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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 metrics largely unaffected by COVID, says AM Best
12th May 2022
Analysts at AM Best have reported that US property and casualty (P&C) insurers have seen only “limited” impact from COVID-19 on their operating performance metrics. The rating agency notes that the COVID-19 pandemic brought uncertainty to the insurance industry due to the significant drop in equity markets, which led to unrealized ... Read the full article
Despite efforts, rate adequacy a challenge for some in Florida, says AM Best
3rd May 2022
A myriad of forces continues to pressure personal property insurers in Florida, and while carriers have responded with rate increases and underwriting adjustments, rate adequacy remains a challenge for some, according to AM Best. A by-product of the increased frequency of secondary perils, elevated reinsurance costs, rising litigation costs, and the ... Read the full article
Market modernisation and third-party capital positive for London, says AM Best
29th April 2022
A failure to modernise and follow the Future at Lloyd’s prospectus could result in a weakening of the London market, says AM Best in a new note. The agency said that the London market is known for being expensive for doing business due to the level of underwriting expertise, a reliance ... Read the full article
AM Best revises outlook on Italian non-life sector
28th April 2022
AM Best has revised its outlook for the Italian non-life insurance segment from negative to stable. The firm said that it was ameliorating its position due to the sector’s limited exposure to catastrophe losses and resilient risk-adjusted capitalisation. It added that it expected for the challenging economic environment to be a ... Read the full article
U.S. P&C insurers’ net income totalled $133.9bn in 2021: AM Best
26th April 2022
According to rating agency AM Best, the net income for publicly traded U.S. property and casualty (P&C) insurers more than doubled in 2021 to $133.9 billion despite numerous weather-related natural catastrophes, investment market volatility and the lingering economic effects of the COVID-19 pandemic. The rating agency also noted that U.S. publicly ... Read the full article
AM Best sees positives for London insurance market, maintains stable outlook
26th April 2022
A myriad of factors including upward rate momentum, greater clarity around COVID-19 losses, a focus on modernisation, and improved access to alternative reinsurance capital have led AM Best to maintain its stable outlook for the London insurance market segment. For several years now, the London market has welcomed rate increases with ... Read the full article
AM Best assigns positive credit ratings to Ascot Surety & Casualty Company
25th April 2022
Ratings agency, AM Best has assigned a Financial Strength Rating of “A” (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Ascot Surety & Casualty Company (ASCC). The outlook assigned to these Credit Ratings is stable. The entity is being added as a member of the Ascot Group Limited, with ... Read the full article
Hamilton outlooks revised to positive by AM Best
25th April 2022
Bermuda-based Hamilton Re and Hamilton Insurance Designated Activity Company (Dublin, Ireland), both part of Hamilton Insurance Group, Ltd., have seen their outlooks revised to positive from stable by AM Best. The ratings agency has revised the outlooks to positive and also affirmed the Financial Strength Rating (FSR) of A- (Excellent) and ... Read the full article
AM Best downgrades Conifer’s credit ratings
25th April 2022
Rating agency AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” (Fair) from “bb” (Fair) of P&C holding company, Conifer Holdings. The agency has also downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term ICR to “bbb-” (Good) from “bbb” (Good) of ... Read the full article
US life/annuity insurers’ revenue up by $35 billion: AM Best
22nd April 2022
According to a new AM Best report, publicly traded U.S life/annuity insurance companies saw a strong recovery in 2021, with a $35 billion increase in revenue to $297.5 billion. This recovery took place coming on the back of a modest increase in premiums as well as increases in net investment income ... Read the full article
AM Best places Vault’s ratings under review with negative implications
21st April 2022
AM Best is reviewing the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Vault E&S Insurance Company and Vault Reciprocal Exchange. The credit ratings of Vault have been placed under review with negative implications, reflecting a material deterioration in its risk-adjusted capitalisation, as ... Read the full article
Inflation likely to persist over the medium term: AM Best
20th April 2022
According to rating agency AM Best, high levels of inflation which has been driven by supply chain disruptions, labour shortages and rising energy prices, are likely to persist over the medium term. In February, the Consumer Price Index (CPI) in the UK hit an almost 30-year high of 6.2%, far in ... Read the full article
AM Best downgrades credit ratings of Tower Hill Prime
19th April 2022
AM Best has downgraded the Financial Strength Rating (FSR) to B+ (Good) from B++ (Good), and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb-” (Good) from “bbb” (Good) of Tower Hill Prime Insurance Company (Tower Hill Prime). The outlook of these credit ratings is negative. The ratings are said to reflect ... Read the full article
AM Best turns negative on French life and non-life sectors
19th April 2022
AM Best has turned negative its outlook on France’s life and non-life insurance segments. The ratings agency said that both were facing challenges, naming uncertain economic conditions, increased volatility, geopolitical tensions, and inflation in relation to the non-life sector, and low-interest rates and economic headwinds in relation to its life counterpart. ... Read the full article
Cat losses drive downgrade for Louisiana Farm Bureau’s ratings
14th April 2022
The Louisiana Farm Bureau has seen its financial strength and long-term issuer credit ratings downgraded by AM Best. According to a release sent out by AM Best, the insurer has seen both ratings moved down from A to A-. However, the firm said that the outlook of these ratings remained stable. It ... Read the full article
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