The United Kingdom’s financial services regulator asked eight insurers to participate in a test case on business interruption policy wording as the regulator seeks to clarify aspects of the issue arising from the COVID-19 pandemic.
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Globally, the insurance industry is well capitalized, with most of the rated (re)insurers performing well in our stress test.
The MPL segment is beset by several risks—rate adequacy, rising loss costs, and social inflation, with the COVID-19 outbreak now foremost among them.
Risk-adjusted capitalisation remains solid, but Japan life insurers face short-tern challenges in growth and investment returns.
Life/Health cat bonds may be affected by COVID-19.
Current legislation in the works in a number of states could have disastrous consequences for the P/C insurance industry.
Swiss Re: Warmer Seas Could Lead to Busier Hurricane Season
AM Best Affirms Credit Ratings of Union Insurance Company Limited:
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Union Insurance Company Limited (Union) (Taiwan). The outlook of these Credit Ratings (ratings) is ...
Date: June 04, 2020 08:48:29
Best’s Market Segment Report: AM Best Revises Outlook on GCC Insurance Markets to Negative:
AM Best has revised its market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC) to negative from stable. Key factors that led to the change outlook includes the economic downturn across the ...
Date: June 04, 2020 08:19:03
AM Best Places Credit Ratings of Spinnaker Insurance Company Under Review with Developing Implications:
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Spinnaker Insurance Company (Spinnaker) (Chicago, IL).
Date: June 04, 2020 08:17:09
New York State Agrees to Fintech Cooperation Pact With France:
The New York State Department of Financial Services has signed a memorandum of understanding with France’s Autorité de Contrôle Prudentiel et de Résolution to ease entry for fintech innovators into the New York and French ...
Date: June 03, 2020 04:35:16
Insurtech Root Launches Homeowners Insurance Operation in 13 States:
Homeowners insurance is now part of Root Insurance Co.’s platform as the insurtech said it is offering coverage in 13 states.
“Root Home, a streamlined homeowners insurance program, is now available in 13 states,” Root ...
Date: June 03, 2020 04:16:03
UK Regulators Give Insurers Broad Latitude on COVID-19 Premium Reductions, Rebates:
U.K. general insurance companies will have broad autonomy on how they respond to the coronavirus-related reduction in activity in some lines under an amended Financial Conduct Authority guidance, which does not mandate that ...
Date: June 03, 2020 04:06:24
Michigan DIFS Orders Auto Premium Refunds:
Michigan Department of Insurance and Financial Services Director Anita Fox has ordered automobile insurers in Michigan to issue refunds or premium waivers to consumers as a result of insurance companies’ reduced risk due to ...
Date: June 03, 2020 03:59:30
UK P&I Club Posts Higher Free Reserves, Investment Returns in Latest Fiscal Year:
The UK P&I Club said its free reserves rose $54 million to $559 million for the fiscal year ended Feb. 20, driven by an investment return of 9.6% for the year.
The marine insurer benefited from “reasonably good large ...
Date: June 03, 2020 03:48:33
Morigeau, Downing Well Ahead in Montana Insurance Commissioner Primary:
Democrat Shane Morigeau and Republican Troy Downing appear to be the winners in races for their parties’ nomination to square off for the insurance commissioner’s seat in November.
Morigeau, a lawyer and minority whip of ...
Date: June 03, 2020 03:31:05
Caribbean Cat Fund Covers Over $1 Billion in 2020 Risk:
Caribbean catastrophe fund CCRIF said its member governments in the Caribbean region all renewed their parametric insurance coverage for tropical cyclone, excess rainfall, earthquake and fisheries ahead of the upcoming 2020 ...
Date: June 03, 2020 03:28:09
AM Best Affirms Credit Ratings of Thrivent Financial for Lutherans:
AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa+” of Thrivent Financial for Lutherans (headquartered in Minneapolis, MN) (Thrivent). The ...
Date: June 03, 2020 03:08:06
Average Individual Health Rates Decline on Washington Exchange:
Average rates on Washington state’s individual health insurance exchange would decline close to 2% for 2021, according to filings from 15 insurers, the Office of the Insurance Commissioner said.
The average proposed rates ...
Date: June 03, 2020 02:47:27
Skuld Sells Runoff Lloyd’s Syndicate to RiverStone:
Marine insurer Skuld agreed to sell its Lloyd’s Syndicate 1897 in runoff to RiverStone Group. Syndicate 1897 was placed into run-off in July 2019, the companies said in a joint statement. The transaction is subject to ...
Date: June 03, 2020 02:20:22
Lloyd’s Suspends Full Elections Amid COVID-19 Crisis, Extends Board:
Lloyd’s has suspended full contested elections for some members of its new single governing body amid the coronavirus pandemic, rolling over select existing members Council of Lloyd’s until elections can be held later this ...
Date: June 03, 2020 01:20:24
RenaissanceRe Prices Public Common Share Offering at $913 Million:
RenaissanceRe Holdings Ltd. priced its 5.5 million-share public offering at $166 a share for an implied value of $913 million, in addition to a concurrent $75 million private placement involving a common share purchase by ...
Date: June 03, 2020 12:14:08
AM Best Revises Outlooks to Negative for Credendo – Single Risk Insurance AG:
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Credendo – Single Risk Insurance AG (Credendo – Single ...
Date: June 03, 2020 12:06:18
Hippo CIO: Spinnaker Acquisition Will Boost Geographic Expansion:
Hippo Insurance, a homeowners-focused managing general agency, has entered into an agreement to acquire national property/casualty carrier Spinnaker Insurance, the companies said.
The transaction is expected to close in ...
Date: June 03, 2020 11:57:03
AIG Completes Sale of 76.6% Stake in Legacy Reinsurer Fortitude Re:
Carlyle Group and T&D Holdings completed their acquisition of a 76.6% stake in Fortitude Group Holdings, American International Group Inc.’s legacy reinsurer, for $2.2 billion.
AIG received about $2.2 billion in sale ...
Date: June 03, 2020 11:48:50
AM Best Affirms Credit Ratings of Illinois Casualty Company:
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Illinois Casualty Company (ICC). Concurrently, AM Best has affirmed the Long-Term ICR of ...
Date: June 03, 2020 11:01:25
AM Best Affirms Credit Ratings of Triple-S Management and Certain L/H Subs; Downgrades Ratings of Triple-S Blue, Inc. I.I.:
AM Best has affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” of Triple-S Salud, Inc. (TSS) and its affiliate, Triple-S Vida, Inc. (TSV). AM Best ...
Date: June 03, 2020 10:18:30
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