tornadoes, flooding and hail," he said. A separate forecast from hurricane researchers at Colorado State University predicts an "extremely active" hurricane season in 2024 due to record-warm tropical and eastern subtropical Atlantic sea surface temperatures. If installing new hurricane windows isn't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.
Persons: Irma, Warren Faidley, Alicia Silverstone, Erik A, Hooks, Phil Klotzbach, Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Getty, Atmospheric Administration, NOAA, Finance, Federal Emergency Management Agency, Hurricanes, Colorado State University, Department of Atmospheric, Fluid Dynamics, Climate, Energy Solutions, Swiss, Massachusetts Institute of Technology, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: Miami , Florida, U.S, windstorms, Florida, In Florida, Alabama, Louisiana, dsireusa.org
In this article Follow your favorite stocks CREATE FREE ACCOUNTRyersonclark | E+ | Getty ImagesMaking your home hurricane resistant can be a significant financial undertaking. In 2024, the national average cost to upgrade an entire house with hurricane windows runs between $1,128 and $10,293, or $100 and $500 per window, including installation, according to This Old House. Hurricane resistance is about preventing 'pressurization'Hurricanes are different and unpredictable storms, said Jeff Ostrowski, a housing analyst at Bankrate. If installing new hurricane windows aren't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.
Persons: Phil Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Massachusetts Institute of Technology, Hurricanes, National Oceanic, Fluid Dynamics, Climate, Energy Solutions, Swiss, Finance, Colorado State University, Department of Atmospheric, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: windstorms, U.S, Florida, In Florida, Alabama, Louisiana, dsireusa.org
Swiss Re names corporate solutions boss Berger as new CEO
  + stars: | 2024-04-03 | by ( ) www.cnbc.com   time to read: +2 min
The corporate logo of Swiss Re, the world's second-largest reinsurer, on the outside of the company offices April 22, 2003 in Munich, Germany. Reinsurance company Swiss Re said on Wednesday it would appoint its corporate solutions boss Andreas Berger as its group chief executive from July, replacing long-serving CEO Christian Mumenthaler. De Vaucleroy said Berger had a convincing track record, underscored by his leadership during the successful turnaround of the company's commercial business insurance arm, corporate solutions. In a research note, Foessmeier said Berger had built an impressive track record at corporate solutions, adding: "Reinsurance is currently the sweet spot in the sector, for Andreas Berger the key will be execution. Rwanda-born Berger, 57, is a German national who joined Swiss Re in March 2019 as CEO of corporate solutions and a member of the group executive committee, the company said.
Persons: Andreas Berger, Christian Mumenthaler, Jacques de Vaucleroy, De Vaucleroy, Berger, Simon Foessmeier, Foessmeier Organizations: Swiss, Swiss Re Locations: Munich, Germany, Rwanda, German
Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.
Persons: Baltimore’s Francis Scott Key, , John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, , Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore
Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.
Persons: Dali, , Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez
Swiss Re targets higher 2024 net income of $3.6 bln
  + stars: | 2023-12-01 | by ( ) www.reuters.com   time to read: +1 min
The logo of insurance company Swiss Re is seen in front of its headquarters in Zurich, Switzerland February 12, 2019. REUTERS/Arnd WIegmann/File Photo Acquire Licensing RightsZURICH, Dec 1 (Reuters) - Swiss Re (SRENH.S) expects to increase its net income to more than $3.6 billion for 2024, the company said on Friday, as it announced new financial targets on its investors day. The world's second biggest reinsurer has previously said it expects net income of more than $3 billion for 2023. The changes come as Swiss Re switches its accounting standard from U.S. GAAP to IFRS, a move that will be effective from 2024. "Swiss Re is well positioned to benefit from the more economic view provided by the IFRS accounting standard, which is reflected in the targets published today."
Persons: Arnd, Christian Mumenthaler, John Revill, Rachel More Organizations: Swiss, REUTERS, Rights, IFRS, Thomson Locations: Zurich, Switzerland, Swiss
AdvertisementAdvertisementThis as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group, which is based in Florida but underwrites policies nationally, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone. Over the past 10 years, insurance premiums have changed dramatically. AdvertisementAdvertisementTake the average house in Aspen: You have $5 million for the house, $3 million for the contents, another $2 million for loss of rents. All these insurance companies have to buy from reinsurance companies and there's only three or four main ones in the world. When you buy a $5 million house or a $10 million house, paying $30,000 or $20,000 a year is not going to make a difference.
