Reinsurance News
A.M. Best news
News featuring rating agency A.M. Best, including the latest reports, rating actions and analysis from the company, as well as news on A.M. Best’s analysis of the reinsurance sector.
Wide variation in impact of IFRS 17 on re/insurers: AM Best
17th May 2023
Analysts at AM Best have reported wide variation in the impact of the transition to IFRS 17 on insurers and reinsurers, with the effects being far more pronounced in the life segment than in non-life. For re/insurers that report under International Financial Reporting Standards (IFRS), the transition to the new accounting ... Read the full article
Medical professional liability insurers face continued volatility: AM Best
12th May 2023
AM Best reports that the US medical professional liability (MPL) insurance segment continues to experience negative returns and an overall decline in policyholders’ surplus due primarily to unrealized losses stemming from volatility in the capital markets. The rating agency notes that the MPL segment incurred an underwriting loss of $261 million ... Read the full article
US premium growth in DUAE market continues: AM Best
28th April 2023
Direct premium flowing through the Delegated Underwriting Authority Enterprises (DUAE) market in the United States continued its significant growth rate in 2022, increasing by 13.8% to $67.6 billion, according to a new report from AM Best. However, data from the rating agency shows these premium sources varying significantly by insurer. Some are ... Read the full article
AM Best turns negative on Selecta (Caribbean)
28th April 2023
AM Best has revised its outlook from stable to negative for Selecta Insurance and Reinsurance Company (Caribbean) Ltd., citing volatility in the company’s historical underwriting results and the ongoing impact of legacy business on performance. At the same time, the rating agency affirmed the company’s Financial Strength Rating of B+ (Good) ... Read the full article
ILS at crossroads as capital supply to remain low: AM Best
23rd March 2023
Analysts at AM Best have warned that the insurance-linked securities (ILS) market finds itself “at a crossroads” following several years of heightened catastrophe losses, and with the supply of capital set to remain low while investors re-assess the class. The rating agency notes that losses stemming from Hurricane Ian, after years ... Read the full article
US P&C industry records $26.5bn underwriting loss for 2022: AM Best
23rd March 2023
The US property and casualty (P&C) industry recorded a net underwriting loss of $26.5 billion in 2022, according to data from AM Best, worsening by $21.5 billion from the previous year. The rating agency’s data was compiled from companies whose 2022 annual statutory statements were received as of March 9th, which ... Read the full article
French re/insurers reassessing nat cat risk after expensive year: AM Best
22nd March 2023
Analysts at AM Best have reported that French insurers and reinsurers are increasingly beginning to reassess their natural catastrophe assumptions following another year of extreme weather in 2022, which included record high temperatures and low rainfall. The experience of 2022 aligns with an ongoing trend towards hotter and drier weather in ... Read the full article
Life/Annuity insurers well-positioned for 2023: AM Best
21st March 2023
Analysts at AM Best have reported that the US Life/Annuity (L/A) insurance segment remains well-positioned to meet challenges in 2023, supported by high levels of risk-based capitalization, strong liquidity profiles, and robust sales in annuity products. Despite this strong position, the rating agency AM Best acknowledged that there was some volatility ... Read the full article
AM Best warns of EMEA re/insurer ratings volatility
21st March 2023
AM Best has warned that the ratings of re/insurers in Europe, the Middle East and Africa (EMEA) have been more sensitive to market events in 2022 than in previous years. In particular, heightened geopolitical tensions, the rise in global inflation, and recessionary pressures have contributed to a difficult insurance and capital ... Read the full article
SVB intervention saved insurers from financial distress, warns AM Best
14th March 2023
Underwriters of directors and officers insurance for startups and venture capitalists, as well as the financial institution insureds supporting them, narrowly avoided financial distress thanks to US Government intervention around the collapse of Silicon Valley Bank, AM Best has warned. The potential for D&O claims for startups in particular would have ... Read the full article
Louisiana reforms only a stopgap against reinsurance issues: AM Best
30th January 2023
Analysts at AM Best have warned that plans to reform Louisiana’s property insurance market are likely to only be only a “short-term stopgap” rather than an effective long-term solution to its ongoing reinsurance issues. Lawmakers have called a special session to commence this week, during which they will consider possible ... Read the full article
RenRe’s Fontana Re units get AM Best ratings
19th December 2022
AM Best has assigned ratings to Fontana Reinsurance and its US counterpart, two subsidiaries of the casualty and specialty venture recently launched by Bermuda reinsurer RenRe. Fontana Re has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent), and ... Read the full article
Allianz maintains position as largest European non-life insurer
14th December 2022
New data from AM Best shows that Germany’s Allianz continues to hold on to its position as the largest European non-life insurer, based on gross premiums written for 2021. Allianz topped the rating agency’s table of the 30 largest insurers, boasting GWP of €60,273 million, up 4.3% from €57,772 million in ... Read the full article
AM Best upgrades China non-life outlook to stable
14th December 2022
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative due to the segment’s improved underwriting performance and better growth prospects as China eases its zero-tolerance COVID-19 policy. The rating agency notes that non-life companies’ net profit increased by 20% year over year ... Read the full article
More insolvencies possible without immediate Florida reforms: AM Best
8th December 2022
Analysts at AM Best have warned ahead of the second special session of Florida lawmakers that further insurer insolvencies are possible if “immediate and substantive” long-term reforms aren’t realised. Governor of Florida, Ron DeSantis, has called the session in order to work with the Legislature to introduce more competition and ... Read the full article
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