Philadelphia Insurance Companies


From Best's Review: Words of Wisdom

Insurance industry leaders share their insights into leadership and what they have learned as they’ve moved up the ladder.

February 01, 2019 Full Story

Federal Court Allows US House to Intervene in ACA Litigation, Denies Expedited Appeal

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.

February 15, 2019 Full Story

Tom Johansmeyer

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.
February 15, 2019 Full Story

Pinnacle Actuarial Resources

Auto

State Farm Personal Auto Poised for Lower Rates in 2019
State 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.
Full Story

Society of Actuaries

Earnings

Fairfax President: Further Rate Hardening Possible by 2019’s Second Half
Coming 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.
Full Story

Legislation

Ricardo Lara

California Bill Would Allow State to Buy Coverage Against Catastrophes
A 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.
Full Story

Ratings

AM Best Affirms Credit Ratings of Members of Farmers Insurance Group
AM 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).
Full Story

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 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).
Full Story

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.
Full Story

Technology

Eric Andersen

Aon Co-President: New Capital, Plus Data Analytics, Equals New Risk Solutions
Eric 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.
Full Story

United Kingdom

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.
Full Story

Matthew Wilson

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 of $21.5 million in the previous year, Brit said in a statement.
Full Story

Announcements

BestWeek: AIG’s Duperreault Says General Insurance Woes Were Deeper Than Anticipated
General 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.
Full Story