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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.
P&C underwriting loss driven by expenses in auto lines: AM Best
6th October 2022
The US property and casualty (P&C) industry recorded a $6.3 billion net underwriting loss in the first six months of 2022, down $11.4 billion from the prior year period, with the personal lines segment, specifically the auto lines, responsible for this decline, according to an AM Best report. The Best’s Special ... Read the full article
Top 20 U.S. cyber insurers all saw premium growth in 2021
6th October 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article
AM Best revises outlooks to negative for American Family & affiliates
5th October 2022
AM Best has revised the outlooks to negative from stable for the Long-Term Issuer Credit Ratings and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of American Family Mutual Insurance Company and its affiliates. The negative outlooks for American Family reflect the significant earnings ... Read the full article
Severe weather events pose uncertainty for US homeowners segment: AM Best
4th October 2022
According to a new report from AM Best, the US homeowners insurance segment could come under pressure with 2022 results expected to be impacted by Hurricane Ian. The hurricane, which made landfall Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article
2021 active year for M&A, says AM Best
4th October 2022
A new report from AM Best says that 2021 was an active year for mergers and acquisitions with large block reinsurance transactions leading to a 41% increase in admitted assets owned by private equity firms. The report, Private Equity Continues to Make Inroads in Insurance Industry, AM Best states that as ... Read the full article
AM Best revises outlooks on SCOR to negative
3rd October 2022
AM Best has switched its outlooks on SCOR SE and its main operating subsidiaries to negative from stable. The firm said that it had also affirmed the Financial Strength Ratings (FSR) and the Long-Term issuer credit ratings of A+ and aa-. It was from this that the firm revised the outlooks ... Read the full article
Insurers expect minimal losses from Mexico’s September earthquakes
30th September 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 ... Read the full article
AM Best withdraws credit ratings of Tower Hill Prime
29th September 2022
Global ratings agency AM Best has announced that it has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-“ (Good) of Tower Hill Prime Insurance Company. The outlook of these Credit Ratings is negative. Concurrently, AM Best has withdrawn ... Read the full article
P&C insurers see net income and policyholder surplus decline
29th September 2022
Elevated loss activity and equity market volatility this year has led to a drop in net income and a decline in policyholders’ surplus for P&C insurers, says AM Best’s new Best’s Market Segment Report. The report says that the drop in net income and the decline in policyholders’ surplus has occurred ... Read the full article
Florida’s reinsurance programme to be tested by Hurricane Ian, says AM Best
28th September 2022
Florida’s new reinsurance programme is going to be tested by Hurricane Ian, says AM Best in a new commentary. It was created in recent months by state governor Ron DeSantis as the Reinsurance to Assist Policyholders (RAP) Program, designed to provide $2bn of coverage for hurricane losses. The reinsurance program’s $2bn coverage ... Read the full article
Large, nationwide homeowners insurers have most cat exposure to hurricane Ian
27th September 2022
Analysis shows that some of the nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach west-central Florida as a major Category 3 storm Wednesday evening local time. After making landfall in Cuba's Pinar del Río ... Read the full article
Impact of Nanmadol on insured losses ‘manageable’ for Japanese carriers, says AM Best
26th September 2022
A new note from AM Best says that the impact on insurance industry losses from Super Typhoon Nanmadol will be manageable for Japanese insurers. The typhoon, which hit the Japanese island of Kyushu on September 18th with reported wind gusts as high as 150mph, led to more than 350,000 homes ... Read the full article
Technological advancements and talent driving MGA growth: AM Best
26th September 2022
A new report from AM Best highlights that premium growth attributable to managing general agents (MGAs) has increased significantly over the last decade. Fuelled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a more prominent role with insurers when it comes to addressing more specialized coverage needs. Both experience and ... Read the full article
AM Best downgrades credit ratings of Milli Re
23rd September 2022
Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey) has had its credit ratings downgraded by ratings agency AM Best. According to a statement from AM Best, Milli Re has had its Financial Strength Rating downgraded to C (Weak) from B- (Fair) and the Long-Term Issuer Credit Rating moved to “ccc” (Weak) ... Read the full article
Hurricane Fiona insured losses depend on recovery and resilience, says AM Best
22nd September 2022
Hurricane Fiona has damaged infrastructure and interrupted business operations in Puerto Rico and the Dominican Republic, though a report from AM Best suggests insured losses are expected to be manageable as companies have taken significant action in managing their risk profiles since Maria in 2017. Making landfall in Puerto Rico on ... Read the full article
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