The reinsurance market showed signs of decelerating rate declines in its most recent June/July 2015 renewals, indicating that pricing could be approaching a new equilibrium, says Fitch Ratings in a new global sector report. Reinsurance pricing has experienced downward pressures …
Fitch Ratings has upgraded the rating on the following senior secured bonds of the Citizens Property Insurance Corp., FL, PLA/CLA to ‘AA-‘ from ‘A+’: –$1.1 billion series 2012A-1; –$200 million series 2012A-3 (SIFMA floating rate notes). The Rating Outlook is …
Fitch Ratings has assigned an ‘AA-‘ rating to the following senior secured bonds of the Citizens Property Insurance Corp., Coastal Account (formerly known as the High Risk Account): –$750 million series 2015A-1; –$250 million series 2015A-2 (SIFMA FRN). The bonds …
International investors are overtaking Danish pension funds and insurers as the biggest buyers of the Nordic country’s covered mortgage bonds, creating new risks for the $500 billion market. The institutional investors have been trimming their holdings as the surge in …
A doubling in the trust holdings of China’s insurers has prompted ratings companies to warn the industry may be taking on too much shadow banking default-risk. Insurers held 281 billion yuan ($46 billion) of trust products on June 30, surging …
Insured losses stemming from two Hawaii hurricanes won’t break the bank, in large part because both storms diminished in intensity or avoided a direct hit. Fitch Ratings concluded in a review of the situation that outstanding catastrophe bonds including the …
Fitch Ratings has revised its outlook to stable from negative, reflecting expectations that insurers’ profit and capital adequacy will be resilient amid the Italian recession. The outlook also reflects reduced credit risk on certain Italian insurers’ balance sheets, following the …
Fitch Ratings announced that it has upgraded Lloyd’s of London’s Insurer Financial Strength (IFS) rating to ‘AA-‘ from ‘A+’, and has also upgraded the Society of Lloyd’s Long-term Issuer Default Rating (IDR) to ‘A+’ from ‘A’ and Lloyd’s Insurance Company …
Commercial automobile insurers reported a third consecutive year of underwriting losses in 2013. According to an analysis by Fitch Ratings, the combined ratio came in at 106 for 2013 compared with 107 for 2012. In a special report, “Commercial Auto …
Fitch Ratings said it “believes that the insurance industry and the ratings currently assigned to P&C companies in Nicaragua and Mexico will not be affected by the earthquakes that recently hit these countries.” Nicaragua experienced an earthquake on Thursday, April …
