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.
Swiss Re moves above Munich Re as world’s largest reinsurer: AM Best
29th August 2019
Global reinsurer Swiss Re has knocked Munich Re from its position as the world’s largest reinsurer, as measured by year-end gross premiums written (GPW) in 2018, according to AM Best data viewable at our Top 50 Global Reinsurance Groups directory. Munich Re had led the pack every year since ... Read the full article
Reinsurers should embrace the evolution of the market, says A.M. Best
29th August 2019
Dramatic rate hikes and a subsequent hardening reinsurance market following large catastrophe events is a thing of the past, and reinsurers must embrace change and adapt in order to survive in an evolving industry, warns A.M. Best in a new report. The ratings agency states that the traditional reinsurance market cycle ... Read the full article
South Korean re/insurers brace for new accounting & solvency regimes: AM Best
29th August 2019
South Korean re/insurers are preparing for the implementation for new accounting and solvency rules in 2022, which AM Best believes are likely to take a heavy operational toll on the market. The introduction of the International Financial Reporting Standards 17 (IFRS 17) will fundamentally change the accounting view on the valuation ... Read the full article
U.S. life/annuity sector’s total income down slightly in H1 2019: A.M. Best
28th August 2019
Analysis from A.M. Best shows that total income in the U.S. life/annuity industry fell slightly in the first-half of 2019 to $422.4 billion, as a $26 billion decline in other income offset a $24.9 billion increase in premiums and annuity considerations. A.M. Best's analysis is derived from companies' first-half 2019 interim ... Read the full article
US P&C underwriting income declined 9.6% in H1, reports AM Best
27th August 2019
The US property and casualty (P&C) industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, according to a new report from AM Best. The rating agency found that underwriting income was down from $5.3 billion for the same period in 2018, based on companies’ ... Read the full article
Rated captives continue to produce positive underwriting results: A.M. Best
16th August 2019
A.M. Best's universe of rated captives reported a pre-tax profit of roughly $1.1 billion in 2018, and while this represents a decline from the $1.3 billion posted in 2017, the ratings agency holds a favourable view of the sector, which is in part a result of consistent positive underwriting results. In ... Read the full article
AM Best upgrades PartnerRe credit ratings
2nd August 2019
AM Best has upgraded the Financial Strength Rating (FSR) of PartnerRe and its subsidiaries from A (Excellent) to A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) to aa- from a+. AM Best also has upgraded the Long-Term ICR of PartnerRe and its existing Long-Term Issue Credit Ratings (Long-Term IR) from ... Read the full article
Mass shooting attacks expose re/insurance coverage gap: A.M. Best
26th July 2019
The recent increase in mass shooting attacks in the US have highlighted a distinct lack of re/insurance coverage for violent events of this nature, according to A.M. Best. The rating agency noted that insurers have begun to respond to rising demand for active assailant insurance coverage, which carries unique features over ... Read the full article
AM Best reviews GSE mortgage transfers, gauges capital impact on reinsurers
25th July 2019
Rating agency AM Best has reviewed the mortgage risk transfer programs employed by government-sponsored enterprises (GSE), and outlined new criteria to gauge how such transactions affect the net required capital of participating reinsurers. GSEs such as Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency (FHFA) have been transferring mortgage ... Read the full article
Retirement security bills may drive opportunities for life/annuity players: A.M. Best
24th July 2019
The SECURE Act, which is currently with the U.S. Senate after being passed in the U.S. House of Representatives, is expected to create additional market opportunities for the retirement and employee benefits segments of the U.S. life space, according to A.M. Best. The Setting Every Community Up for Retirement Enhancement Act ... Read the full article
Ogden discount falls short, will have little capital impact for insurers: AM Best
22nd July 2019
The result of the UK Government’s first review of the Ogden Discount Rate (Discount Rate) falls short of market expectations and is not expected to have a significant impact on the capital of UK insurers, according to AM Best. The rating agency said the revision of the rate from negative ... Read the full article
Cyber market growth supported by more widely available reinsurance: A.M. Best
11th July 2019
Despite a slowdown on the previous two years, the cyber insurance market continued to expand in 2018, with premium volume exceeding $2 billion for the first time and which is supported by the sector's heavy use of reinsurance, highlights A.M. Best. As the world strives to become truly digital and advanced ... Read the full article
Rising reinsurance costs pose major hurdle for Florida carriers: A.M. Best
4th July 2019
Rising reinsurance costs could pose a major hurdle for carriers in Florida, according to A.M. Best, potentially diminishing earnings and pushing companies into looking at more alternative risk transfer options. The rating agency noted that the cost benefit of doing business in the state has changed considerably in recent years due ... Read the full article
Strained Florida insurance environment stoked by AOB misuse: AM Best
2nd July 2019
A strained insurance environment has been stoked by the influential and commonly misguided use of AOBs in Florida, according to analysts at AM Best. Some contractors have solicited the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. AM Best says that ... Read the full article
Underwriting turnaround helped U.S P&C performance in 2018: A.M. Best
28th June 2019
The U.S property and casualty (P&C) insurance sector experienced a generally favourable 2018, according to A.M. Best, which largely attributed the positive results to a turnaround in underwriting performance. The sector was also boosted by lower losses from catastrophic events and favourable development of prior year loss reverses, the rating agency ... Read the full article
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