Even though accelerating hard market conditions may seem ideal for a growing crop of professionals with designs on starting up insurance and reinsurance companies, garnering AM Best ratings still won’t be easy for newbies. Capital is coming into the industry …
The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Indeed, the …
AM Best reported it revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of NAMIC Insurance Co. Inc. (NAMICO) in Indianapolis, Indiana. The negative outlooks …
AM Best has downgraded the credit ratings of Bermuda-based AXIS Capital Holdings and its subsidiaries. The re/insurer has had its Financial Strength Rating downgraded to A (Excellent) from A+ (Superior) and its Long-Term Issuer Credit Ratings have been downgraded to …
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of McMillan Warner Mutual Insurance Co. (MWM) in Marshfield, Wisconsin The Credit Ratings …
The Providence Mutual Fire Insurance Co. has been dealt a financial strength rating downgrade from A.M. Best. A.M. Best said its decision to downgrade the insurer’s financial strength rating to “B++” (Good) from “A-” (Excellent) comes even as the insurer …
Ratings firm AM Best said it is developing stress testing that it will conduct on its rated insurance companies’ balance sheets to gauge the impact of the COVID-19 virus fallout on their risk-adjusted capital levels, investment portfolios, reserve adequacy and …
In an initial test of its new innovation assessment scores, AM Best found that only 1 percent of rated property/casualty insurers merit scores high enough to categorize them as innovation leaders, according to a recent report. The special report, “AM …
AM Best said the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Southern Pioneer Property and Casualty Insurance Co. (Southern Pioneer), based in Jonesboro, Ark., remain unchanged following its acquisition by …
Net underwriting income for the U.S. property/casualty insurance industry in 2019 grew by $4.9 million from 2018, A.M. Best said in a new report. Underwriting income hit $4.1 billion in 2019, from a loss of $800 million in 2018, even …
