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.
Limited COVID-19 impact on US P/C in Q1: AM Best
28th May 2020
A report from AM Best has described the impact of COVID-19 on the US property/casualty industry as limited. However, there’s an expectation for consequences from the pandemic to become considerably more apparent in the second quarter. Analysts say they are seeing somewhat greater changes in line of business underwriting results than normal, ... Read the full article
The majority of rated re/insurers can withstand pandemic shocks, says A.M. Best
18th May 2020
Global financial services ratings agency, A.M. Best, has said that initial stress testing shows that the majority of its rated insurers can withstand potential shocks to their balance sheets as a result of the ongoing COVID-19 pandemic. The ratings agency announced in March that it was in the process of ... Read the full article
A.M. Best maintains stable outlook on Italy’s non-life insurance sector
14th May 2020
Global financial services ratings agency, A.M. Best, is maintaining its stable outlook for the Italian non-life insurance market, citing limited exposure to catastrophe losses and strong underwriting profitability. Overall, A.M. Best expects that price increases will keep pace with claims inflation, suggesting that solid underwriting profitability will be maintained across the ... Read the full article
Global organisations reiterate potential harm of forced COVID-19 BI coverage
12th May 2020
As more and more international organisations underscore the potential negative ramifications of forcing insurers to retroactively cover COVID-19 related business interruption (BI) claims, the President and Chief Executive Officer (CEO) of the American Property Casualty Insurance Association (APCIA), David Sampson, has again highlighted the importance of stability in the marketplace. As ... Read the full article
Two months of retro BI coverage could wipe half of insurers’ capital: AM Best
6th May 2020
New analysis by ratings agency AM Best suggests that industry capital backing re/insurers writing business interruption insurance could decline by as much as 50% if legislated policy changes force carriers to pay for two months of retroactive coverage on COVID-19-related claims. AM Best believes forcing insurers to pay for COVID-19-related business ... Read the full article
AM Best places Watford Re & subsidiaries ratings under review amid COVID-19
5th May 2020
Global financial services ratings agency A.M. Best has placed the credit ratings of Watford Re Ltd. and its subsidiaries under review with negative implications, after the company announced that its Q1 2020 results will include a net investment loss of $300 million as a result of COVID-19 impacts on financial ... Read the full article
Higher demand for FHLB borrowing likely amid COVID-19: AM Best
28th April 2020
As the coronavirus pandemic continues to drive uncertainty throughout the re/insurance industry, AM Best believes insurers are positioning themselves for more borrowing to help offset potential liquidity pressures, and may look to tap the Federal Home Loan Bank (FHLB) for relief. An AM Best report shows that FHLB insurance company members ... Read the full article
AM Best affirms credit ratings of Hamilton subsidiaries
27th April 2020
AM Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Hamilton Re and Hamilton Insurance Designated Activity Company, each a subsidiary of Hamilton Insurance Group. The outlook of these Credit Ratings remains stable. AM Best says its ratings reflect Hamilton’s balance sheet ... Read the full article
Despite headwinds, A.M. Best holds stable outlook on US health insurance
9th April 2020
Ratings agency A.M. Best has maintained its stable outlook on the U.S. health insurance market despite the impacts of the ongoing COVID-19 coronavirus pandemic. A.M. Best has held its stable outlook on the sector in light of positive market trends that were evident through year-end 2019 and into the first-quarter of ... Read the full article
COVID-19 a significant test of life/health insurers ERM practices: A.M. Best
7th April 2020
Improved enterprise risk management (ERM) measures implemented by life / health (L&H) insurers in the aftermath of the 2008 financial crisis are expected to be put to the test by the global COVID-19 pandemic, according to A.M. Best. The ratings agency notes that the large majority, if not all life insurance ... Read the full article
Global reinsurers resilient in face of COVID-19: AM Best
3rd April 2020
Despite mounting uncertainties around the coronavirus pandemic, AM Best believes reinsurers globally are well capitalised and remain resilient thanks to a long history of innovative and prudent risk management. AM Best expects any covered losses to be manageable and believes relevant policy exclusions will hold up. Adverse impacts from the pandemic may ... Read the full article
AM Best revises Aspen outlook to negative
2nd April 2020
AM Best has revised its outlook to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Aspen Insurance UK, Aspen Bermuda, Aspen American Insurance Company and Aspen Specialty Insurance Company. The ratings agency also revised its outlooks to negative ... Read the full article
Genstar, industry execs launch fronting insurance holding firm
30th March 2020
Private equity firm Genstar Capital has partnered with insurance industry executives to establish Obsidian Insurance Holdings, Inc., a new fronting insurance holding company with $100 million of capital. Obsidian's insurance carrier subsidiary, Obsidian Insurance Company, has received a financial strength rating of A- from AM Best to issue policies underwritten by ... Read the full article
COVID-19 could drive significant losses for trade credit insurers: Am Best
30th March 2020
AM Best is expecting the unfolding coronavirus pandemic to result in significant losses for trade credit insurers. However, the short-tail nature of the product may partly offset the negative impacts, allowing the trade credit insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation. AM ... Read the full article
AM Best revises US disability market to negative
25th March 2020
AM Best is revising the outlook to negative for the US disability segment as a low interest rate environment looks set to result in adjustments to the discount rate used in setting reserves/pricing disability income business. Additionally, while most disability income writers had reported improved morbidity, AM Best is expecting the ... Read the full article
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