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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 downgrades Bankers credit ratings
18th August 2022
AM Best has downgraded the credit ratings of the members of the Bankers Insurance Group. The firm said that it was switching the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bbb” (Good). The group’s members are Bankers Insurance Company ... Read the full article
Global reinsurance maintains “prudent approach” to claims reserving: AM Best
17th August 2022
Greater uncertainty arising from global issues, like the COVID-19 pandemic and the Russia-Ukraine conflict, is driving more conservative reserving approaches in the global reinsurance industry, said AM Best in a recent market report. According to the report, before the severe property catastrophe losses in 2017 and 2018, AM Best analyst’s noted ... Read the full article
Munich Re remains the world’s largest reinsurance company
17th August 2022
After taking the top spot last year, global reinsurer Munich Re remains the world's largest reinsurance company, with gross life & non-life reinsurance premiums written of more than $46.8 billion in 2021, as shown by our directory of the Top 50 Global Reinsurance Groups. The directory is ... Read the full article
Underwriting margins stabilize amid inflation concerns: AM Best
17th August 2022
A recent AM Best report suggests that there is a stable pattern of underwriting profits as companies are becoming more proactive about making explicit allowances for inflationary trends. Numerous business re-alignment initiatives have been taking place over the last three years, says the report. In addition to price increases and more restrictive ... Read the full article
“MENA insurance markets facing challenges on multiple fronts” – AM Best
16th August 2022
The insurance markets in the MENA region are facing a number of wide-ranging challenges after years of robust growth, says a new note from AM Best. The firm said in its newest Best’s Market Segment Report that the lingering effects of the Covid-19 pandemic, the global economic slowdown, and a drop ... Read the full article
Reinsurers continue to cut exposure to property catastrophe perils: AM Best
15th August 2022
A recent AM Best report suggests that companies continue to actively shrink their property cat exposures to avoid perils and reduce volatility. Some have even modified their organizational structures or exited the property cat space altogether, though most of the largest European players remain committed to catastrophe risks and continue to ... Read the full article
US Captive insurance market continuing to generate profits: AM Best
15th August 2022
According to a new report by rating agency AM Best, the US captive insurance market segment continued to generate profits and surplus gains in 2021, while outperforming its commercial market peers. The report, titled “U.S. Captive Insurance: Stepping In Amid Capacity and Pricing Challenges,”, states that AM Best-rated US captives reported ... Read the full article
AM Best maintains stable outlook on Malaysia’s non-life
12th August 2022
Rating agency AM Best has maintained a stable outlook on the Malaysian non-life insurance industry segment due to its underwriting discipline and the market’s recovery following the economic fallout from Covid-19. According to the agency’s “Market Segment Outlook: Malaysia Non-Life Insurance,” non-life gross written premium rose by 4.0% to $4.95 billion ... Read the full article
Malaysia’s non-life insurance segment outlook remains stable: AM Best
11th August 2022
AM Best has maintained a stable outlook on the Malaysian non-life insurance segment on account of its underwriting discipline and the market’s recovery following the economic crisis caused by COVID-19. The Malaysia non-life insurance market has shown modest expansion, with a five-year average compound annual growth rate (CAGR) of 1.8% in ... Read the full article
Arduous operating environment for Lebanese reinsurers remains after Beirut explosion: AM Best
10th August 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with Lebanese re/insurers having to contend with hyperinflation and ... Read the full article
AM Best upgrades Singapore Re’s credit ratings
9th August 2022
Rating agency AM Best has upgraded Singapore Re’s Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) from “a-” (Excellent), and gave them a stable outlook. According to the rating agency, they reflect Singapore Re’s balance sheet strength, which AM Best assessed ... Read the full article
Everspan gets ratings for four of its program insurers
8th August 2022
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group. Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations, ... Read the full article
AM Best revises outlooks for Core Specialty’s subsidiaries to positive
8th August 2022
Rating agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-“ (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company - both domiciled in Wilmington, DE and collectively are ... Read the full article
AM Best appoints Managing Director of market development for APAC
5th August 2022
Rating agency AM Best has appointed Rob Curtis as managing director of market development for the Asia-Pacific region. He will be based in Singapore and will report to Andrea Keenan - Executive Vice President and Chief Strategy Officer. The appointment was effective from July 1, 2022. In addition to this new role, ... Read the full article
AM Best downgrades credit ratings of Kingstone
2nd August 2022
Rating agency AM Best 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 Kingstone Insurance Company (KICO). Concurrently, AM Best has downgraded the Long-Term ICR to “b-” (Marginal) from “bb-” (Fair) and its associated securities ... Read the full article
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