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AM Best
Insurance and reinsurance industry news that mentions rating agency AM Best. AM Best is a key rating agency for insurers and reinsurers, with its insurance and reinsurance ratings and analysis closely watched by market participants.
AM Best’s outlook on Canada’s P&C segment remains stable despite C$3.1bn cat losses in 2023
24th October 2024
Global credit ratings agency AM Best is maintaining its stable outlook on Canada's property & casualty (P&C) industry, amid significant challenges from catastrophic events in 2023 and this year. The rating agency noted that the stable outlook was driven by a number of factors, including the sector's solid risk-adjusted capitalisation levels, ... Read the full article
Canada’s economy continues to grow, but challenges still remain, AM Best
23rd October 2024
Canada's economy continues to see notable growth supported by a still favorable labor market, rising asset prices and falling inflation, according to global credit ratings agency AM Best. However, the agency notes that population growth has started to outpace job creation, which has resulted in wage growth slowing and the unemployment ... Read the full article
P/C credit rating downgrades decline, but so do upgrades in H1 2024: AM Best
23rd October 2024
There have been fewer credit rating downgrades in the first half of 2024 compared with the same prior-year period, at the same time upgrades in the US property/casualty insurance segment declined in the same period, AM Best has revealed. Fewer credit rating downgrades in H1 2024 were mainly due to the ... Read the full article
US state residual property markets see policy count double in 5 years, AM Best
22nd October 2024
According to AM Best, US residual property insurance markets have seen a far greater influx of personal lines business that far exceeds its commercial lines counterpart, with much of the new business written in states worst affected by the growing frequency and severity of secondary peril losses. In a new report, ... Read the full article
AM Best revises Greenlight Capital Re outlook to positive
18th October 2024
Global ratings agency AM Best has revised the outlooks for Greenlight Capital Re (GLRE), Ltd. and its subsidiaries from stable to positive, while affirming GLRE’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-.” The outlooks for both Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, were revised from stable ... Read the full article
Slowing US housing market remains a major challenge for title insurers, AM Best
15th October 2024
For the second-straight year, the US title insurance sector witnessed its volume of direct premium written decline, falling 32% to $14.3 billion in 2023, which according to AM Best, reflects housing and macroeconomic trends. It's important to highlight that as mortgage interest rates began to fall in 2020, housing started to ... Read the full article
AM Best upgrades credit ratings of GIC Re, shifts outlook to stable
14th October 2024
Global credit rating agency AM Best has upgraded and revised the credit rating outlooks for Indian public sector reinsurer, General Insurance Corporation of India (GIC Re), to stable from positive. Specifically, AM Best has upgraded the reinsurer's Financial Strength Rating to A- (Excellent) from B++ (Good), and the Long-Term Issuer Credit ... Read the full article
Milton poses significant threat to Florida property market: AM Best
10th October 2024
In a new commentary, AM Best warns that Hurricane Milton poses a significant threat to the Florida-concentrated property insurers that lack diversification. AM Best believes that diversified, large insurers and reinsurers would be able to absorb losses from Hurricane Milton, depending on the intensity, location and magnitude of the hurricane; however, ... Read the full article
AM Best revises Indonesia’s non-life insurance segment to stable
8th October 2024
Global credit rating agency AM Best has confirmed that it has revised the outlook to stable from negative for Indonesia's non-life insurance segment, owing to a number of factors that include solid growth prospects, the potential for compulsory third-party liability (TPL) insurance for motorists, and regulatory changes that are expected ... Read the full article
MENA reinsurers continue to benefit from positive pricing momentum: AM Best
7th October 2024
According to credit rating agency AM Best, reinsurers based in the Middle East and North Africa (MENA) region are continuing to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market. In a new report, AM Best notes that the reinsurance ... Read the full article
AM Best assigns ratings to AVLA Re, company plans to begin reinsuring third-parties
4th October 2024
Ratings agency AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) to AVLA Re Ltd. (AVLA Re) (Bermuda), with the outlook assigned to these ratings being stable. The agency noted that the ratings of AVLA Re reflect its balance sheet strength, ... Read the full article
US insurers face declining income from private equity despite growth in holdings: AM Best
2nd October 2024
US insurers saw a second consecutive year of declining income from their private equity investments, which fell to $7.7 billion in 2023, down from $10.2 billion in 2022, according to AM Best, the credit rating agency. A recent Best’s Special Report highlights that US insurers’ private equity holdings grew by 10.8%, ... Read the full article
Gillard Jr. to succeed Mosher as President of A.M. Best Rating Services
2nd October 2024
Global ratings agency AM Best announced that James A. Gillard Jr. will succeed Matthew C. Mosher as President of A.M. Best Rating Services, Inc. (AMBRS), effective September 30th, 2024. In his new role, he will assume Mosher’s responsibilities of overseeing the life/health, property/casualty, and international rating divisions. Mosher will retire as President ... Read the full article
Strong annuity growth continues as reinsurers shift business offshore to Bermuda: AM Best
27th September 2024
US life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023 driven by strong annuity growth on higher interest rates with an increasingly larger portion headed offshore, an AM Best report has disclosed. Recently, several private equity-owned insurers have started creating offshore reinsurance entities, resulting in ... Read the full article
AM Best outlook on Peru’s insurance market remains stable
25th September 2024
Credit rating agency AM Best has maintained a stable outlook on Peru’s insurance industry despite the growing perception of risk related to political instability in the country. According to the Best's Market Segment Report titled "Market Segment Outlook: Peru Insurance," Peru's insurance industry has been resilient in the face of political ... Read the full article
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