Persons: Oscar Seikaly, Seikaly, , that's Organizations: Service, NSI Insurance Locations: Aspen, Florida, California, Colorado, Northern California
The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.
Persons: you’re, , California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, , ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, , Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco
Some stocks that were trading near 52-week highs before the Fed decision could now ride the coattails of the latest interest rate decision and move higher. Boston Scientific's previous 52-week high stood at $54.99 . Meanwhile, credit card giant Mastercard is well within striking range of a new 52-week high, with shares only 1.21% away from the benchmark. Some stocks that were trading near 52-week highs before the Fed decision could now ride the coattails of the latest interest rate decision and move higher. Consensus analyst estimates forecast a 10.4% rally to Arch Capital stock.
Persons: yearend, Jerome Powell, Drew Angerer, Baker Hughes Organizations: Fed, Federal, CNBC, CNBC Pro Stock, Boston Scientific, Boston Scientific's, Boston, Mastercard, Arch Capital, Arch Capital Group, . Federal, Federal Reserve, Washington , D.C, Getty, Capital Group, AIG American International Group, Amphenol, Bunge, Boston Scientific Corp, Design Systems, Everest Group, Emerson Electric Co, HAL Halliburton, ICE, Exchange, Jacobs Solutions, Mckesson, E Corp, Services, Constellation Brands, Targa Resources Corp, Visa Locations: Washington ,
The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - S&P Global has raised its view of the global reinsurance sector to stable from negative, it said on Tuesday, due to higher reinsurance rates and increasing investment income, while rival Moody's kept its outlook for the sector stable. The COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes have put upward pressure on reinsurance rates in recent years. S&P Global said this "resulted in the hardest market in decades" in some lines of business. "Challenges such as elevated natural disasters, increasing cost of capital, financial market volatility, and inflation risk persist," S&P Global added.
Persons: Brendan McDermid, Moody's, Gallagher Re, reinsurers, Laline Carvalho, Neff, Re, Carolyn Cohn, Jason Neely, Alex Richardson, Sharon Singleton Organizations: REUTERS, Global, P Global, P, reinsurer, Thomson Locations: New York City, U.S, California, Florida, Monte Carlo
A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.
Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington
Captain, a startup that aimed to quicken home repairs after natural disasters, is winding down. The Louisville-based company had previously raised $107 million across venture and debt equity. CartaMany early-stage startups such as Captain, which had raised $107 million across equity and debt capital, have struggled to raise new funding as a drought in venture capital spreads through Silicon Valley. Liabilities pile upThe company relies on debt financing to pay contractors upfront for materials, supplies, and labor costs. In his email, Gray said prospective buyers were aware of the outstanding liabilities and the sale price would be used to satisfy those liabilities, "with wages being the most paramount," he said.
Persons: Demetrius Gray, Gray, Captain, Red Swan, Pete Flint, Flint, PATRICK T, FALLON, Talent, Melia Russell, Rob Price Organizations: quicken, Carta, TechCrunch, GGV, fintech, Munich Re, San Francisco Superior Court Locations: The Louisville, Silicon Valley, Carta, Louisville , Kentucky, NFX, CoVenture, Munich, Maui
Up from $48 billion in the same period a year earlier, the losses were the second highest since 2011, spurred by $34 billion in losses tied to the U.S. storms, the highest ever for a six-month period. Globally, severe convective storms, which can include thunder, lightening, heavy rain, strong winds and sudden changes in temperature caused losses of $35 billion, Swiss Re said. "With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses," Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said. "The above‑average losses reaffirm a 5–7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally." During the same period, overall economic losses - which includes damage that is not insured - were $120 billion, down slightly from $123 billion in the prior-year period, but 46% above the 10-year average, Swiss Re said.
Persons: Greenlee Beal, Martin Bertogg, Simon Jessop, Kirsten Donovan Organizations: REUTERS, Global, reinsurer Swiss, Swiss Re, Swiss, Thomson Locations: Texas, San Antonio , Texas, U.S, United States
NEW YORK, July 28 (Reuters) - Two hedge funds have placed bets that bonds issued by life insurance company Lincoln National Corp (LNC.N) will fall or that its default risk will increase, due to their concerns about the company's commercial real estate (CRE) exposure. Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined.
