The insurance commissioner of Puerto Rico, Javier Rivera Ríos, announced his immediate resignation as Jan. 22. Rios’ resignation, announced over Instagram, was over “strictly” personal and family matters, he said.
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Our outlook remains at Negative, although conditions in the country appear to be improving.
The workers’ compensation line remains a profitable one, although heightened competition, in addition to declining average rates, could dampen results.
Sustained positive momentum for PPNSA market through mid-year 2019 in terms of both premium growth and operating profitability.
Eleven impairments occurred in 2018.
McGowan's Marshall: Active Shooter Coverage Getting Built Into Risk Reviews
MetLife Names Chief Auditor:
MetLife Inc. has named Toby Srihiran Brown to succeed Karl Erhardt as executive vice president and chief auditor.
Brown will transition to his new role on March 1. Erhardt will continue to oversee a data management ...
Date: January 23, 2020 11:36:33
Willis Re: Japan Typhoons Dominated Natural Cat Losses in 2019:
Insured losses from major natural catastrophes in 2019 totaled about US$53 billion, led by losses from typhoons in Japan and U.S. weather events, while Australia bushfires so far caused more than $900 million in insured ...
Date: January 23, 2020 11:33:14
AM Best to Host Webinar on How Telematics Are Reshaping Private Passenger Automobile Insurance:
AM Best will host a complimentary webinar, sponsored by LexisNexis® Risk Solutions, on Feb. 19, 2020, at 2 p.m. (EST). A panel of insurance and technology experts will discuss the use of telematics in private passenger ...
Date: January 23, 2020 10:34:45
AM Best Affirms Credit Ratings of Sveriges Ångfartygs Assurans Förening (The Swedish Club):
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Sveriges Ångfartygs Assurans Förening (The Swedish Club) (TSC or the Club) (Sweden). The outlook of these ...
Date: January 23, 2020 09:16:45
Lawmaker’s Bill Would Streamline Claims in California Disaster Zones:
A California legislator has introduced a measure he said would streamline insurance claims for residents hit by disasters such as wildfires.
State Sen. Bill Dodd introduced S.B. 872, which would expand the definition of ...
Date: January 23, 2020 09:16:02
ProAssurance Estimates $37 Million in Fourth-Quarter Prior-Year Adverse Development:
ProAssurance Corp. said it estimates $37 million of adverse development in prior accident year loss reserves in the fourth quarter of 2019 in its specialty property/casualty segment.
The adverse development is in response ...
Date: January 22, 2020 04:50:11
RLI Posts $53.4 Million Fourth-Quarter Net:
RLI Corp. reported fourth-quarter net income of $53.4 million, helped by net favorable development in prior-year loss reserves. The net income compared with a $20.7 million net loss in the prior-year period.
Net premiums ...
Date: January 22, 2020 04:43:26
UK Broker Group Warns of ‘Severe Shortage’ of Construction, Building Safety PI Cover:
In its annual manifesto, the British Insurance Brokers’ Association warned of a “severe shortage” of affordable professional indemnity insurance for select United Kingdom professions, such as the building safety, ...
Date: January 22, 2020 04:20:30
AM Best Downgrades Credit Ratings of Florida Family Insurance Company and Its Subsidiary:
AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-“ of Florida Family Insurance Company (FFIC) and its ...
Date: January 22, 2020 04:09:44
AM Best Upgrades Issuer Credit Rating of Multinational Life Insurance Company:
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and affirmed the Financial Strength Rating of B++ (Good) of Multinational Life Insurance Company (MLIFE) (Hato Rey, Puerto Rico). ...
Date: January 22, 2020 04:06:11
Protecdiv CEO: New Broker Sets Strategy Linking Diversity, Technology and Process Transparency:
Newly launched Protecdiv, a specialty U.S. property/casualty brokerage, seeks to combine technology, process transparency and a demand for diversity in what the company’s chief executive officer sees as a unique ...
Date: January 22, 2020 04:02:25
Pan-American Life Insurance Group Names Chief Information Officer:
Pan-American Life Insurance Group has named Miguel Edwards as senior vice president and chief information officer.
Edwards will also join the executive management committee and will work closely with senior leadership to ...
Date: January 22, 2020 03:52:40
Connecticut Democrats Roll Out Health Plans, Including Public Option Again:
Connecticut Democrats have rolled out plans for health insurance reform, including a public health insurance option.
Legislators considered a public option bill last year — against the wishes of the insurance industry — ...
Date: January 22, 2020 03:48:44
Aon: Strong Capitalization Helped Industry Manage 2019’s $71 Billion in Insured Losses:
Insured losses topped $71 billion in 2019, caused in part by typhoons Hagibis and Faxai in Japan, Aon plc said in its annual report on weather, climate and catastrophes.
The losses followed two costly back-to-back years ...
Date: January 22, 2020 03:38:29
Bill Limiting Attorneys’ Fees in Florida Property Insurance Cases Advances:
A Florida senate committee has voted for legislation to limit the amount of attorneys’ fees awarded in cases involving property insurance policies.
The Senate Banking and Insurance Committee approved the measure, SB 914, ...
Date: January 22, 2020 03:04:21
Puerto Rico Insurance Commissioner Steps Down:
The insurance commissioner of Puerto Rico, Javier Rivera Ríos, announced his immediate resignation as Jan. 22.
Rios’ resignation, announced over Instagram, was over “strictly” personal and family matters, he said.
Date: January 22, 2020 02:48:04
AJG Aviation Report: 737 Max Debacle, Ethiopia Crash Weigh on Aviation Sector:
Aviation insurers raised rates and shrank capacity in 2019, following the “reality check” of the fatal March crash of an Ethiopian Airlines airliner that killed more than 150 people and others involving the Boeing 737 Max, ...
Date: January 22, 2020 02:43:52
AM BestTV: Climate Change, Interest Rates, Social Inflation Challenge Insurers:
In this episode of AM BestTV from the Insurance Information Institute’s Joint Industry Forum in New York, executives discuss what they view as the leading challenges insurers will face in 2020 and beyond, including the ...
Date: January 22, 2020 12:30:23
Penn Mutual Names Managing Director:
Penn Mutual Life Insurance Co. has promoted Lisa Davis, managing director, to managing partner of its Philadelphia agency, 1847Financial.
Davis will transition to her new role immediately and will focus her efforts on ...
Date: January 22, 2020 12:17:13
Aflac Names Three Senior Leaders:
Aflac Inc. has named several new leaders.
James J. Hennessy has been promoted to senior vice president of the pre-sales operations and Aflac group operations; Jeramy D. Tipton to senior vice president, distribution ...
Date: January 22, 2020 11:56:12
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