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 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
Underwriting expenses remain stable as premiums increase: AM Best
3rd January 2023
According to a new report from AM Best, increases in US P&C insurers' underwriting expenses have been offset by commensurate increases in net premiums written, which has resulted in stable expense ratios over the past decade. The report notes that over the past decade, US P&C insurers have found controlling underwriting expenses ... Read the full article
US insurers’ structured securities holdings rise continues amid uncertainty: AM Best
28th December 2022
According to AM Best, insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth YoY to $1.14 trillion, though indications portray an uncertain picture for 2022 as issuances have dropped significantly. AM Best notes that despite the overall increase in holdings, insurers’ allocations ... Read the full article
US life and annuity market sees income boosted by 4.1% in 2022
22nd December 2022
A new note from AM Best says that total income in the US life and annuity market rose 4.1% during the first nine months of the year. This was driven, wrote the firm, by a 7% increase in premiums and annuity considerations along with a 2.6% increase in net investment income. Over ... Read the full article
AM Best upgrades Covéa ratings following PartnerRe acquisition
22nd December 2022
AM Best has upgraded the financial strength rating of Covéa Coopérations to A+ (superior) from A (excellent), and its long-term issuer credit rating to “aa-” (superior) from “a+” (excellent), while removing its status of under review with positive implications. According to the rating agency, the ratings reflect Covéa’s balance sheet strength, ... Read the full article
Long-term relief coming for Florida insurance market – AM Best
21st December 2022
A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article
AM Best turns positive on AIG, noting “steady improving trend”
19th December 2022
AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issuer Credit Ratings of “bbb” (Good) of AIG, and has revised the outlooks to positive from stable for the Long-Term ICRs and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of ... Read the full article
RenRe’s Fontana Re units get AM Best ratings
19th December 2022
AM Best has assigned ratings to Fontana Reinsurance and its US counterpart, two subsidiaries of the casualty and specialty venture recently launched by Bermuda reinsurer RenRe. Fontana Re has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent), and ... Read the full article
AM Best notes a reversion in negative trends for Barents Re
16th December 2022
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Barents Re and its affiliate, Barents Re Lux. AM Best suggests that the revised outlooks reflect the reversion of the negative trend ... Read the full article
AM Best downgrades QIC and Antares Re credit ratings
16th December 2022
AM Best has downgraded the credit ratings of Qatar Insurance Company Q.S.P.C. (QIC) , and its subsidiary Antares Re. The outlook of these ratings has been revised to stable from negative. The rating agency said it was switching the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term ... Read the full article
AM Best upgrades Panama’s insurance industry outlook to Stable
15th December 2022
Global rating agency AM Best has revised its market segment outlook on the Panama insurance industry to stable from negative. Best cited that this was due to the segment’s consistent technical results and improving macroeconomic environment. The report, titled, "Market Segment Outlook: Panama Insurance," noted that Panama's GDP expanded by 15% in ... Read the full article
Allianz maintains position as largest European non-life insurer
14th December 2022
New data from AM Best shows that Germany’s Allianz continues to hold on to its position as the largest European non-life insurer, based on gross premiums written for 2021. Allianz topped the rating agency’s table of the 30 largest insurers, boasting GWP of €60,273 million, up 4.3% from €57,772 million in ... Read the full article
AM Best upgrades China non-life outlook to stable
14th December 2022
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative due to the segment’s improved underwriting performance and better growth prospects as China eases its zero-tolerance COVID-19 policy. The rating agency notes that non-life companies’ net profit increased by 20% year over year ... Read the full article
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