Reinsurance News
S&P Global Ratings
New cyber insurance capacity is increasingly matching fast-growing demand, S&P
13th May 2024
A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to decreasing retention levels, as well as lower costs for coverage. Cyber insurance remains one of the ... Read the full article
American Equity Investment Life Insurance Company upgraded to ‘A’ rating by S&P
13th May 2024
Brookfield Reinsurance announces that its wholly-owned subsidiary, American Equity Investment Life Insurance Company (AEL), has been upgraded in its Insurer Financial Strength rating by S&P Global Ratings, advancing from 'A-' to 'A'. This upgrade underscores AEL's vital role within the broader Brookfield Reinsurance group and its ability to leverage the strong ... Read the full article
UAE floods prompt concerns for local insurance sector: S&P
23rd April 2024
Following unprecedented rainfall and widespread flooding in the United Arab Emirates (UAE), concerns have arisen regarding the local insurance sector's capacity to handle the expected surge in motor and property damage claims, according to analysts at S&P Global Ratings. On April 15-16th, the UAE experienced the heaviest downpour since records began ... Read the full article
S&P assesses insurers’ risks amid Middle East conflicts
18th April 2024
As Iran's attacks on Israel risk an escalation, and with the ongoing Israel-Hamas conflict expected to persist, risks to insurers remain, although, at present, insurers in Israel, the Gulf region, and Europe are not significantly affected, according to S&P Global Ratings. Currently, S&P believes foreign insurers’ exposure to Israel through insurance ... Read the full article
Enstar gets S&P ‘A’ rating for reinsurer Cavello Bay
26th March 2024
Enstar Group has revealed that S&P Global Ratings has assigned an Insurer Financial Strength Rating of ‘A’ with a stable outlook to its Bermuda-based, wholly-owned subsidiary, Cavello Bay Reinsurance Limited. Matthew Kirk, Enstar’s Chief Financial Officer, commented on the issuance, “The S&P Insurer Financial Strength Rating is further confirmation of our ... Read the full article
Ratings on Asia-Pacific insurers to remain stable, economic conditions “pressuring earnings”: S&P
6th March 2024
S&P Global Ratings, the credit rating agency, has said that while they expect their ratings on Asia-Pacific insurers to remain stable, a combination of economic conditions and underlying changes are "pressuring earnings." The agency explained that credit trends in the Asia-Pacific insurance sector remain steady, however prospects vary across regions. Of the ... Read the full article
Rising reinsurance costs pose challenge for German P&C insurers: S&P
23rd February 2024
German property and casualty (P&C) insurers are grappling with mounting pressure due to surging reinsurance expenses, impacting both profitability and operational strategies, as highlighted by S&P Global Ratings, signaling potential adjustments within the sector. Reinsurance, a vital mechanism for insurers to mitigate risks by transferring a portion of their liabilities to ... Read the full article
S&P revises outlook for Aon to Negative amidst NFP acquisition plans
28th December 2023
S&P Global Ratings has revised the outlook for Aon PLC from stable to negative following the company's definitive agreement to acquire U.S. middle-market broker NFP Holdings LLC. Despite the strategic benefits of the acquisition, the negative outlook reflects concerns about the significant increase in debt to fund the transaction. Aon's acquisition of ... Read the full article
State Farm Mutual Automobile Insurance ranked as largest P&C insurer: S&P
21st December 2023
S&P Global Market Intelligence has reported on the largest Life and Property and Casualty Insurer Rankings, with State Farm Mutual Automobile Insurance Co. ranked as the largest global P&C insurer, with $77.59 billion of direct premiums written. Allianz SE took the top spot as the largest life insurance company in the ... Read the full article
SiriusPoint addresses ownership shift amidst CMIG International Holding’s receivership
14th December 2023
Global specialty insurer and reinsurer, SiriusPoint Ltd., has responded to the recent development concerning CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda—a key shareholder with 33% ownership and 9.9% voting rights in SiriusPoint. CMIH has entered private receivership as reported, a move initiated by its lenders in ... Read the full article
S&P places ratings on 15 NOHCs of Bermuda-based re/insurers on CreditWatch negative
24th November 2023
S&P Global Ratings has placed its long-term issuer credit ratings on 15 non-operating holding companies (NOHCs) of Bermuda-based reinsurers and insurers on CreditWatch with negative implications. The credit rating agency has also placed the issue ratings on the securities issued or guaranteed by these NOHCs, on CreditWatch with negative implications. Among the ... Read the full article
Resilient outlook for European insurers despite investment challenges: S&P
23rd November 2023
In a recent report by S&P Global Ratings, European insurers are navigating a challenging landscape marked by rapidly soaring interest rates in 2022, resulting in substantial unrealized losses on fixed-income investments exceeding €500 billion. Despite this, the insurance sector remains resilient, displaying a slow but sturdy journey to recovery, the report ... Read the full article
S&P revises SiriusPoint ratings outlook to ‘Stable’
14th November 2023
Global specialty re/insurer SiriusPoint, has had its ratings outlook revised from ‘Negative’ to ‘Stable’ by S&P Global Ratings (S&P). According to the announcement, this move reflects the credit rating agency’s” expectation that SiriusPoint will continue to post strong and improving underwriting results in 2023-2025, with combined ratios around 95% and capital ... Read the full article
S&P Global Ratings revises outlook on AIG to stable, affirms ratings
17th October 2023
S&P Global Ratings announced a revision of its outlook on American International Group Inc. (AIG), a global multiline insurer, and its core property and casualty (P/C) subsidiaries (excluding Validus Re) to stable from negative. Concurrently, S&P affirmed AIG's issuer credit ratings at 'BBB+/A-2' and its insurer financial strength ratings for AIG's ... Read the full article
Solid underwriting discipline key for Bermudian re/insurers: S&P
18th September 2023
Bermuda-based insurers and reinsurers might well be set for a more positive future after some challenging years, but solid underwriting discipline, effective risk selection strategies, and prudence in claims / reserve management will be key, according to S&P Global Ratings. Analysts note how large nat cat losses, pandemic losses, Russia's invasion ... Read the full article
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