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.
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Pricing is under pressure ahead of the Feb. 20, 2019, deadline for the marine protection and indemnity renewal for ship-owners. Competition remains strong.
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.
Insurers operating in Western Europe are enjoying relatively stable economic conditions, although achieving growth remains challenging and is likely to fuel continued merger and acquisition activity.
The #MeToo movement, cyber, proliferation of class action lawsuits are creating a landscape that is hard to price and underwrite.
Changes in balance sheet strength have been a key driver for rating actions among CIS-domiciled insurers.
Providence Mutual's Parrillo: Mutual Insurers Share Common Ground With Insurtechs
Insurance industry leaders share their insights into leadership and what they have learned as they’ve moved up the ladder.
A federal appeals court has allowed the U.S. House of Representatives to intervene in defense of the Affordable Care Act after a lower court held the law was unconstitutional with the elimination of the individual mandate penalties this year.
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.
February 15, 2019 Full Story
State Farm Personal Auto Poised for Lower Rates in 2019State Farm private passenger automobile insurance rate reductions are active or pending in at least 12 states, which a spokesman said is the result in part of improving expenses and losses.
Fairfax President: Further Rate Hardening Possible by 2019’s Second HalfComing off a fourth quarter of investment and catastrophe losses, Fairfax Financial Holdings Ltd.’s underwriting companies are ready to capitalize on a market that may see sufficiently hardening rates by the second half of 2019, said the group’s president.
California Bill Would Allow State to Buy Coverage Against CatastrophesA California Senate bill would allow the state to purchase insurance coverage to guard against future catastrophes, like earthquakes and the recent massive wildfires that have devastated communities and cost the state almost $1 billion, officials said.
AM Best Affirms Credit Ratings of Members of Farmers Insurance GroupAM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the members of Farmers Insurance Group (Farmers) and Farmers Reinsurance Company (Woodland Hills, CA). Concurrently, AM Best has affirmed the Long-Term ICR of “a” of Farmers’ management company and attorney-in-fact, Farmers Group, Inc. (Nevada) (FGI), as well as the Long-Term Issue Credit Ratings (Long-Term IR) of “bbb+” on the outstanding surplus notes of Farmers Insurance Exchange (Exchange) (Woodland Hills, CA) and Farmers Exchange Capital. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Los Angeles, CA unless otherwise specified. (Please see the link below for a detailed listing of the companies and ratings).
AM Best Comments on Credit Ratings of Sirius International Insurance Group, Ltd. and Its Main Rated SubsidiariesAM 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 Financial Strength Ratings of A (Excellent) and the Long-Term ICRs of “a” of Sirius Bermuda Insurance Company Ltd. (Bermuda), Sirius International Insurance Corporation (publ) (Sweden) and Sirius America Insurance Company (New York, NY) are unchanged following the reported missed bond payment by and liquidity issues pertaining to their ultimate parent, China Minsheng Investment Group Corp., Ltd. (CMIG).
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 its operating affiliates.
Aon Co-President: New Capital, Plus Data Analytics, Equals New Risk SolutionsEric Andersen, co-president, Aon, said evolving technology and greater use of data analytics are widening the range of where and how the broker places risk. Andersen spoke with AM BestTV at the PLUS D&O Symposium in New York.
KPMG: Despite Global Dip, UK Insurtechs Report Rise in InvestmentIn 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.
Underwriting, Investment Markets Push Brit Into LossPointing 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 of $21.5 million in the previous year, Brit said in a statement.
BestWeek: AIG’s Duperreault Says General Insurance Woes Were Deeper Than AnticipatedGeneral insurance problems proved deeper than anticipated when American International Group Inc. began a massive turnaround effort more than a year ago, complicated by two years of heavy catastrophe losses and financial market turmoil, the group’s chief executive officer said in this week’s BestWeek.
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