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.
Bermuda, Cayman & Barbados captives outperforming insurers: AM Best
9th December 2021
A new AM Best report shows that, despite the COVID-19 pandemic, Bermuda, Cayman Islands and Barbados (BCIB) captives continue to outperform the U.S. commercial casualty composite on underwriting and operating profitability. The rating agency noted that its BCIB group saw steady net earned premium growth of 11% in 2020, due to ... Read the full article
Allianz $35bn reinsurance deal is net positive: AM Best
7th December 2021
Analysts at AM Best have confirmed that they have a net positive view on the recent deal entered into by Allianz to reinsure a $35 billion fixed index annuity portfolio. Allianz announced the deal with Resolution Life and affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, last week. Following ... Read the full article
European solvency ratios strong despite earnings dip: AM Best
26th November 2021
Analysts at AM Best have reported that regulatory solvency ratios among European insurers and reinsurers still remain strong, despite significantly lower earnings last year. In 2020, premiums for Europe’s 30 largest insurers also fell for the first time in several years, with overall gross written premiums down 0.7% on the figures ... Read the full article
Insurers face challenges in LIBOR transition: AM Best
24th November 2021
A new report by AM Best notes that insurers are facing numerous challenges in the transition period away from the London Interbank Offered Rate (LIBOR), and are continuing to identify LIBOR exposures as key dates approach. The rating agency observed that insurers are weighing their options and cautiously entering instruments and ... Read the full article
AM Best to add ESG section to all Credit Reports
23rd November 2021
Rating agency AM Best has announced the addition of an environmental, social and governance (ESG) section to its Credit Reports under Enterprise Risk Management. With insurance industry stakeholders increasingly seeking information about the impact of these risks, AM Best believes that the addition of an ESG section to its reports will ... Read the full article
9M results show $6bn underwriting loss for US P&C industry: AM Best
22nd November 2021
Increased losses and expenses in the US property and casualty (P&C) industry during the first nine months of 2021 led to a $6.1 billion underwriting loss for the period, according to a new AM Best report. According to the report, the P&C industry recorded 8.2% growth in net earned premiums and ... Read the full article
AM Best assigns ratings to Brookfield’s North End Re
8th November 2021
AM Best has assigned credit ratings to North End Re Ltd. (Bermuda), the newly launched Bermuda-based reinsurance subsidiary of alternative asset management company Brookfield Asset Management Reinsurance Partners Ltd. North End Re was assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent), with ... Read the full article
US insurers must adapt to changing ESG demands: AM Best
2nd November 2021
Six in 10 US insurance companies agree that demand from stakeholders to explicitly consider environmental, social and governance (ESG) factors in their decision-making is growing, according to a new survey by AM Best. Compared with Europe, the US insurance industry is still considered to be in the nascent stages of ESG ... Read the full article
Global minimum tax proposal may create tax issues for certain insurers: AM Best
1st November 2021
A new global minimum tax on certain multinational companies will create the potential for double taxation on insurance companies, according to a new report from rating agency, AM Best. This is given the accounting differences for global insurance companies in different jurisdictions and compared with other industries. An Organization for Economic Cooperation ... Read the full article
New Convex units in Luxembourg & Guernsey get AM Best ratings
27th October 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Convex Europe S.A. (CES) (Luxembourg) and Convex Guernsey Limited (CGU) (Guernsey). Convex received regulatory approval on 15 September 2021 to set up CES, which will enable the group to directly ... Read the full article
Watford Re no longer under review as more de-risking expected
8th October 2021
AM Best has decided to remove Watford Re from under review with negative implications status, as the company is expected to continue to work towards de-risking its investment portfolio. Watford Re was placed under review in May 2020 after reporting a net investment loss of $300 million in the first ... Read the full article
Workers’ comp lines set to feel pandemic impact over long-term: AM Best
7th October 2021
As the line most sensitive to economic cycles, analysts at AM Best expect that workers’ compensation lines will continue to experience the negative impacts of the COVID-19 pandemic acutely over the long-term. The economic downturn caused by the pandemic caused massive unemployment in the US and had a material effect on ... Read the full article
Life/annuity mutual market looks to M&A for scale: AM Best
5th October 2021
Analysts at AM Best have noted increased merger and acquisition (M&A) activity so far in 2021 in the US life/annuity mutual insurance market, which is expected to continue as the industry becomes more competitive and scale becomes more important. The rating agency notes that balance sheets of most life/annuity mutual insurers ... Read the full article
Appetite for US flood risk still limited: AM Best
29th September 2021
A new report from AM Best has highlighted that appetite for flood risk among US insurers is still limited, despite a slow transition towards the private market playing a more prominent role in providing competitive market options for those seeking coverage. The rating agency notes that the federally operated National Flood ... Read the full article
AM Best turns negative on Indonesia non-life market
29th September 2021
AM Best has revised its market segment outlook on Indonesia’s non-life insurance market to negative from stable, citing a weak economy recovery, which could delay its pandemic recovery and impact investment returns. The rating agency notes that a resurgence of the COVID-19 virus and slow vaccination progress have led to a ... Read the full article
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