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Register now for FREE unlimited access to Reuters.com RegisterEven before leaks were found, supplies via Nord Stream 1 had been halted as a result of a dispute over Western sanctions on Russia, while the newly-built Nord Stream 2 pipeline had not started commercial deliveries. An E.ON spokesperson said Nord Stream 1's operating company was responsible for operational issues, including insurance. "Nord Stream AG remains in close contact with relevant authorities about the recent incident. U.S. President Joe Biden has said damage to Nord Stream was a deliberate act of sabotage. If there was any Russian involvement it could also mean the Nord Stream 1 damage being designated as an act of war, something that is typically excluded by insurance policies.

☆ Hurricane Ian Is Latest Blow to Florida’s Struggling Home Insurers
▼ + stars: | 2022-09-28 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Hurricane Ian will be a serious test of Florida’s unusual home-insurance market, where dozens of small to midsize carriers and a state-run insurer of last resort play a leading role in paying claims. These relatively obscure private-sector insurers and the rapidly growing state-run carrier are backed up by reinsurance companies. There is enough coverage available to handle claims, even if Hurricane Ian lands in Tampa, officials said. But insurers could be hurt by a wave of lawsuits driving up their costs, or by another increase in premium rates charged by reinsurers.

☆ Home improvement companies could see increased sales following Hurricane Ian, Wells Fargo says
▼ + stars: | 2022-09-28 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Wells Fargo said Wednesday that retail names exposed to the housing theme could see a "possible uptick in 2H Home Improvement demand." Fadem added that even beyond the possible uptick in sales from the storm, defensive positioning is warranted across hardline retailers. Wells Fargo said that the storm could contribute between 30 and 80 basis points of incremental quarterly comparisons across its home improvement coverage in Florida alone. Wells Fargo noted that the benefits to Floor & Decor Holdings, for example, depends on the extent of water damages. Wells Fargo said that while comparisons can be attractive quarter over quarter or year over year, it doesn't necessarily mean higher margins.

☆ Karn Saroya's Web3 seed startup is creating a version of Lloyds of London for crypto. It was just valued at $100 million.
▼ + stars: | 2022-09-28 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The Web3 reinsurance company Re has raised $14 million from investors such as Tribe Capital. Now he's seeking to apply Web3 tools to make that industry, which is dominated by firms such as Munich Re and Lloyds of London, more accessible. The company participated in Tribe Capital's crypto incubator, Tribe Crypto Labs, and its other investors include Defy, Exor, Stratos, Framework, Morgan Creek Digital, and SiriusPoint. Cover started out as a search tool for insurance policies but then became an insurer in its own right. Like other financial products, such as mortgages and loans, insurance policies can be bundled up and sold as securities.

Tens of thousands of people are scrambling for homeowners insurance in Louisiana at the peak of hurricane season after recent storms drove their carriers out of business. Massive claims from those storms drove large national insurance companies to scale back their coverage and remaining companies to jack up rates. The strategy seemed to work: Rates eventually stabilized, although Louisiana remained one of the most expensive states for homeowners insurance. That pushed the small insurance companies to their financial limits and squeezed reinsurers, who raised their rates. The state insurer’s rolls, which totaled 34,500 in August 2020, ballooned to about 110,000 last week.

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