AM Best removes Validus ratings from under review after assessing RenRe’s plansAM Best has removed from under review with developing implications the ratings of Validus Reinsurance Ltd and Validus Reinsurance (Switzerland) Ltd following a review of RenaissanceRe’s plans for both entities.
AM Best goes negative on Westfield Insurance’s ICR after storm and cat lossesAM Best has revised its outlook to negative from stable for the “a+” long-term issuer credit ratings of Westfield Insurance Company and its affiliates, with the rating agency also affirming the A financial strength ratings with a stable outlook.
Limited (re)insurance market impact from West Africa political turmoil: AM BestContinued political turmoil and economic uncertainty in West Africa is likely to have a limited impact on (re)insurance markets, according to AM Best.
AM Best takes Fidelis off negative outlook after financial stability provedAM Best has revised the outlooks to stable from negative of the A (Excellent) financial strength rating of Fidelis Insurance Bermuda and its subsidiaries after the ratings agency assessed its performance and business relationship with Fidelis MGU over the last year.
AM Best revises CEA’s ICR outlook to stable on improved capitalisationAM Best has revised the outlook to stable from negative for the “bbb+” (good) long-term issuer credit rating of the California Earthquake Authority.
AM Best: Casualty reinsurers remain sceptical on future adverse loss reserve development(Re)insurers remain sceptical around inflation-driven future adverse loss reserve development in casualty lines, but adequate capacity was present for casualty programs at 1 January renewals, AM Best has commented.
AM Best downgrades and withdraws TRUE ratings following Gallatin Point dealAM Best has downgraded and withdrawn the ratings of Trusted Resource Underwriters Exchange (TRUE), which has opted out of the rating process after Gallatin Point acquired a majority stake in its attorney-in-fact.
AM Best: P&I clubs need 5% to 7.5% general increases to breakevenP&I clubs look set to apply general increases of 5 percent to 7 percent at this year’s renewals, which AM Best has suggested is a necessary increase for clubs to maintain the breakeven underwriting results expected in 2023/2024.
DUAEs and surplus lines: Clear winners in the hard marketDavid Blades, associate director, industry research and analytics at AM Best, examines the relationship between the rapidly growing DUAE and E&S markets…
AM Best: Economic losses from CA flooding to be “significant” with “many not insured”AM Best has said economic losses from last weekend’s atmospheric river event in California will bring “significant” economic losses and that “many” are not likely to be insured, with around 2 percent of the state’s residents opting to buy flood coverage.
GuideOne ratings lose AM Best under negative review status after Bain dealGuideOne’s financial strength rating (FSR) of A- from AM Best is no longer under review with negative implications in the wake of the West Des Moines, Iowa-based carrier receiving a $200mn strategic capital investment from Bain Capital Insurance late last year.
AM Best takes Canopius' US and Bermuda subsidiaries off negative outlookAM Best has revised the outlooks to stable from negative on the A- financial strength and “a-” long-term issuer credit ratings of Canopius US Insurance and Canopius Reinsurance Limited, with the agency citing an improvement in risk-adjusted capitalisation.
AM Best maintains stable outlook for Japan’s non-life segmentAM Best has maintained its stable outlook for Japan’s non-life insurance segment, driven by more profitable and stable underwriting performance in spite of recent natural catastrophe losses.
Risk Theory affiliate E&S carrier Amherst Specialty assigned PCA of A-AM Best has assigned a preliminary credit assessment with a financial strength assessment of A- pca to new Texas-based surplus lines carrier Amherst Specialty Insurance Company, which is affiliated to MGA platform Risk Theory Holdings.
AM Best upgrades AIG’s ICR on improved P&C performanceThe issuer credit ratings for AIG’s property casualty units have been upgraded to “a+” from “a” by AM Best as a result of the “steady and consistent” improvement in its operating performance, with the rating agency also upgrading the parent company’s ICR while affirming the A financial strength rating.
AM Best releases revised BCRM expected to impact <5% of credit ratingsAM Best has released its revised Best’s Credit Rating Methodology (BCRM) and the criteria procedure “Available Capital and Insurance Holding Company Analysis”, in a move that is expected to result in a recalibration of less than 5 percent of its published credit ratings.
New Builders carriers get A AM Best ratings as group reveals record 2023 GWPAM Best has assigned a financial strength rating of A to three new member companies of Builders Insurance which the US carrier says will provide “vital strategic value” to its near- and long-term expansion strategy, as it also revealed record GWP of $244mn in 2023.
AM Best: UK storms to maintain pressure on non-life insurers’ profitabilityClaims from Storms Pia and Henk and the poor weather conditions that struck the UK over the festive period will maintain pressure on non-life insurers’ profitability, according to AM Best.
AM Best downgrades Swiss Re long-term IR following Swiss law changeAM Best has downgraded the long-term issue credit rating of the senior unsecured note guaranteed by Swiss Re following changes to Swiss law that came into effect on 1 January.
AM Best: Global reinsurance industry sees strong recovery of prior-year capital lossesThe global reinsurance industry experienced a notable recovery from prior-year capital losses in 2023 driven by good technical results, unrealised capital gains and elevated reinvestment rates, according to a new commentary by AM Best.