Philadelphia Insurance Companies


Mariza Costa

AM Best’s Costa: ILS Investors Become Cagier After Recent Cat Losses

Mariza Costa, senior financial analyst, AM Best, said losses in 2017 and 2018 broke a pattern of more regular returns and also stemmed from events that were not as well modeled as more traditional perils. Costa spoke with AM BestTV at the 2019 Philadelphia Reinsurance Symposium.
March 21, 2019 Full Story

Jay Bregman

For Small Business Insurer Verifly, ‘Gig’ Tells Only Part of Story

In Jay Bregman’s view, the best way to understand the gig economy might be to come up with another name for it.
March 21, 2019 Full Story

Elisabeth Stadler

Vienna Insurance Group CEO: Financial Targets Upgraded After Strong 2018 Performance

Vienna Insurance Group upgraded its targets for 2019 and 2020 as the multiple-line insurance group continues to see strong growth and profit in its Central and Eastern Europe markets, said its chief executive officer.
March 21, 2019 Full Story

Pinnacle Actuarial Resources

AM BestTV

AMBestTV Special Presentation: For Insurers, the Goal is Self-Disruption
A special episode of AMBestTV will examine how insurers are pouring resources into nurturing new technologies and nascent technology startups in hopes of dominating tomorrow’s risk environment. This complimentary webinar on Friday, Mar. 29, 2019, begins at 2 p.m. (EDT). Register at https://bit.ly/2HyT5fo .
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Asia/Pacific

Dr. Schanz, Alms & Co. Survey: Fixed Health Products Identified as Strongest Growth Prospect in Emerging Asia
Fixed benefit health products are identified as the fastest-growing life insurance segment in emerging Asia, according to a survey conducted by consultancy Dr. Schanz, Alms & Co.
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Catastrophes

Thomas Wilson

Allstate Incurs $151 Million of Pretax Cat Losses in February
Allstate Corp. said it incurred estimated pretax catastrophe losses of $151 million in February.
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Courts

Pharmacist Gets 10-Year Sentence in Massive Prescription Fraud Scheme
A Florida pharmacist has been sentenced to 10 years in prison for his role in a $121 million prescription-fraud scheme.
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Europe

Liberty Specialty Markets Moves European Unit to Luxembourg
Liberty Specialty Markets said it has redomiciled its European insurance company Liberty Mutual Insurance Europe SE to Luxembourg and has opened its new headquarters in the city.
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People in Insurance

NJM Appoints Chief Financial Officer
NJM Insurance Group has appointed Chris Malone as chief financial officer. He succeeds Alastair Shore, who is no longer with the company, a spokeswoman said.
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Property/Casualty

1347 PIH Net Income Declines 40.1% as Weather-Related Losses Rise
Losses outpaced premium growth at 1347 Property Insurance Holdings Inc. as fourth-quarter net income fell 40.1%.
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Ratings

AM Best Affirms Credit Ratings of Berkshire Hathaway GUARD Insurance Companies’ Members
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” of WestGUARD Insurance Company, AmGUARD Insurance Company, EastGUARD Insurance Company and NorGUARD Insurance Company, which operate under an intercompany pooling agreement. These companies are members of Berkshire Hathaway GUARD Insurance Companies (GUARD) and domiciled in Wilkes-Barre, PA. The outlook of these Credit Ratings (ratings) is stable.
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AM Best Revises Outlooks to Negative for Oman Insurance Company P.S.C.
AM Best has 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 Oman Insurance Company P.S.C. (OIC) (United Arab Emirates).
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AM Best Withdraws Credit Ratings of MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A.
AM Best has withdrawn the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” of MAPFRE GLOBAL RISKS, Compañía Internacional de Seguros y Reaseguros S.A. (MAPFRE GR) (Spain). MAPFRE GR is a subsidiary of MAPFRE S.A. (MAPFRE) (Spain).
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Reinsurance

Thomas Buberl

Axa to Bring Axa Equitable Stake Below 50% in $1.4 Billion Offering, Buyback
Axa S.A. said it priced a secondary public offering of shares in its U.S. subsidiary Axa Equitable Holdings Inc., along with a share-repurchase agreement that together will earn Axa $1.4 billion while bringing its stake in the U.S. financial services unit to below 50%.
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Technology

Pina Albo

Hamilton CEO: Tech Alliances Should Stress Strategy, Customers, Decisions
Traditional insurers that hope to create relationships in the insurance technology sector should keep their focus on strategic value, customer satisfaction and decision-making, according to Pina Albo, chief executive officer of Bermuda-based Hamilton Insurance Group.
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Announcements

AM Best to Showcase Products at 2019 Buffalo I-Day Conference
AM Best Account Managers Kellie Bodmer and Patrick Kenah will exhibit at the 2019 Buffalo I-Day conference on Apr. 4, 2019, at the Buffalo Niagara Convention Center, Buffalo, NY.
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