Persons: Ellen Cooper, David Meneret, Lincoln, Fitch, Moody's, Jamie Tucker, Boaz Weinstein, Saba, Tracy Benguigui, Carolina Mandl, Megan Davies, Anna Driver Organizations: YORK, Lincoln National Corp, Saba Capital, Moody's, Reuters, New, CDS, Partners, Citizens Inc, Barclays, LNC, Thomson Locations: CRE, Hill, Lincoln, Saba, New York
Lincoln declined to provide comments on the hedge funds' positions and referred to previous remarks by its management. Fitch Ratings' senior director Jamie Tucker said in an email to Reuters the agency considers Lincoln's CRE exposure modestly below-average compared with the industry, while the quality is materially stronger. In April, Boaz Weinstein, founder of New York-based Saba, said in a post the firm was holding some of Lincoln's credit default swap (CDS), and had already sold some of it. loadingLincoln's CDS spread, a measure of credit risk, is 238 basis points, compared with 323 when Saba disclosed the position, meaning the perceived risk has declined. Among seven listed life insurers tracked by Barclays, Lincoln was the only one which ended the first quarter below its capital target.
Persons: Ellen Cooper, David Meneret, Lincoln, Fitch, Moody's, Jamie Tucker, Boaz Weinstein, Saba, Tracy Benguigui, Carolina Mandl, Megan Davies, Anna Driver Organizations: YORK, Lincoln National Corp, Saba Capital, Moody's, Reuters, New, CDS, Partners, Citizens Inc, Barclays, LNC, Thomson Locations: CRE, Hill, Lincoln, Saba, New York
BERLIN, July 27 (Reuters) - A deadly earthquake in Turkey and Syria as well as tornadoes and hailstorms in the United States contributed to losses covered by insurance of $43 billion in the first half of 2023, Munich Re (MUVGn.DE) said in a report released on Thursday. The figure is slightly lower than the $47 billion in insured losses incurred in the first half of 2022, but higher than the 10-year average of $34 billion, according to Munich Re, the world's largest reinsurer. Including uninsured losses, the figure came to $110 billion in the first half of the year - also significantly above the 10-year average. The earthquake in Turkey and Syria, in which some 58,000 people were killed, was the largest contributor to insured and uninsured losses incurred in the first half of 2023 at $40 billion. A series of severe thunderstorms in the U.S. brought destructive tornadoes and hailstorms that resulted in $35 billion in insured and uninsured losses, according to Munich Re.
Persons: Rauch, Alexander Huebner, Friederike Heine, Rachel More Organizations: Munich Re, El, Thomson Locations: BERLIN, Turkey, Syria, United States, Munich, U.S
NEW YORK, June 20 (Reuters) - Savers Value Village (SVV.N) said on Tuesday it aims to raise up to nearly $320 million for an initial public offering that would value the U.S. thrift store operator at about $2.7 billion. Savers Value Village, owned by private equity firm Ares Management Corp (ARES.N), plans to sell up to 18.8 million shares at $15 to $17 apiece, regulatory filings showed. Based in Bellevue, Washington, Savers Value Village is one of the largest retailers of secondhand clothing, books, toys, shoes and household goods, with 317 stores in the United States and Canada. Revenue totaled $1.44 billion in 2022, up 19% from the prior year, while net income was flat at $84.7 million. Ares Management will retain an 88% stake in Savers Value Village after the IPO.
Persons: Morgan, Jefferies, Goldman Sachs, Chibuike Oguh, Lance Tupper, Richard Chang Organizations: YORK, Energy, Kodiak Gas Services, reinsurer Fidelis Insurance Holdings, Ares Management Corp, Revenue, Management, Canada's, Norges, Investment Management, J.P, UBS, underwriters, New York Stock Exchange, Thomson Locations: Cava, Bellevue , Washington, United States, Canada, Canada's Ontario, New York
Green alliance crisis is more than just a US drama
  + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com   time to read: +4 min
Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.
Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, , Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London
New York CNN —Homeowners insurance is becoming more expensive and, in many places, more difficult to find. The companies also blame limits placed on insurance premiums in some states, including California. Insurance premiums nationwide aren’t up significantly – only 1.6% in the last 12 months according to the Consumer Price Index, the government’s main inflation measure. For instance, in Louisiana, 17% of homeowners insurance policyholders had their policies canceled last year, according to an annual report from Louisiana State University. Meanwhile, more than two-thirds of policyholders said homeowners and flood insurance are more expensive in Louisiana than other states.
