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.
Claims and inflation trends could threaten London market: AM Best
22nd June 2022
Analysts at AM Best have warned of the financial impact of social inflation on London market re/insurers as the rising cost of claims becomes increasingly severe. The rating agency notes that the impact on the London Market is most clearly evidenced by the strengthening of US casualty technical provisions. In 2020, court ... Read the full article
COVID claims spike in Taiwan could create capital event for non-life insurers: AM Best
22nd June 2022
According to a new AM Best report, a spike in claims due to a COVID-19 resurgence could lead to a capital event for some of Taiwan’s non-life insurers, with in-force pandemic-related insurance products. In the rating agency’s new commentary - Spike in Pandemic-Related Claims for Taiwan’s Non-Life Segment, they highlight that ... Read the full article
Global non-life legacy market ‘buoyant’ – AM Best
20th June 2022
Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction volumes elevated throughout 2021 and into 2022. It also said that ... Read the full article
AM Best withdraws credit ratings of members of WTG
17th June 2022
AM Best has withdrawn the credit ratings of members of Wisconsin Reinsurance Group (WRG) as the company has requested to no longer participate in the agency’s interactive rating process due to negative outlooks. According to a statement from the agency, the group obtained a Financial Strength Rating of B+ (Good) and ... Read the full article
US life/annuity net income increases by more than 50%: AM Best
16th June 2022
According to a new AM Best report, US life/annuity industry net income increased more than 50%, compared to the same period from last year. The report also showed that the US life/annuity industry’s total income rose 3.9%, from the prior year period, with a 2.7% increase in premiums and annuity considerations, ... Read the full article
AM Best revises Kenya Re’s outlook to stable
16th June 2022
AM Best has revised its Long-Term Issuer Credit Rating (Long-Term ICR) to stable from negative for Kenya Reinsurance Corporation Limited (Kenya Re). The rating agency explained that the revision of the Long-Term ICR outlook to stable, follows corrective actions initiated by management in 2020, which it expects to lead to ... Read the full article
US P&C industry’s net incurred losses increases by 12%: AM Best
14th June 2022
According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article
Favorable Hedge fund returns drive book value increases for insurers: AM Best
14th June 2022
According to a new AM Best report, despite significant challenges in the hedge fund industry in 2021, such as the GameStop short squeeze, insurance companies still managed to allocate nearly $1 billion to new hedge fund investments in 2021. In the rating agency’s Best’s Special Report, titled, “Favorable Hedge Fund ... Read the full article
AM Best names Andrew Power Non-Exec Director to Boards of EMEA region
13th June 2022
Rating agency AM Best has appointed Andrew Power as an independent Non-Executive Director to the Boards of the business across the Europe, Middle East and Africa (EMEA) region. With over 25 years of experience in the insurance and financial services sector, Power will oversee the agency’s EMEA region subsidiaries, A.M. Best ... Read the full article
Regulation essential to success & sustainability of embedded insurance: AM Best
10th June 2022
According to ratings agency, AM Best, with the use of embedded insurance gaining greater global traction, the role of regulation in protecting policyholders is critical. The firm said in a new commentary that regulation is essential to the overall success and sustainability of embedded insurance, however, practices vary from country to ... Read the full article
AM Best says US health care innovation fuelling vertical integration strategies
8th June 2022
A new report from AM Best states that US health insurance companies’ focus on finding innovative ways to manage the cost of health care better while improving member health and enhancing engagement continues to drive the growth of vertical integration strategies. In its report titled US Health: Vertical Integration Takes Many Different ... Read the full article
Level of preparedness for IFRS 17 in MENA varies: AM Best
7th June 2022
According to a new report from AM Best, the level of preparedness in the Middle East and North Africa (MENA) for IFRS 17 varies significantly by country and by insurer, ahead of the standards effective date of January 1st, 2023. While several countries within the MENA region continue to report under ... Read the full article
Hard times to continue in Florida, says AM Best
6th June 2022
Property insurers in Florida will continue to face hardships in the near future, despite legislative reform, says AM Best. The firm said in a new commentary that the recent $2bn reinsurance program created for insurers to help insulate themselves from risk does not apply to secondary perils, or events less severe ... Read the full article
AM Best revises implication of review statuses for R&Q companies
31st May 2022
AM Best has revised the implications of the review statuses of several firms under the Randall & Quilter Investment Holdings (R&Q) umbrella. In a statement, the company said it had the implications of the under review status to negative from developing for the Financial Strength Rating of A- (Excellent) and the ... Read the full article
Tencent-controlled FuSure assigned positive credit rating from AM Best
27th May 2022
Ratings agency, AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of the start-up reinsurer and Tencent-owned, FuSure Reinsurance Company Limited (FuSure). The outlook of these credit ratings is stable. The ratings reflect FuSure’s balance sheet strength, which AM Best assesses ... Read the full article
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