From Best's Review: Storm Clouds on the Horizon?

Asset managers have begun de-risking their portfolios in response to forecasts of a recession in 2020 or 2021.

June 01, 2019 Full Story

Albert Benchimol

Axis CEO: Market Turn Needs Time to Lure Back Third-Party Capital

Albert Benchimol, president and chief executive officer, Axis Capital Holdings, said insurance pricing will need to show sustainability before investors hurt by catastrophe losses regain confidence. Benchimol spoke with AM BestTV at the Global Insurance Forum, held in Singapore.
June 25, 2019 Full Story

Matt Eyles

AHIP Opposes Trump Order to Compel Disclosure of Insurer Price Breaks

President Donald Trump has signed an executive order — opposed by industry representatives — that would force the disclosure of secret discount rates negotiated between health insurers and medical providers like hospitals or doctors.
June 25, 2019 Full Story

Pinnacle Actarial Resources

AM BestTV

AM BestTV: Despite Storms, Outlook for Germany’s Non-Life Sector Stable, Says AM Best Financial Analyst
In this AMBestTV episode, Konstantin Langowski, financial analyst, AM Best, said despite a slight deterioration of the combined ratio for Germany’s non-life industry in 2018, the overall sector’s financial condition still supports a stable market segment outlook. Click on http://www.ambest.com/v.asp?v=germannonlife419 to view the entire program.
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Agent/Broker

Chris Bonard

Broker Ed Gains Regulatory Approval in Bermuda
Reinsurance, wholesale and specialty broker Ed said it won regulatory approval from the Bermuda Monetary Authority for its new operation in Bermuda.
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Asia/Pacific

IAG in Talks Over Sale of Indian Joint Venture
Insurance Australia Group Ltd. has confirmed it has held talks with external parties on the potential sale of all or part of its 26% stake in Indian nonlife insurer SBI General Insurance Co.
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New Zealand Group Says Consumers Not Getting a Fair Deal in Insurance
New Zealand consumers are paying more than ever for insurance but are not getting a fair deal, according to Consumer NZ.
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Courts

Texas Sues Health-Sharing Ministry Over Alleged Lack of License
Aliera Healthcare, a health care-sharing ministry already in a legal tangle with the state of Washington, has another court fight on its hands, this time in Texas.
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Health

Louisiana Governor Signs ACA Replacement Bill Pushed by His Foe
Louisiana’s governor has signed into a law a measure backed by a political foe that will attempt to offer consumer protections to patients if the Affordable Care Act is overturned.
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Homeowners

TWIA Claims Funds Drop 14.3% for 2019 Hurricane Season
The Texas insurer of last resort has $4.2 billion on hand to pay claims resulting from the new hurricane season, down 14.3% from 2018.
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People in Insurance

Assurant Appoints Senior Vice President
Assurant Inc. has named Jay Rosenblum senior vice president, government relations and regulatory affairs.
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Grange Insurance Names EVP of Chief Distribution and Affiliate Officer
Grange Insurance and its affiliate partner Integrity Insurance have named Jill Wagner Kelly as executive vice president chief distribution and affiliate officer.
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Ratings

AM Best Affirms Credit Ratings for La Colonial, S.A. Compañía de Seguros
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of La Colonial, S.A. Compañía de Seguros (La Colonial) (Santo Domingo, Dominican Republic). The outlook of these Credit Ratings (ratings) remains positive.
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AM Best Affirms Credit Ratings of ERIKA Försäkringsaktiebolag (publ)
AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of ERIKA Försäkringsaktiebolag (publ) (Erika) (Sweden). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Members of Erie Insurance Group and Erie Family Life Insurance Company
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the property/casualty (P/C) members of Erie Insurance Group (Erie). Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Erie Family Life Insurance Company (EFL). The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Erie, PA, unless otherwise specified.
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AM Best Assigns Credit Ratings to Beazley America Insurance Company, Inc.
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Beazley America Insurance Company, Inc. (Beazley America) (Farmington, CT), a newly added member of Beazley USA Insurance Group (Beazley USA). The outlook assigned to these Credit Ratings (ratings) is stable.
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Reinsurance

Essent Closes on $333.8 Million Reinsurance Deal for Mortgage Risk
Essent Group Ltd. said its wholly owned subsidiary Essent Guaranty Inc. has obtained $333.8 million of collateralized excess-of-loss reinsurance coverage on mortgage insurance policies written by Essent in 2015 and 2016.
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State Regulation

Arizona Consolidates Financial, Auto Theft Departments
Arizona’s Department of Financial Institutions, Department of Insurance and its Automobile Theft Authority will merge officially into a new department next year.
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Technology

Michael Morrissey

IIS Chief: It’s Not Just the Tech Change, It’s the Speed of Disruption
Michael Morrissey, president and chief executive officer, International Insurance Society, said insurance markets in Asia are demonstrating how insurers and their customers are quickly embracing new technologies and insurance products. Morrissey spoke with AM BestTV at the Global Insurance Forum, held in Singapore.
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United Kingdom

Berkshire Hathaway Specialty Insurance Expands UK Team
Berkshire Hathaway Specialty Insurance appointed Mark Walker to serve as head of customer and broker engagement for the United Kingdom.
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In Push on Climate Change, LGIM to Divest From ExxonMobil, Metlife
As part of its efforts to promote corporate action against climate change, Legal & General Investment Management said it will divest from ExxonMobil Corp. and MetLife.
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