Philadelphia Insurance Companies


From Best's Review: Generation Next

With boomers retiring and leadership requirements changing, the industry could face a leadership gap if it fails to develop its internal talent, especially Gen X.

February 01, 2019 Full Story

Denis Kessler

Despite Higher Cat Activity, Scor Posts 12.6% Group Net Income Rise

Despite what it described as the second straight year of higher natural catastrophe activity, Scor SE reported a 12.6% increase in group net income to €322 million (US$365.2 million) in 2018.
February 20, 2019 Full Story

Best’s Briefing: Profits Continue to Rise for National Insurers in the United Arab Emirates

The insurance market of the United Arab Emirates (UAE) continued its earnings momentum in 2018 to post a second consecutive year of bumper profits. AM Best’s analysis of the preliminary disclosures of the national insurers listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) has shown material improvements in both underwriting and overall performance, combined with modest premium growth, according to a new briefing by AM Best.

February 20, 2019 Full Story

Pinnacle Actuarial Resources

Agent/Broker

Christopher Woolard

UK Regulator Gives Wholesale Broking Market a Passing Grade
As it published its market study report on the wholesale insurance broker market, The U.K Financial Conduct Authority said it hasn’t found evidence of “significant levels of harm that merit the introduction of intrusive remedies.”
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Society of Actuaries

Asia/Pacific

Guangdong-Hong Kong-Macao Development Plan Aims to Boost Insurance Business
A new initiative unveiled by the State Council of China aims to create greater business opportunity in the Guangdong-Hong Kong-Macao Greater Bay Area.
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Myanmar Sets Deadline for Foreign License Applicants
Proposals for setting up wholly owned foreign life insurance companies in Myanmar are to be submitted by March 1, while expressions of interest relating to forming life and nonlife joint ventures should be in by April 26, according to the country’s Ministry of Planning and Finance.
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Dennis Funa

Philippine Regulator Allows Insurers to Invest in Infrastructure Projects
The Philippine regulator has allowed insurance companies to invest in the government’s infrastructure projects to enable them to diversify their portfolios and at the same time help in the country’s economic growth.
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Earnings

George Sartorel

Allianz Asia Reported 30% Rise in Operating Profit in 2018
Allianz S.E. said its Asia operations saw a 30% rise in total operation profit to €354 million (US$402 million) in 2018, according to a statement from the German insurance group.
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Europe

Aviva Gains Court Approval to Transfer Life Assets to Ireland Ahead of Brexit
Aviva plc said it has gotten court approval to transfer about €9 billion (US$10.23 billion) of life insurance assets to its subsidiary in Ireland.
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Homeowners

Mike Causey

North Carolina Rate Bureau Seeks Nearly 20% Rate Hike on Mobile Home Policies
The North Carolina Rate Bureau has filed a request to increase insurance rates for mobile home policies by nearly 20%.
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Legislation

Insurers, Market Observers Question Sustainability of Medicare-at-50 Bill
A bill to allow consumers as young as 50 to buy in to Medicare coverage poses questions about the way health care is delivered, possibly opening the door to a national single-payer system, insurers and market observers said.
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Life Insurance

Sun Life Names President for ASEAN
Sun Life Financial Inc. has named Leo Grepin as president of its Association of Southeast Asian Nations operations, according to a statement from the Canadian group.
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Lloyd's

David Rowland

Rowland, Lloyd’s Chairman During Lloyd’s Difficulties, Dies at 85
David Rowland, who as chairman of Lloyd’s between 1993 and 1997 is credited with bringing in the structural changes that protected Lloyd’s from possible devastation from U.S. health and pollution losses, has died at the age of 85.
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People in Insurance

George Schalick

Philadelphia Insurance Names SVP
Philadelphia Insurance Cos. said it is naming George Schalick senior vice president of underwriting.
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Property/Casualty

United Fire CEO: Company Posts Net Loss Despite Rate, Underwriting Actions
Severity of losses in commercial automobile and general liability lines increased in the fourth quarter at United Fire Group Inc. as the company reported a $29.3 million net loss, President and Chief Executive Officer Randy Ramlo said during an earnings conference call.
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United Insurance Holdings CEO: Hurricane Irma Losses Keep Coming
Gross losses for Hurricane Irma have reached $900 million for United Insurance Holdings Corp. (UPC), according to Chief Executive Officer and President John Forney.
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Ratings

AM Best Removes From Under Review with Negative Implications, Downgrades Credit Ratings of American Sentinel Insurance Company
AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B++ (Good) from A (Excellent) and the Long-Term Issuer Credit Rating to “bbb” from “a” of American Sentinel Insurance Company (American Sentinel) (Harrisburg, PA). The outlook assigned to these Credit Ratings (ratings) is stable.
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AM Best Revises Under Review Status to Developing for Credit Ratings of California Capital Insurance Co. and Its Subsidiaries
AM Best has revised the implications of the under review status to developing from negative for the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of California Capital Insurance Company and its subsidiaries: Eagle West Insurance Company, Monterey Insurance Company and Nevada Capital Insurance Company (Reno, NV). These companies operate under an intercompany pooling arrangement, collectively referred to as Capital Insurance Group (Capital). All companies are domiciled in Monterey, CA, unless otherwise specified.
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State Regulation

California Regulators Say Insurance Services Companies Failed to Pay $24 Million in Provider Claims
The California Department of Insurance has issued a cease-and-desist order to two insurance services companies, saying they operated as unauthorized self-insured health plans that failed to pay about $24 million in medical provider claims.
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Technology

Allianz More Than Doubles Digital Startup Funding to US$1.13 Billion
Allianz Group said its digital investment unit, Allianz X, received additional investment from parent Allianz SE that increases its fund size to €1 billion (US$1.13 billion).
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Announcements

AM Best Executive Vice President to Discuss Innovation Assessment Measures at Valen Analytics Summit
AM Best Executive Vice President and Chief Operating Officer Matthew C. Mosher will deliver the keynote address, titled, “Innovation as a Future Predictor of Business Performance,” at the Valen Analytics Summit, on Wednesday, Mar. 6, 2019, at 2 p.m. (MST), in Vail, CO.
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