March 22, 2021
A group of investors led by Bernhard Capital Partners Management LP (Bernhard Capital), a services and infrastructure-focused private equity management firm, has entered into an agreement to make a significant investment in Metairie, Louisiana-based The Gray Casualty & Surety Co. …
March 19, 2021
AM Best became a signatory of the United Nations Environment Programme’s (UNEP) Principles for Sustainable Insurance (PSI). The insurance industry plays an important role in supporting sustainable economic and social development, said AM Best. Further, management of environmental, social and …
March 18, 2021
Over the last decade, as insurers and reinsurers have sought profitable opportunities for growth, they increasingly have handed the underwriting pen to managing general agents, managing general underwriters, program administrators and other underwriting agencies. These specialized distribution partners have not …
March 17, 2021
With the volume of premium generated by managing general agents and other delegated underwriting authority enterprises (DUAEs) rocketing skyward in recent years, AM Best had decided it is time to deliver assessments of these entities. “What we’ve seen is really …
February 3, 2021
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Pekin Select Insurance Co. (PSIC), headquartered in Pekin, Ill., a subsidiary of Pekin Insurance Group (Pekin). The outlook is stable. …
February 2, 2021
While most of the COVID-related problems that plagued UK commercial property insurers will abate after the March anniversary of lockdowns, battles with reinsurers and damaged reputations are lingering impacts, AM Best said. In a commentary report, “UK Commercial Property Insurers—Looking …
January 26, 2021
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Wayne Mutual Insurance Co. (Wayne Mutual) in Wooster, Ohio. The outlook of these ratings has …
January 19, 2021
AM Best announced that its would not change the “A-” financial strength ratings of the members of Dallas-based Hallmark Insurance Group nor the “bbb-” long-term issue credit rating of Hallmark Financial Services, after Hallmark Financial announced the CEO is resigning. …
January 19, 2021
AM Best kept its stable market segment outlook on the U.S. personal lines insurance segment for 2021, citing the segment’s strong risk-adjusted capitalization and profitable underwriting performance in private passenger automobile, as well as underwriting actions benefiting the homeowners segment. …
January 15, 2021
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Summit Specialty Insurance Co. (SSIC), based in Omaha, Neb. The outlook assigned to these ratings is stable. SSIC is a …