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 upgrades ratings of FairFax Financial & Allied World
8th May 2023
Global rating agency AM Best has upgraded Long-Term Issuer Credit Rating (Long- Term ICR) to “bbb+” (Good) from “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada). At the same time, Best has also upgraded ... Read the full article
Indonesia’s insurance market struck by domestic reinsurer’s weakened solvency position: AM Best
5th May 2023
According to a new report from AM Best, concerns over the actual and prospective solvency levels at what was recently Indonesia’s largest domestic reinsurer has limited its ability to write new business, and prompted cedants to place coverage elsewhere during the 1/1 renewals. The report, titled “Indonesian Market Hampered by Weakened ... Read the full article
AM Best upgrades Austral’s credit ratings, revises outlook to stable
4th May 2023
AM Best has upgraded the credit ratings of Austral Resseguradora S.A. (Austral Re) and Austral Seguradora S.A. Concurrently, and revised their outlooks to stable from positive. The credit rating agency has assigned the companies a Financial Strength Rating A- (Excellent), upgraded from B++ (Good); and the Long-Term Issuer Credit Ratings (Long-Term ... Read the full article
Rising economic risks highlighting the importance of ERM: AM Best
3rd May 2023
According to a new report from rating agency AM Best, a vast majority of insurers understand the importance of enterprise risk management (ERM), with more than 90% of rated insurers possessing frameworks assessed at appropriate or better. But, the agency also states that given the escalation of risks in the US ... Read the full article
Embedded insurance enhances product offerings in developed markets: AM Best
26th April 2023
According to ratings agency, AM Best, the growing use of embedded insurance in developed markets has provided a way to enhance product offerings and integrate risk protection directly into purchases. According to a new commentary by the ratings agency, there are still significant challenges to overcome in the consumer-facing channel of ... Read the full article
U.S. publicly traded life/annuity insurers’ revenues down 12% in 2022: AM Best
21st April 2023
Premium growth for publicly traded U.S. life/annuity (L/A) insurance companies continued to recover in 2022, but was cuffed by declines in investment and fee income that drove total GAAP revenue down by 12% to $291.5 billion, suggests a new report from AM Best. According to the report, another contributing factor to ... Read the full article
At-Bay appoints Ari Fischel as Chief Financial Officer
20th April 2023
Cyber insurance provider At-Bay has announced that it has appointed Ari Fischel as its Chief Financial Officer (CFO). An experienced industry veteran, Fischel brings more than 20 years of financial and operational expertise towards At-Bay's executive team. At-Bay also confirmed that Fischel will join the board of At-Bay’s Specialty Insurance Company, Read the full article
AM Best maintains stable outlook on UK life insurance segment
18th April 2023
In a new report from AM Best, the rating agency has announced that it is maintaining its Stable market segment outlook for the UK life insurance segment. The report highlights that the positive factors underpinning the stable outlook for the UK life insurance segment include a strong pipeline for pension risk ... Read the full article
US life and annuity sector’s income up 11% in 2022: AM Best
12th April 2023
AM Best’s “First Look” report provides early insight into the financial state of the US life and annuity industry for 2023. The data in this report is consolidated from companies whose 2022 annual statutory statements were received by April 3, 2023. These companies account for ... Read the full article
Technological changes continuing to transform the insurance landscape: AM Best
11th April 2023
A new report from AM Best has highlighted how companies that are placing high importance on data quality to improve efficiency and profitability are key drivers of innovation efforts that are playing a significant role in moving the insurance industry forward. Best also cited how leadership teams that have a general ... Read the full article
AM Best places ratings of R&Q and subsidiaries under review as Board considers strategic options
6th April 2023
The announcement from non-life specialty insurer R&Q Insurance Holdings earlier this week that its Board is conducting a strategic review to separate its program management and legacy businesses, has seen AM Best place the credit ratings of the firm and its rated subsidiaries under review with negative implications. On April ... Read the full article
AM Best upgrades Transverse Insurance Group’s credit ratings
4th April 2023
AM Best has upgraded the credit ratings of Transverse Specialty Insurance Company (Wilmington, DE), Transverse Insurance Company (Dallas, TX) and TRM Specialty Insurance Company (Indianapolis, IN), which collectively are referred to as Transverse Insurance Group. The agency has also removed them from under review with positive implications. The insurer and its group ... Read the full article
AM Best stays negative on UK non-life insurance segment
4th April 2023
AM Best is maintaining its negative outlook on the United Kingdom's non-life insurance segment, citing economic pressures, underwriting performance challenges and the limited availability of reinsurance protection as key drivers. The rating agency notes that high levels of inflation, driven by supply chain disruptions, a tight labour market and elevated energy ... Read the full article
AM Best maintains negative market segment outlook on Brazil’s reinsurance market
3rd April 2023
In a new report released by AM Best, the rating agency has announced that it is maintaining its negative market segment outlook on Brazil’s reinsurance market. In the report, Best states that Brazil’s reinsurance industry remains somewhat insulated, given the regulatory restrictions on foreign assets that have limited domestic reinsurers’ growth ... Read the full article
AM Best downgrades Issuer Credit Rating of MS Amlin AG
3rd April 2023
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of global reinsurer MS Amlin AG (MS Reinsurance). The outlook of the Long-Term ICR has been revised to stable from negative, whereas the outlook ... Read the full article
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