From Best's Review: Growth Industry

As states across the country move to legalize cannabis, insurers assess the risks but remain cautious of market entry.

April 01, 2019 Full Story

Daniel Frey

Travelers Posts 19% Rise in First-Quarter Net on Lower Cat Losses

Travelers Cos. posted a 19% rise in first-quarter net income as catastrophe losses fell.
April 18, 2019 Full Story

Perils: European Storm Dragi-Eberhard Caused Estimated $832.6 Million in Insured Losses

An extratropical cyclone dubbed Dragi-Eberhard has caused an estimated €740 million (US$832.6 million) in insured property losses, according to Perils A.G.

April 18, 2019 Full Story

Pinnacle Actuarial Resources

Agent/Broker

South Florida Insurance Agent Gets Prison Sentence in $1.4 Million Fraud
A federal judge has sentenced a South Florida insurance agent and broker to 33 months in prison after the agent pleaded guilty to creating phony contracts to secure $1.4 million in premium finance loans, which he used in part to pay traveling and gambling expenses.
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Asia/Pacific

Anbang Plans to Reduce Registered Capital by About One-Third
Anbang Insurance Group, which was taken over by China’s insurance regulator in February 2018, plans to reduce its registered capital by about one-third.
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Australia’s Prudential Regulator Releases New Enforcement Approach to Address Serious Risks
The Australia Prudential Regulation Authority has released details on the future role and use of enforcement activities in achieving its prudential objectives, according to a statement from the regulator.
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Tim Grafton

New Zealand Creates First Climate Change Risk Assessment Panel
New Zealand’s Ministry for the Environment has created a framework for the first National Climate Change Risk Assessment with the appointment of an expert panel, according to James Shaw, the minister for climate change.
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Ratings

AM Best Assigns Issuer Credit Rating to Palomar Holdings, Inc. Following IPO; Affirms Credit Ratings of Member Companies
AM Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” to Palomar Holdings, Inc. [NASDAQ: PLMR] (Delaware), the ultimate parent and insurance holding company of Palomar Specialty Insurance Company (PSIC) (headquartered in La Jolla, CA) and Palomar Specialty Reinsurance Company Bermuda Ltd. (Palomar Re) (Bermuda). The outlook assigned to this Credit Rating (rating) is stable. Concurrently, AM Best has affirmed the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term ICR of “a-” of PSIC and Palomar Re. The outlook of these ratings is stable. PSIC and Palomar Re are members of Palomar Holdings, Inc. These rating actions follow an initial public offering (IPO) for Palomar Holdings, Inc. on April 17, 2019.
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Announcements

BestWeek: Outgoing Nationwide CEO Sees Growing Sophistication in Distribution
With the announcement of his intention to retire as chief executive officer of Nationwide Mutual Insurance Co. in October, Steve Rasmussen said his hope is he has left the company prepared to “grow on a wide front as I walk out the door.”
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