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 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
AXA tops list of largest EU insurers ranked by GPW
1st August 2022
When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from ratings agency AM Best, our directory ... Read the full article
AM Best revises outlooks to negative for WAICA Re
1st August 2022
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) of WAICA Reinsurance Corporation PLC (WAICA Re). Additionally, the rating agency has also revised the Long-Term Issuer Credit Rating of “bbb-” (Good) of the West African reinsurer. Am Best notes that the credit ... Read the full article
US MPCI premiums surged 40% to $14.9bn last year
1st August 2022
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9bn, an increase of nearly 40% over the previous year, according to an AM Best report. The new report, US Crop Writers Benefit From Rising Commodity Prices and Innovation, also states that private crop ... Read the full article
AM Best upgrades Chile insurance industry’s outlook to Stable
26th July 2022
AM Best has revised its market segment outlook on Chile’s insurance industry to stable from negative, owing to market dynamics, effective regulatory measures and economic recovery. In its Best Market Segment Report, - “Market Segment Outlook: Chile Insurance,” the ratings agency noted that Chile’s USD 10.4 billion insurance market as the ... Read the full article
US life insurers’ mortgage holdings grows by 6.6% in 2021: AM Best
25th July 2022
According to a new AM Best report, mortgage loan holdings for the US life insurance industry grew by 6.6% in 2021, to $639.8 billion, in line with the 10-year average, after depressed growth of 3.8% in 2020. The report, titled, “Loan-to-Value Rises, Debt Service Coverage Weakens, for U.S. Life Insurers”, highlights ... Read the full article
Inland marine DPW and loss ratio return to pre-pandemic levels – AM Best
19th July 2022
The US inland marine line is rebounding from pandemic obstacles, according to AM Best’s new market segment report. This, the company finds, is due to a strong increase in top line premium and a decline in the loss ratio. The property insurance market for inland marine insurance, ... Read the full article
Top US P&C underwriters saw robust premium growth in 2021
18th July 2022
The top 10 U.S. property & casualty (P&C) underwriters, based on net premiums written, remained unchanged in 2021 when compared with the previous years, while Munich Re Americas moved four places to 15th, making it the highest ranked reinsurer on the list. Our directory of the Top ... Read the full article
AM Best highlights Lloyd’s improved combined ratio in recent assessment
18th July 2022
AM Best’s recent assessment of Lloyd’s operating performance highlights the rating agency’s expectation that Lloyd’s will produce strong technical performance over the underwriting cycle, and that capital will continue to be attracted to the market. Analysts noted that improved pricing conditions, as well as a robust performance oversight by the corporation, ... Read the full article
PartnerRe acquisition could improve Covéa business profile: AM Best
18th July 2022
Analysts at AM Best have reported that the recent acquisition of PartnerRe could lead to an improvement in Covéa’s business profile by significantly diversifying its offerings on a product and geographic basis. The rating agency stated that its financial strength ratings for Covéa remain unchanged following the announcement last week ... Read the full article
AM Best maintains negative outlook on Mexico’s insurance industry
12th July 2022
According to a recent AM Best report, the rating agency is maintaining its negative outlook on Mexico’s insurance market segment, owing to increased levels of inflation and slow GDP growth. Best’s new market segment report, titled - Market Segment Outlook: Mexico Insurance, states that premium growth in 2021 was pressured by ... Read the full article
Nat Re “optimistic of recapturing gains” in 2022
11th July 2022
The National Reinsurance Corporation of the Philippines (Nat Re) has stated that it is looking forward to new gains in 2022, on the back of better economic prospects at home, brought about by relaxed pandemic restrictions, and a more robust life reinsurance segment. "We are optimistic of recapturing gains in light ... Read the full article
AM Best says US health underwriting gain represented 68% decline
11th July 2022
A new report from AM Best says that the total underwriting gain seen by the US health insurance industry in 2021 of $23.9bn represented a decline of 65% from the previous year as the industry saw a more-normal level of activity. This was, said the firm, despite an overall positive slew ... Read the full article
US insurers private equity investment growth in 2021 primarily driven by life: AM Best
28th June 2022
According to a new AM Best report, life/annuity (L/A) insurers are driving new private equity investments, realising widespread book value gains. This growth accounts for three quarters of all the industry book adjusted/carrying value (BA/CV) holdings. After the initial uncertainty surrounding the pandemic in 2020, private equity grew substantially in 2021, having ... Read the full article
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