Reinsurance News
Fitch
APAC international non-life insurers demonstrate resilience in peer review: Fitch
27th November 2023
In a recent peer review conducted by Fitch Ratings, APAC non-life insurers with substantial international operations have demonstrated robust company profiles and commendable capitalisation, setting them apart from their peers in the US and EMEA. Fitch Ratings has assigned a rating category of 'Favorable' to 'Most Favorable' to the company profiles ... Read the full article
Fitch turns positive on Swiss Re following strongly improved financial performance
22nd November 2023
Global ratings agency Fitch has revised reinsurance giant Swiss Re's outlook to positive from stable, reflecting the firm's "strongly improved financial performance and better capitalisation and leverage." Alongside the revision to positive, Fitch has affirmed Swiss Re's Insurer Financial Strength (IFS) Rating at 'A+' (Strong) and Long-Term Issuer Default Rating (IDR) ... Read the full article
NN’s ratings unaffected by unit-linked Dutch court ruling: Fitch
23rd October 2023
According to Fitch Ratings, last month’s interim judgement delivered by the Dutch Court of Appeal in respect of certain unit-linked insurance policies, will not impact the ratings of either Nationale-Nederlanden Levensverzekering Maatschappij N.V., which sold the policies in the 1990s and early 2000s, or the wider NN Group N.V. (NN). Fitch ... Read the full article
ICS likely to be the most regulatory development for global insurers in 2024: Fitch
6th October 2023
According to Fitch Ratings, the finalisation of the Insurance Capital Standard (ICS), a new global solvency standard for internationally active insurance groups, is likely to be the most significant regulatory development for global insurers in 2024. The agency explained that a public consultation on the ICS as a prescribed capital requirement ... Read the full article
Rate increases & strong demand for reinsurance protection to support LatAm reinsurers: Fitch
19th September 2023
Fitch Ratings has recently revealed that it expects premium rate increases, rising investment yields and strong demand for reinsurance protection globally, will continue to support Latin American (LatAm) reinsurers’ earnings in the second half of 2023 and into 2024. According to the ratings agency, headwinds related to high inflation and interest ... Read the full article
Morocco quake “unlikely to be a major event for re/insurance industry”, Fitch
10th September 2023
The recent powerful 6.8-magnitude earthquake that struck Morocco on September 8, is "unlikely to be a major event for the insurance and reinsurance industry", says Fitch Ratings. Speaking at a briefing during the 2023 RVS event in Monte Carlo, Robert Mazzuoli, Director in Fitch Ratings’ EMEA insurance group answered a question ... Read the full article
Reinsurance property market to harden into 2024 and beyond, says Fitch
24th August 2023
Fitch Ratings expects reinsurance property market hardening to persist into the January 2024 renewals and beyond, although expects a deceleration when compared with 2023 as analysts feel that rate adequacy has generally been reached. The conditions are driven by the continued supply/demand imbalance as reinsurers hold firm to maintaining underwriting discipline, ... Read the full article
Global non-life reinsurers report robust mid-year underwriting profits in 2023: Fitch
24th August 2023
In a reassuring turn of events, the mid-year results for global non-life reinsurers in 2023 have showcased robust underwriting profits, according to Fitch Ratings. The 18 non-life reinsurers under Fitch's scrutiny have collectively achieved an impressive reinsurance combined ratio of 88% during the first half of the year. This figure takes ... Read the full article
European reinsurers report strong 1H23 results amid improved pricing & investments: Fitch
22nd August 2023
The leading European reinsurers, including Hannover Re, Munich Re, SCOR SE, and Swiss Re, have unveiled robust financial results for the first half of 2023, marking a sharp contrast to the challenges faced in the same period last year, according to Fitch's report titled "European Reinsurers: 1H23 Results." The resurgence in ... Read the full article
UK life sector profitability set to be impacted by new consumer rules: Fitch
18th August 2023
New rules that are requiring for UK financial services companies to show that their prices represent fair value to customers negatively affect life sector profitability. Fitch Ratings says that it expects the rules introduced as part of the Financial Conduct Authority’s (FCA) consumer duty package, to lead some insurers to reduce ... Read the full article
Sri Lanka’s debt restructuring plan likely to reduce investment risk for insurers
7th August 2023
Investment and liquidity risk is likely to decrease for insurers in Sri Lanka, whose ratings are already under watch, due to the country’s new debt restructuring plan, according to Fitch Ratings. “Fitch expects pressure on insurers' investment and capital profiles to ease as the proposed plan will not have direct impact ... Read the full article
Prudential Financial transactions set to have favorable long-term impact: Fitch
3rd August 2023
Following the recent news that Prudential Financial, Inc., has entered into an agreement to reinsure $12.5 billion of in-force guaranteed universal life policies with Somerset Re, Fitch Ratings has confirmed that it views the announcement as being broadly credit neutral over the near term. The $12.5 billion block of business ... Read the full article
Fitch upgrades ARC’s credit ratings with stable outlook
13th July 2023
Fitch Ratings has upgraded African Risk Capacity (ARC) Limited’s Insurer Financial Strength (IFS) to 'A-' from 'BBB+' and Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'BBB'. ARC's outlooks are Stable. The credit rating agency said that this upgrade is based on key rivers of developmental progress, sponsor support, product diversification ... Read the full article
Mass lapse remains a threat to European life insurers: Fitch
5th May 2023
Analysts at Fitch Ratings have warned that mass lapse risk remains a threat to European life insurers, although they argue that liquidity profiles are still sufficiently strong to withstand a moderate to significant rise in lapses even in the two most exposed markets, France and Italy. Lapse risk typically applies to ... Read the full article
Swiss P&C insurers expected to maintain strong profitability in 2023/24: Fitch
26th April 2023
A new report from Fitch Ratings has highlighted how Swiss property & casualty (P&C) insurers will maintain their strong profitability throughout 2023 and 2024, due to disciplined pricing strategies that mitigate the effects of higher claims inflation. According to analysts, the non-life market - which includes health - average combined ratio ... Read the full article
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