Persons: Ian, , Matthew Carletti, “ They’ve, it’s, ” Carletti, Dave Jones, ” Jones, policyholders, Carletti, Frank Frievalt’s, ” Frievalt, Organizations: New, New York CNN — Homeowners, Farm, Allstate, JMP Securities, Consumer, State Farm, State, Louisiana State University, Citizens Property Insurance, UN Locations: New York, Florida, California, California , Florida, Louisiana, Nevada, , California
Much of that is because the season is starting earlier, and tornado alley is expanding due to a warmer climate. Tornadoes need four ingredients to form, explained Ashley: moisture, instability (which provides the energy necessary for the storms), wind shear and lift. When a powerful F-4 tornado plowed through Rolling Fork, Mississippi, in March, residents were largely unprepared. The only one that I can remember is 1971, and the tornado bypassed Rolling Fork. That's precisely why the widening of tornado alley is fast becoming a new focus for insurers.
Persons: Walker Scott Ashley, Ashley, Eldridge Walker, Walker, That's, John Dickson, Dickson, Eric Andersen, Aon Organizations: Climate Central, Northern Illinois University, Tornadoes, Global, U.S ., Farm, Allstate Locations: U.S, Northeast Texas, Oklahoma, Arkansas, Fork , Mississippi, Rolling, Kansas, Mississippi, Aon, California
But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. But in Florida, State Farm has about 7% of the market, according to the Insurance Information Institute, an industry trade group. Just more than half of insurers based in Florida are on the state insurance regulator’s watch list due to their financial health. Homeowners in the state pay private insurers about $6,000 a year, compared to a national average of $1,700. But wind damage to homes and roofs are covered under homeowners’ insurance policies.
Persons: , Mark Friedlander, hasn’t, Friedlander, It’s, Hurricane Ian, Harvey, “ We’ve, shortchanging policyholders, Stephen Cain, , Matthew Carletti, “ They’ve, ” Carletti, There’s Organizations: New, New York CNN — Hurricane, State, Insurance Information Institute, Homeowners, Atlantic, National Oceanic, Atmospheric Administration, Hurricane, NOAA, National Flood Insurance, Insurance, Property Insurance Corp, Citizens Property Insurance Corp, Citizens, Dade, JMP Securities Locations: New York, Florida, South Florida, Miami, Broward, Monroe County, South, Atlantic Coast
A startup using AI to predict climate risks has just raised 13 million euros (around $14 million). A startup using AI to predict climate risk to protect people and assets has just raised 13 million euros (around $14 million) in a round backed by Microsoft. A bevy of voluntary initiatives exist encouraging businesses to report climate risk, while some businesses in Europe must report physical risks associated with climate change. Existing solutions use historical data to predict risk, Mitiga cofounder and CEO Dr. Alejandro Martí told Insider. Mitiga also presents customers with an overall climate risk score and a breakdown of how risks relate to one another.
Climate change drove heat in the city to a record-breaking 48C (118F) in 2016. While traditional insurance can take months to pay, with so-called "parametric" insurance there is no need to prove losses. At annual climate talks in Egypt last year, nonprofits urged richer nations to help finance parametric insurance as a way of compensating victims of worsening weather extremes. At the moment, insurance schemes in the developing world are largely subsidized by nonprofit groups, national governments, or wealthy countries. Insurance payouts allow them to buy things like gloves to protect their hands from scorching hot metal tools, or fans to stay cool and avoid heat exhaustion.
May 13 (Reuters) - Squishmallows joined Warren Buffett's business empire two years after Lady Gaga, Kim Kardashian and others helped make the plush stuffed toys a viral sensation on TikTok. They married in 1993 and embarked on law careers, but Judd Zebersky soon realized that wasn't his destiny. Laura Zebersky, a litigator, sold her practice in 2005 and joined him, becoming Jazwares' president. "This was a brand that needed a lot of love," Judd Zebersky said. "Greg is exactly what we have all learned about the Berkshire model," Laura Zebersky said.
It was the first earnings the Washington, D.C.-based firm reported after former Goldman Sachs Inc (GS.N) executive Harvey Schwartz was named CEO in February. That resulted in after tax distributable earnings per share of 63 cents, which underperformed the average analyst forecast of 69 cents, according to Refinitiv data. Last month, Blackstone Inc (BX.N), the world's largest private-equity firm, reported a 36% drop in first-quarter distributable earnings due to slower asset disposals, primarily in its real estate portfolio. Carlyle said its credit funds appreciated by 3%, while secondaries funds rose 5% and corporate private-equity funds gained 1%. Blackstone had said its corporate private-equity funds had appreciated by 2.8% while liquid credit funds gained 3%.
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