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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.
The Philippines’ adoption of ORSA standards a positive development: AM Best
27th February 2023
In a new report, AM Best has stated that it views the Philippines’ adoption of Own Risk and Solvency Assessment (ORSA) standards as a “positive development” that will elevate the country’s regulations to a higher standard, one more in line with more-advanced regimes. In August 2022, the Department of Finance Insurance ... Read the full article
AM Best places CCR RE ratings under review amid sale talks
20th February 2023
Rating agency AM Best has decided to place the ratings of French state-owned reinsurer CCR RE under review, after parent company CCR said it had entered into negotiations to transfer control of the business. If agreed, a sale of approximately 70% of CCR RE to a consortium made up of ... Read the full article
Cutback in IPOs a “key driver” behind the drop in D&O direct premium in 2022: AM Best
15th February 2023
According to analysts at AM Best, one key question that currently surrounds the US directors & officers (D&O) insurance segment is whether carriers can sustain their recent, more favorable results given less aggressive pricing amid high social inflation and inflationary economic pressure. In Best’s market segment report, ‘Hard Market Gives Way ... Read the full article
P&I Clubs underwriting upswing to be offset by investment losses: AM Best
14th February 2023
AM Best anticipates that Protection and Indemnity (P&I) clubs will see improved underwriting results in 2023, though the challenging investment environment will likely offset any profits. Best explains that the P&I segment is dominated by the members of the International Group of P&I Clubs (International Group), which collectively insures approximately 90% ... Read the full article
AM Best places Argo’s credit ratings under review
13th February 2023
Credit ratings of Argo Group International Holdings, Ltd. and its subsidiaries have been placed under review with developing implications by AM Best, according to a recent statement by the credit rating agency. These ratings include the firm’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the associated Long-Term Issue ... Read the full article
Impact of Turkey quakes adds to challenging environment for re/insurers: AM Best
8th February 2023
A new report from AM Best has highlighted how the impact of the two earthquakes in south-eastern Turkey, adds to what is already a “challenging operating environment” for re/insurers within the country. On February 6, 2023, two powerful earthquakes of more than 7.5 magnitude struck near the south-eastern Turkish cities of ... Read the full article
AM Best affirms Fidelis ratings following separation from MGU
6th February 2023
AM Best has removed from under review with negative implications and affirmed the credit ratings of Fidelis Insurance Holdings Limited and its subsidiaries. AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of ... Read the full article
Trade credit insurers “taking steps” to anticipate challenges in 2023: AM Best
3rd February 2023
A new report from AM Best addresses how trade credit insurers have continued to enjoy strong results through 2022, and that these results follow on from good performances from the last two years, and have come despite provisions from the conflict in Ukraine and the sanctions imposed on Russia. The report ... Read the full article
Likelihood of US economy falling into recession in 2023 is rising: AM Best
2nd February 2023
A new report from AM Best has cited that with economic activity expected to slow in 2023, and the likelihood that the Federal Reserve will continue to tighten monetary policy, the probability of the US economy falling into a recession over the next 12 months is steadily rising. In Best’s report, ... Read the full article
P&C leverage ratios remain elevated due to capital declines: AM Best
1st February 2023
A new report from AM Best has stated that a combination of factors which includes rising interest rates, increased unrealized losses, and declines in capital, has led to leverage ratios ticking up among US property & casualty (P&C) insurers. The report, titled ‘U.S. P/C Insurers’ Leverage Ratios Remain Elevated Due to ... Read the full article
Heavy loss years often followed by innovation in the market: Aeolus’ Dutt
1st February 2023
Speaking at an AM Best expert panel that discussed the need to ford the gap between available capacity and reinsurance demand, Aditya Dutt, President of Aeolus Capital Management, suggested that despite heavy losses in recent years, such times have often acted as a catalyst for innovation in the market. Dutt described ... Read the full article
California flooding will shine a spotlight on private flood insurance: AM Best
18th January 2023
A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article
AM Best turns negative on Canopius ratings
16th January 2023
Rating agency AM Best has revised the outlooks to negative from stable for Canopius US Insurance, Inc. and Canopius Reinsurance Limited. At the same time, the rating agency affirmed both entities, which are wholly owned subsidiaries of Canopius Group Limited, a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer ... Read the full article
Once again, UnitedHealth is the world’s largest insurer ranked by NPW
11th January 2023
Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article
AM Best upgrades TransRe credit ratings
11th January 2023
AM Best has upgraded the credit ratings of TransRe, a reinsurance company wholly owned by Alleghany Corporation, and removed them from under review with positive implications. The reinsurer, and its subsidiaries, now hold a Financial Strength Rating (FSR) of A++ (Superior), which previously was A+ (Superior). Its Long-Term Issuer Credit Ratings ... Read the full article
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