Reinsurance News
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 affirms CCR Re ratings following acquisition
6th July 2023
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CCR Re. The ratings have been removed from under review with developing implications following the completion of the sale of a ... Read the full article
Velocity Risk accelerates MGA-carrier hybrid strategy, secures AM Best A- Rating
5th July 2023
Velocity HoldCo., LLC, the holding company for Velocity Risk Underwriters, and Velocity Claims LLC, is expanding its business to now include a rated E&S insurance carrier in all 50 US states. The new carrier, Velocity Specialty, which is led by Phil Bowie and Jake Rothfuss, along with majority shareholder Oaktree Capital ... Read the full article
US health insurers achieve solid financial growth amid post-pandemic rebound: AM Best
30th June 2023
Publicly traded health insurance companies in the United States have shown commendable financial performance in the post-pandemic era, with a 9% increase in net income to $40 billion in 2022, despite healthcare utilisation surpassing pre-pandemic levels, according to a recent report by AM Best. AM Best's report highlights that improved pre-tax ... Read the full article
Latin America’s insurance market stable but inflation clouds outlook: AM Best
29th June 2023
Despite contending with economic headwinds and the related challenges, Latin America’s insurance market remains sound with premium levels nearing those last seen in 2019, credit rating agency AM Best stated in a new report. The Best’s Special Report, “Tighter Financial Conditions, Political Polarization, and Stubborn Inflation Cloud Latin America’s Economic Outlook,” ... Read the full article
AM Best maintains stable outlook on South Korea’s non-life insurance segment
27th June 2023
Global ratings agency AM Best has announced that it is maintaining its stable outlook on South Korea’s non-life insurance segment, due to improved performance of the long-term insurance line of business and greater stability in auto profitability. In a new Best report, the agency states that long-term insurance - the largest ... Read the full article
AM Best recognizes Accredited as an Independent Rating Unit, maintains A- Financial Rating
27th June 2023
Global non-life specialty insurer R&Q Insurance Holdings Ltd. has announced that AM Best has recognized Accredited as an independent ratings unit, distinct from R&Q. AM Best has maintained the Financial Strength Rating of A- (Excellent) of Accredited Specialty Insurance Company (ASI), Accredited Surety and Casualty Company, Inc. (ASC) and Accredited Insurance ... Read the full article
AM Best maintains Negative outlook for French non-life insurance amidst stagnant growth
23rd June 2023
AM Best is maintaining a Negative outlook for the French non-life insurance segment due to stagnant top line growth, increasing inflation and interest rates impacting profitability, and higher costs and volatility associated with natural catastrophes. The French non-life insurance segment is facing a challenging environment with stagnant or contracting premium levels ... Read the full article
Asian Re’s outlook revised to positive by AM Best
19th June 2023
AM Best has revised Asian Reinsurance Corporation's (Asian Re) outlooks to positive from stable, affirming its Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of "bbb-" (Good), reflecting the company's strong balance sheet strength, marginal operating performance, limited business profile, and appropriate enterprise risk management. AM Best's assessment ... Read the full article
US P&C industry sees $8.2bn net underwriting loss in Q1: AM Best
16th June 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&C industry deteriorated by 6.1 percentage points to 102.0 in Q123, compared to ... Read the full article
AI & Deep fakes becoming the latest surge behind phishing scams: AM Best
14th June 2023
Artificial intelligence (AI) technology and deep fakes are becoming the latest surge behind phishing scams, as they are creating new opportunities for criminals. A combination of voices and writing styles are being mimicked to look as if calls, messages and emails are coming through from a familiar source, therefore making it ... Read the full article
U.S. cyber insurance growth continued in 2022 with direct premium up 50%
13th June 2023
According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article
Ross Buchmueller to leave PURE, Leitch to take over as CEO
7th June 2023
Privilege Underwriters, Inc. and the affiliated companies of the PURE Group of Insurance Companies have announced that Ross Buchmueller, founder and Chief Executive Officer (CEO) of PURE, will be leaving the company at the end of 2023 after 18 years with the firm. Martin Leitch, the Co-President and Chief Underwriting Officer ... Read the full article
Somerset Reinsurance Company earns Excellent ratings from AM Best
2nd June 2023
Somerset Reinsurance Company (SRC), a subsidiary of Somerset Reinsurance Ltd (Somerset Re Ltd.) based in Bermuda, has been assigned an impressive Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) by AM Best. These ratings come with a stable outlook, indicating confidence ... Read the full article
AM Best upgrades credit ratings of Convex Group Limited’s subsidiaries
31st May 2023
AM Best has upgraded the Financial Strength Ratings to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of the Convex Group Limited subsidiaries Convex Re Limited (CRL), Convex Insurance UK Limited (CIL), Convex Europe S.A. (CES) and Convex Guernsey Limited (CGU). The ... Read the full article
AM Best revises outlooks to positive for Athene
26th May 2023
AM Best revises the outlooks to positive from stable for Athene Holding Ltd. and its subsidiaries, a move that reflects the company’s continuing trend of improvement according to the rating agency. At the same time, AM Best affirmed Athene’s Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit ... Read the full article
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