Fitch Ratings has upgraded the insurer financial strength (IFS) ratings of Japanese insurer Mitsui Sumitomo Insurance to “A+” (Strong) from “A”. Fitch also affirmed MSI’s issuer default rating (IDR) of “A” and the rating on its subordinated debt at “A-“. …
Japanese insurance group MS&AD Insurance Group Holdings (MS&AD) has agreed to increase its minority stake in ReAssure, Swiss Re’s UK closed life book consolidator, by making an additional cash investment of £315 million ($398.7 million). The transaction, which is subject …
The recent run of large natural disasters to hit Japan likely has put downward pressure on the creditworthiness of the nation’s three largest non-life insurance groups, according to S&P Global Ratings in a market briefing. Following July’s heavy rains, Typhoon …
Pricing pressure in the reinsurance industry weighed on Swiss Re’s first-half earnings, overshadowing a drop in natural-catastrophe claims. The company said it’s exploring an initial public offering for its U.K. closed-book business. Swiss Re’s net income fell to $1 billion …
MS Amlin announced that Simon Beale, MS Amlin’s chief underwriting officer, will succeed Charles Philipps as CEO on April 1, 2018. With immediate effect Simon Beale will become deputy CEO, James Illingworth will become chief underwriting officer and Martyn Rodden …
Mitsui Sumitomo Marine Management, Inc. (MSMM) and MS Amlin plc, its sister company, have formed a new partnership with Air Centurion to write the U.S.-based aviation and aerospace accounts for Mitsui Sumitomo Insurance Company of America, complimenting a portfolio written …
Allianz SE, Europe’s biggest insurer, and France’s AXA SA were among first-round bidders for the rights to distribute general insurance products through Standard Chartered Plc outlets in Asia, according to people with knowledge of the matter. A unit of MS&AD …
Telematics data was successfully used to defend a driver in a liability trial in England, according to Insure The Box Ltd., a telematics-based car insurer. The strength of the telematics data prove the policyholder’s case, in contrast to the third …
The waiting list for an insurer to get a spot on the underwriting floor of Lloyd’s of London is the longest in its 327-year history, indicating record demand for access to the market. Lloyd’s has requests for about 160 so-called …
Japanese insurers including MS&AD Insurance Group Holdings Inc. and Sompo Japan Nipponkoa Insurance Inc. are seeking mergers with peers in the United States, as a declining population at home forces them to pursue markets that are growing overseas. Prime Minister …
