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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.
Global reinsurance outlook remains stable: AM Best
7th December 2020
Rating agency AM Best has maintained a stable outlook on the global reinsurance industry for 2021, as positive pricing momentum and tighter terms and conditions continue to offset negative factors. Analysts currently believe that market hardening will continue for at least two more years, which should help to balance against uncertain ... Read the full article
U.S. P/C industry’s underwriting income falls by 86% in 9M 2020: AM Best
1st December 2020
Analysis by ratings agency A.M Best finds that in the first nine months of 2020, the U.S. property / casualty insurance industry saw its underwriting income fall to $600 million, compared with income of $4.5 billion for the same period in 2019. Before the arrival of a global pandemic, 2020 was ... Read the full article
Vantage secures A- ratings from AM Best
20th November 2020
Vantage Risk Ltd., a newly established insurance and reinsurance business, has received its all-important Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" from AM Best. The outlook assigned to these credit ratings is stable, with AM Best highlighting the reinsurer's very strong balance sheet strength, ... Read the full article
COVID-19 disrupting US professional liability market: AM Best
20th November 2020
Rating agency AM Best has released a new report showing how the COVID-19 pandemic has created disruption for underwriters in each of the US professional liability insurance market lines. Earlier this year, after the initial pandemic surge in the US, AM Best had placed a negative rating against the professional liability ... Read the full article
AM Best assigns preliminary credit assessment to Conduit Re
19th November 2020
AM Best has assigned a Preliminary Credit Assessment (PCA) to Conduit Re with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca. The outlook assigned to these PCAs is stable. Conduit Re looks set to be the latest edition to the Class ... Read the full article
Reinsurers ignoring ESG factors may face reputational risk: AM Best
16th November 2020
Rating agency AM Best has released a new report suggesting that insurers in Europe and Asia Pacific are at different stages of their journey to integrate environmental, social and governance (ESG) factors into their businesses. Reportedly a large majority of respondents recognise that proper understanding and integration of ESG factors is ... Read the full article
Japanese insurers made underwriting profit despite COVID-19: AM Best
11th November 2020
AM Best has released a new report showing that despite large-scale catastrophe losses in 2019, profitable performance in most other classes of business, particularly voluntary automobile insurance, non-life insurance companies in Japan still generated an overall underwriting profit. Even though the COVID-19 pandemic has led to a slowdown in economic activity ... Read the full article
AM Best turns negative on Singapore Re
9th November 2020
Rating agency AM Best has revised its outlook for Singapore Reinsurance Corporation Limited (Singapore Re) from stable to negative, reflecting increasing pressure on the firm’s business profile assessment. In particular, analysts noted that Singapore Re may be overly reliant on a small number of concentrated local cedants, some of which have ... Read the full article
Hurricane Eta insured losses expected to be minimal: AM Best
5th November 2020
The insurance industry losses from the impacts of Hurricane Eta are expected to be minimal and contained, according to analysis by ratings agency AM Best. Hurricane Eta made landfall on November 3rd, 2020 as a strong Category 4 storm south of Puerto Cabezas, a coastal community of more than 60,000 people ... Read the full article
P&C industry paid $16.1 billion for A&E claims: AM Best
2nd November 2020
AM Best has released a new report that shows the US property & casualty (P&C) industry has paid out $16.1 billion for asbestos and environmental (A&E) claims while incurring $11.3 billion in losses in the past five years. The report, “AM Best’s A&E Loss Estimates Remain Unchanged,” states that AM Best ... Read the full article
Southeast Asian reinsurers looking to L&H for growth, says AM Best
26th October 2020
Despite many reinsurers in Southeast Asia recording underwriting losses last year, the region still offers significant growth potential given the hardening market conditions and greater demand for health coverage, according to AM Best. Despite reduced capacity and increased rates, AM Best says the COVID-19 pandemic has accelerated the growth trend in the ... Read the full article
US insurers under pressure after doubling private placement assets: AM Best
23rd October 2020
After US insurers ramped up their private placement bond holdings to $1.4 trillion at year-end 2019, AM Best expects to see an increase in covenant waivers to avoid defaults following the COVID-19 pandemic. The life/annuity segment reportedly maintains the largest share, about $1.2 trillion, or 84%, of total insurance industry holdings. In the ... Read the full article
AM Best highlights insurer challenges ahead of LIBOR transition
23rd October 2020
With less than a year and a half to go before the London Interbank Offered Rate (LIBOR) will no longer be available, analysts at AM Best have highlighted several operational and legal challenges that the transition poses for re/insurers. Based on a review of insurer debt, AM Best found that nearly ... Read the full article
Pension Risk Transfer an area of growth for re/insurers: AM Best
22nd October 2020
Credit rating agency, AM Best has released a report explaining its views on how Pension Risk Transfer is an area in which reinsurers could grow. It explained that reinsurers have the knowledge and underwriting resources to assume mortality risk, therefore it would be only natural to apply this knowledge to underwrite ... Read the full article
Vantage receives Preliminary Credit Assessment of A- from AM Best
20th October 2020
Vantage Risk Ltd., a newly established insurance and reinsurance business set to launch with Dinos Iordanou as Non-Executive Chairman and Greg Hendrick as CEO, has been assigned Preliminary Credit Assessments (PCAs) by ratings agency A.M. Best. Specifically, A.M. Best has assigned a PCA with a Financial Strength Assessment of A- pca ... Read the full article
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