Best’s Special Report: P&I Clubs’ Balance Sheets Strong but Performance Under Pressure Amid Strong Competition
: Pricing is under pressure ahead of the February 20, 2019 deadline for the marine protection and indemnity (P&I) renewal for ship-owners. Competition in the sector remains strong, exacerbated by a growing fixed-premium market,...
Date: February 18, 2019
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AM Best Downgrades Issuer Credit Ratings, Affirms Financial Strength Rating of Allied World Assurance Co., Ltd and Its Subs.
: AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a+” and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Allied World Assurance Company, Ltd (Allied World) (Bermuda) and...
Date: February 15, 2019
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KPMG: Despite Global Dip, UK Insurtechs Report Rise in Investment
: In contrast with an international pattern of shrinkage, the insurance technology sector in the United Kingdom received more than US$1 billion in investments in 2018, up from $792 million in 2017, according to KPMG.
U.K.-bas...
Date: February 15, 2019
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Allianz CEO: Insurance Segments See Strong Results Amid Strategic Revamp
: Allianz S.E. saw strong growth in both its property/casualty and life/health segments in 2018 as the group seeks to simplify and optimize its operations, said its group’s chief executive officer.
The group posted strong fo...
Date: February 15, 2019
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PCS Verisk Co-head: Alternative Capital Drawn to New Risks, Regions
: Tom Johansmeyer, co-head, PCS, Verisk, said causes and locales of catastrophic loss have expanded in the past two decades. Johansmeyer spoke with AM BestTV at the ILS NYC 2019 conference in New York.
View the video version...
Date: February 15, 2019
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AM Best Comments on Credit Ratings of Sirius International Insurance Group, Ltd. and Its Main Rated Subsidiaries
: AM Best has commented that the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “bbb” of Sirius International Insurance Group, Ltd. (SIIG) (Bermuda) [NASDAQ: SG] and Sirius International Group, Ltd. (Bermuda); and the Fina...
Date: February 15, 2019
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Underwriting, Investment Markets Push Brit Into Loss
: Pointing to “challenging” underwriting and investment markets and the effects of foreign exchange movements, Lloyd’s insurer and reinsurer Brit Ltd. reported an after-tax loss of US$166.5 million in 2018, down from a profit o...
Date: February 15, 2019
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Sompo Launches Weather Insurance for Farmers in Thailand
: Sompo Insurance Thailand Pcl. has cooperated with the Bank for Agriculture and Agricultural Cooperative to launch the first parametric weather insurance program for farmers in Thailand.
The new program for longan fruit farm...
Date: February 15, 2019
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AM Best Maintains Under Review With Negative Implications Status for National Insurance Company Limited
: AM Best has maintained the under review with negative implications status for the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” of National Insurance Company Limited (National) (Ind...
Date: February 15, 2019
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NN Chief: Netherlands Insurance Operation Improves With Delta Lloyd Integration
: NN Group NV ended 2018 with the consolidation of a major acquisition as it improved performance in its Netherlands insurance businesses, said the group’s chief executive officer.
In 2018, NN strengthened its market positio...
Date: February 14, 2019
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Lancashire Cites Momentum in Return to Profit
: Pointing to encouraging momentum, Bermuda-domiciled Lloyd’s property/casualty underwriter Lancashire Holdings Ltd. reported an after-tax profit of US$37.5 million in 2018, compared with a loss of $71.1 million in the previous...
Date: February 14, 2019
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Lloyd’s Push for Profit Pressures Reeling Syndicates
: When John Neal delivered his first speech as the new chief executive officer of Lloyd’s, he used a word that has eluded several syndicates in recent years: profit.
Neal, who succeeded Inga Beale as Lloyd’s CEO in October 2...
Date: February 14, 2019
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Aon: Extreme US Winter Weather Had Billion-Dollar Economic Toll
: Multiple winter storms and extreme cold took a billion-dollar economic toll in the United States, while insurers in Australia incurred nearing AU$80 million (US$57 million) from severe flooding in Northern Queensland, accordi...
Date: February 13, 2019
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AM Best Assigns Credit Ratings to Glencar Insurance Company
: AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa” to Glencar Insurance Company (GIC) (Milwaukee, Wisconsin, USA), a wholly owned subsidiary of Hannover Rück SE (Han...
Date: February 13, 2019
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AM Best Affirms Credit Ratings of Randall & Quilter Investment Holdings Ltd. and Its Members
: AM Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Accredited Surety and Casualty Company, Inc. (ASCC) (Orlando, FL) and Accredited Insuran...
Date: February 13, 2019
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Axa XL May Cut 711 Jobs as Part of New Organization Plan
: Axa XL said it made “an important step toward the integration” of the recently acquired XL Catlin business in a move that may cost 711 jobs in Europe.
The property/casualty and specialty risk division of Axa S.A. will comb...
Date: February 12, 2019
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Argo CEO: London Strategy Sees ‘Aggressive’ Changes as US Business Prospers
: As it deploys capital to higher-margin business and prepares to expand a technology initiative beyond the United States, Argo Group International Holdings Ltd. is shifting business away from underperforming lines, particularl...
Date: February 12, 2019
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Liberty Specialty Markets Launches Casualty Operation in Italy
: Liberty Specialty Markets said it entered the casualty market in Italy for the first time as it recruited Paolo Pitton to lead the initiative.
Based in Milan, Pitton joins the affiliate of Liberty Mutual Insurance Group fr...
Date: February 11, 2019
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Chubb Names Graswinckel to Senior Accounts Post in Europe
: Chubb has appointed Peter Graswinckel, most recently a senior executive for the group in the Benelux countries, to the newly created position of segment leader for major accounts in continental Europe.
Graswinckel, who will...
Date: February 11, 2019
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India’s Regulator Told to Adopt Sandbox Approach for Insurtech Innovations
: A regulatory committee has recommended the Insurance Regulatory and Development Authority of India setup a sandbox environment in order “to encourage insurance technology innovations that help increase insurance penetration a...
Date: February 11, 2019
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