From Best's Review: Market Correction

Florida reinsurers raise rates and return to underwriting differentiation in response to lingering issues.

August 01, 2019 Full Story

Jon Godfread

ACA Rates for 2020 Ease, Helped by Reinsurance Waivers

Filings for states’ 2020 Affordable Care Act individual and small-group markets suggest a widespread easing of rates, creating for insurers and their policyholders a second consecutive year of moderation.
August 15, 2019 Full Story

Pat Regan

QBE’s First-Half Net Profit Up 29% on Lower Claims, Strong Investment Income

QBE Group Ltd.’s net profit grew 29% in the first half, helped by lower claims losses, strong investment returns and rising insurance premiums, according to the insurer’s earnings results.
August 15, 2019 Full Story

Pinnacle Actuarial Resources

AM BestTV

AM BestTV: NAIC’s NYC Event Draws Insurance Industry to a Meeting of the Minds
In this AM BestTV episode from the National Association of Insurance Commissioners’ Summer Meeting in New York, NY, insurance regulators and industry participants say the meetings provide a forum to clarify important insurance issues. Click on http://www.ambest.com/v.asp?v=naic1819 to view the entire program.
Full Story

Asia/Pacific

Estimated Typhoon Lekima Insured Losses Will Exceed US$870 Million
Insured losses from Typhoon Lekima are estimated to exceed 6 billion yuan (US$870 million) in China, according to risk modeler AIR Worldwide.
Full Story

Courts

Kodak Sues Travelers, Lumbermens in Dispute Over Asbestos Litigation
Eastman Kodak Co. asked a federal bankruptcy judge to reopen its restructuring case and deny indemnification to Travelers and Lumbermens Mutual Casualty Co. over claims stemming from newly filed asbestos lawsuits.
Full Story

Earnings

Alex Wynaendts

Aegon Posts 26% Increase in First-Half Net on Investment Gains
Netherlands-based international life and pension group Aegon NV reported a 26% increase in net income to €618 million (US$688 million) during the first half of 2019, driven by realized investment gains.
Full Story

Europe

David Knibbe

NN Financial Chief: New CEO to Be Installed Amid Delta Lloyd Integration, Cost-Cutting Program
NN Group N.V. is preparing to install a new chief executive officer as it continues to integrate an acquired company amid a cost-cutting drive, according to the group’s chief financial officer.
Full Story

Health

GAO: Almost All Medicare Part D Rebates Passed on to Carriers
Practically all prescription drug rebates — 99.6% — negotiated in 2016 by pharmacy benefit managers with drug makers in Medicare Part D were passed on to insurers, according to a new government report.
Full Story

Legislation

NC Governor Gets Association Health Plan Legislation
The North Carolina state Senate has sent to Gov. Roy Cooper a bill to make it easier for small businesses to purchase health insurance through loose association groups.
Full Story

People in Insurance

AIG Names Chief Actuary for General Insurance
Richard Olsen has been appointed chief actuary, general insurance, at American International Group Inc.
Full Story

Axis Capital Names Head of Property Reinsurance for EMEA, Latin America
Axis Re, the reinsurance business segment of Axis Capital Holdings Ltd., has named Gino Smith head of property for Europe, Middle East and Africa and Latin America.
Full Story

Property/Casualty

Allstate Incurs $235 Million in Estimated Pretax Cat Losses in July
Allstate Corp. said it incurred estimated pretax catastrophe losses of $235 million in July.
Full Story

Martin Bertogg

Swiss Re: Global Insured Disaster Losses Fall to US$19 Billion in First Half
Natural catastrophes and man-made disasters led to insured losses of US$19 billion in the first half of 2019, down from US$26 billion a year ago, according to Swiss Re.
Full Story

Ratings

AM Best Affirms Credit Ratings of China BOCOM Insurance Company Limited
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of China BOCOM Insurance Company Limited (CBIC) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
Full Story

AM Best Affirms Credit Ratings of United States Liability Insurance Company and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of United States Liability Insurance Company (USLI) (Wayne, PA) and its subsidiaries: Mount Vernon Fire Insurance Company (MVF) (Wayne, PA), U.S. Underwriters Insurance Company (USU) (Bismarck, ND), Mount Vernon Specialty Insurance Company and Radnor Specialty Insurance Company (both domiciled in Omaha, NE). The outlook of the Credit Ratings (ratings) is stable.
Full Story

AM Best Assigns Credit Ratings to Clear Spring P&C Co.; Downgrades Ratings of Lackawanna Casualty Co. and Other Subsidiaries
AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to Clear Spring Property and Casualty Company (Clear Spring). Concurrently, AM Best has removed from under review with negative implications and downgraded the FSR to A- (Excellent) from A (Excellent) and the Long-Term ICRs to “a-” from “a” of Lackawanna Casualty Company and its subsidiaries, Lackawanna American Insurance Company and Lackawanna National Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. Clear Spring is domiciled in Dallas, TX, while the three Lackawanna companies are domiciled in Wilkes-Barre, PA. The companies are collectively referred to as Lackawanna Insurance Group (Lackawanna).
Full Story

AM Best Assigns Issue Credit Rating to Lincoln National Corporation’s Forthcoming Senior Unsecured Notes
AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the forthcoming $500 million 3.05% senior unsecured notes due Jan. 15, 2030, to be issued by Lincoln National Corporation (LNC) (Fort Wayne, IN). The outlook assigned to the Credit Rating (rating) is stable. LNC’s existing Long-Term Issuer Credit Rating and Long-Term IRs are unchanged.
Full Story

AM Best Downgrades Credit Ratings of Westminster American Insurance Company
AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of Westminster American Insurance Company (Westminster) (Owings Mills, MD). The outlook of these Credit Ratings (ratings) remains stable.
Full Story

AM Best Revises Issuer Credit Rating Outlook to Negative for Members of Columbian Financial Group
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” of Columbian Mutual Life Insurance Company (Binghamton, NY) and Columbian Life Insurance Company (Chicago, IL), collectively referred to as Columbian Financial Group (CFG). The outlook of the FSR remains stable.
Full Story

State Regulation

Mike Causey

North Carolina Insurance Department Creates Fraud Unit
The North Carolina Department of Insurance has created its first Criminal Investigations Reserve Unit to fight insurance fraud.
Full Story

United Kingdom

Catherine Thomas

EY Poll: 42% of UK Financial Services Firms Prepare for Quick Business Shift in No-Deal Brexit
While most U.K. financial services firms are anticipating an extension of the Oct. 31 date for the country to leave the European Union, 42% are prepared to shift U.K. business into non-EU locations if Brexit goes ahead without a deal, according to consultants EY.
Full Story