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 revises outlooks for Convex Group’s subsidiaries
23rd April 2021
Rating agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of “a-” of Convex Insurance UK and Convex Re. Both entities are wholly owned subsidiaries of Convex Group, the non-operating holding company. The ratings reflect Convex’s ... Read the full article
US P/C underwriting result improves in 2020: AM Best
13th April 2021
In a recent report, rating agency AM Best has observed an improvement within the US Property/Casualty industry's underwriting results for 2020, compared to the end of 2019. It reported an underwriting income of $5.4bn which is almost double that of 2019 which had a result of $3.2bn, a 67.9% year on ... Read the full article
AXA XL reorganises reinsurance under new entity
6th April 2021
AXA XL has moved to consolidate its reinsurance operations under the newly-formed AXA XL Re entity, in an effort to more easily bifurcate and evaluate the performance of its insurance and reinsurance business segments. AXA XL Re's business will predominantly consist of renewing reinsurance policies previously underwritten by XL Bermuda Ltd. The ... Read the full article
ILS and reinsurance market show resilience at 2021 renewals: AM Best
31st March 2021
The insurance-linked securities (ILS) and traditional reinsurance markets have shown resilience at the January 2021 renewals, despite multiple small-to-medium-sized catastrophe losses and the COVID-19 pandemic, according to analysts at AM Best. A report by the rating agency shows that there was sufficient ILS and traditional reinsurance capital to meet demand at ... Read the full article
AM Best stable on London market re/insurance; expects rate momentum to persist
30th March 2021
Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. In recent years, London market insurers and reinsurers have experienced several ... Read the full article
NSW flooding to pressure underwriting margins, dampen earnings: AM Best
30th March 2021
AM Best says it expects recent flood activity in Australia to put pressure on general insurers’ underwriting margins and dampen 2021 earnings. As of this week 9,213 claims have been received following devastating flood events across the east and southeast of the country. Days of torrential downpours have prompted rivers and ... Read the full article
AM Best becomes signatory to the ESG-related principles for sustainable insurance
17th March 2021
Ratings agency AM Best has become a signatory of the United Nations Environment Programme’s (UNEP) FI Principles for Sustainable Insurance (PSI). The principles are endorsed by the UN Secretary-General and have led to the the PSI Initiative, largest collaborative initiative between the UN and the insurance industry. Furthermore, management of environmental, social and ... Read the full article
AM Best revises Argo Group’s outlooks to Stable
16th March 2021
AM Best has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Argo Re and its subsidiaries. The rating agency has also revised the outlooks to stable from negative and affirmed the ... Read the full article
US re/insurers may face implications with Paris Agreement: AM Best
16th March 2021
AM Best has released a report which explores the possible implications that US re/insurers may face after rejoining the Paris Agreement. Outside the US, in Europe and Asia, re/insurers have increased their integration of ESG factors into their investment and underwriting activities. However after Presidents Trump’s administration, it is clear that the ... Read the full article
AM Best report underlines ideal conditions for insurance start-ups
8th March 2021
A new report from Am Best has underlined the current favourable conditions to be entering the market as a start up, however there remain significant hurdles for new companies looking to establish themselves quickly. Hurdles include the need to secure capital, regulatory approvals, licences and underwriting teams. Am Best note how start-up ... Read the full article
AM Best revises outlooks to negative for James River Group
5th March 2021
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the rated operating subsidiaries of James River Group. The ratings agency has also revised the outlook to negative from stable ... Read the full article
Industry survey reveals divided census over 2021 P&C covid losses
1st March 2021
A comprehensive survey of Reinsurance News' industry contacts has revealed a clear divide in expectation for 2021's eventual COVID-19 impact on the Property & Casualty segment, with 27% of respondents feeling the figure will fall over $100 billion. A further 27% felt the eventual loss would land between $70 billion and ... Read the full article
Heaviest volume of Uri claims from homeowners, commercial property & auto: AM Best
22nd February 2021
AM Best analysts believe the heaviest volume of claims from winter storm Uri will be in the homeowners, commercial property, and auto lines of business. Uri has caused significant disruption across a number of southern US states, especially Texas, which has faced record-low temperatures and had seen several inches of snow ... Read the full article
IRB Brasil announces strategic review
6th January 2021
Brazilian reinsurer IRB Brasil Re has appointed a global business management consulting firm to assist in its strategic review. The announcement comes after AM Best removed its ‘under review with negative implications’ status and will include an in-depth analysis of the current footprint per business line, geography and operating model. The ... Read the full article
Core Specialty confirms assignment of AM Best ratings
29th December 2020
Specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has confirmed that rating agency A.M. Best has removed from under review with developing implications the credit ratings of StarStone Specialty Insurance Company and StarStone National Insurance Company. At the same time, A.M. Best has affirmed the Financial Strength Ratings of A- (Excellent) ... Read the full article
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