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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 assigns positive outlook to DUAE market segment
6th December 2022
The global delegated underwriting authority enterprise (DUAE) segment has been assigned a positive outlook by credit rating agency AM Best. Technology, talent and diverse sources of capital continue to drive growth in this channel, the agency added. According to the announcement, the outlook reflects AM Best’s expectation that this distribution channel ... Read the full article
AM Holding Company launches new E&S lines carrier
5th December 2022
AM Holding Company has announced the launch of AM Specialty Insurance Company (ASIC), an Arizona-authorised domestic excess and surplus (E&S) lines carrier and accredited reinsurer based in Dallas, Texas. According to the announcement, this new entity joins the group’s other insurance subsidiaries, AM RE Syndicate and AM Star Claims, as the ... Read the full article
AM Best revises Lancashire’s outlook to negative and affirms credit ratings
2nd December 2022
Global credit rating agency AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Lancashire Holdings Limited and subsidiaries. According to the announcement, these ratings ... Read the full article
US P&C industry falls to $24.3bn underwriting loss through 9M: AM Best
2nd December 2022
The US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022, down $17.9 billion from the prior year period, according to data from AM Best. The rating agency noted that 8.4% growth in net earned premiums and a 22.3% decline in policyholder dividends during ... Read the full article
AM Best says outlook for global reinsurance stable despite uncertainty
30th November 2022
Rating agency AM Best has announced it is maintaining its stable outlook on the global reinsurance segment, despite market conditions being highly uncertain. AM Best analysts noted that despite most drivers not being seen as stable in isolation, overall a number of positive factors are counterbalanced by negative ones. According to the ... Read the full article
AM Best maintains stable outlook on US life/annuity industry
29th November 2022
In a new report from AM Best, the rating agency has stated that it is maintaining a stable market segment outlook on the US life/annuity insurance industry for 2023. Best cited factors that include favourable earnings, strong liquidity profiles and strong levels of risk-adjusted capitalization among carriers. In the report titled Market ... Read the full article
UK Solvency II reform raises potential of investment portfolio restructuring: AM Best
24th November 2022
According to AM Best analysts, plans to reform the Solvency II framework for UK insurers will allow the country’s life insurers to invest in a wider array of assets, and likely lead to a higher proportion of UK-based assets underpinning the UK annuity portfolio. On 17 November 2022, the UK Treasury ... Read the full article
Growth potential for cyber insurance market could be improved: CyberCube’s Bole
24th November 2022
There is a huge growth potential for the cyber insurance market, and more could be unlocked if re/insurers worked on a number of points to improve it, Rebecca Bole, CyberCube’s Head of Industry Engagement, suggested at AM Best's “Europe Insurance Market & Methodology Briefings”. Bole said: “I think that for future ... Read the full article
Inflation & loss severity weaken nonstandard auto insurers’ performance: AM Best
23rd November 2022
According to a recent AM Best report, US nonstandard auto insurers suffered a 1H22 underwriting loss of $766 million, marking it as the segment’s worst half-year result in five years, as impacts from inflation on auto repair and medical costs, as well as supply chain and labor market issues, have plagued ... Read the full article
Bermuda, Cayman & Barbados captives still outperforming commercial peers: AM Best
22nd November 2022
Rated Bermuda, Cayman Islands and Barbados (BCIB) captive insurance companies have continued to outperform US commercial casualty peers, with a combined ratio approximately 13 percentage points better over the most recent five-year period, suggests a recent AM Best report. The report notes that the present hard insurance market has provided growth ... Read the full article
Florida generates the most homeowners premiums in the US: AM Best
22nd November 2022
Florida is the US state with most premiums in homeowners insurance lines, AM Best analysts have revealed. Despite being only the third more populous state, it generated $12.4 billion of homeowners direct premium in 2021. That is more than California, the most populous state, with $11.2 billion of homeowners direct premium, ... Read the full article
AM Best’s outlook for Argentina’s insurance industry remains negative
21st November 2022
Rating agency AM Best has announced that its outlook for Argentina’s insurance industry remains Negative, due to the country's persistent economic challenges. According to the International Monetary Fund, Argentina’s GDP expanded by 10.4% in 2021, recovering from a three-year recession, with GDP forecast to grow by 4.0% in 2022. Best highlighted that ... Read the full article
AM Best upgrades China Re ratings
21st November 2022
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating (FSR) of A of China Reinsurance (Group) Corporation (China Re) (China) and its subsidiaries. According to AM Best, China Re’s ratings reflect its balance sheet strength, which AM Best assesses as very ... Read the full article
Mounting pressures create tough terrain for US personal auto insurers: AM Best
16th November 2022
According to a report from AM Best, US private passenger auto insurers recorded an underwriting loss of more than $4bn in 2021, and with a rapidly worsening loss ratio through first-half 2022, the firm expects that carriers’ operating margins will continue to be squeezed in the near term. AM Best cites ... Read the full article
Asbestos & Environmental loss reserves continue to decline: AM Best
16th November 2022
AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ultimate losses remains on target. The firm states that the ... Read the full article
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