Millers Mutual Insurance had to face the facts in order to survive, according to retiring Chief Executive Officer Scott Orndorff, starting with its inability to continue to compete effectively for general Main Street commercial business.
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Thirteen impairments occurred in 2019, involving entities operating in a mix of lines of business and a variety of states.
COVID-19 amplified an already hardening reinsurance market after several years of heightened catastrophe losses aggravated by persistent low interest rates and trapped capital.
Ten companies became impaired in 2019: five affiliated life and annuity insurers, three health insurers, one life reinsurer, and one long-term care A&H insurer.
Life insurers are looking to bolster liquidity, although low refinancing costs are attractive to all.
Insurers Disappointed by Veto of Pennsylvania Liability Shield Bill:
Pennsylvania Gov. Tom Wolf has vetoed a bill to provide a limited liability shield for businesses and schools that follow safety measures during the COVID-19 pandemic, a decision that disappointed the state’s ...
Date: December 01, 2020 05:09:50
Texas Regulator Files to Place ACCC Insurance Into Liquidation:
Texas insurance regulators have filed an application for an order to liquidate nonstandard automobile insurer ACCC Insurance Co. after they found discrepancies with the reported valuation of real estate holdings, an owed ...
Date: December 01, 2020 04:45:32
Michigan Catastrophe Claims Association Cuts Auto Assessment:
The Michigan Catastrophic Claims Association has cut its annual assessment charged on automobile insurance policies by 14%, the second consecutive year the MCCA reduced the charge.
Michigan drivers had been paying the ...
Date: December 01, 2020 04:23:27
Principal Financial Group Promotes Two, Announces Retirement of International Division CEO:
Principal Financial Group has promoted regional presidents Roberto Walker (Latin America) and Thomas Cheong (Asia) of Principal International to the titles of executive vice president. In addition, Luis Valdés, chief ...
Date: December 01, 2020 04:22:58
Monument Re Completes Zurich Life Portfolio Acquisition:
Monument Re said its Monument Life Insurance DAC affiliate completed the acquisition of a portfolio of unit-linked international portfolio bond policies from Zurich Life Assurance plc.
Terms of the transaction were not ...
Date: December 01, 2020 03:54:45
Axa CEO: Strategy Will Evoke Group’s Health, Commercial Strengths:
With a new strategy that will take it through 2023, Axa SA is targeting growth in its core health, protection and commercial lines segments that will play to its strengths as the COVID-19 pandemic plays out, said its chief ...
Date: December 01, 2020 03:45:40
European Trade Groups File Complaints Against Solvency, Capital Rules:
European insurance trade representatives urged the European Commission to make Solvency II regulations less burdensome by reducing capital requirements, changing the way liabilities are measured, streamlining reporting ...
Date: December 01, 2020 03:32:26
Millers Mutual CEO: Narrowed Focus, Partnerships Position Commercial Writer for Growth:
Millers Mutual Insurance had to face the facts in order to survive, according to retiring Chief Executive Officer Scott Orndorff, starting with its inability to continue to compete effectively for general Main Street ...
Date: December 01, 2020 02:43:48
AM Best Affirms Credit Ratings of Sigurd Rück AG:
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Sigurd Rück AG (Sigurd) (Switzerland). The outlook of these Credit Ratings (ratings) is stable.
Date: December 01, 2020 02:34:06
Observers: COVID-19, Cats and Interest Rates Firm Up Capital-Rich Reinsurance Market:
COVID-19 amplified an already hardening reinsurance market after several years of heightened catastrophe losses aggravated by persistent low interest rates and trapped capital. The pandemic has further complicated a cycle ...
Date: December 01, 2020 02:23:54
Anthem Blues Names President of Commercial Health Plan in Connecticut:
Anthem Blue Cross and Blue Shield has named Lou Gianquinto to succeed Jill Hummel as president of Anthem’s commercial health plan in Connecticut.
Gianquinto will transition to his new role in the beginning of December as ...
Date: December 01, 2020 12:22:26
Axis Re Names Head of Japan Operations:
Axis Re, the reinsurance business segment of Axis Capital Holdings Ltd., has named David Bangs head of operations for Japan.
Bangs joins Axis Re from Willis Re Singapore, where he served as executive director. Prior to ...
Date: December 01, 2020 12:09:05
Munich Re Sets 2021 Targets, Expects 2020 COVID-19 Reinsurance Claims of $4.09 Billion:
Munich Reinsurance Co. anticipates €3.4 billion ($4.09 billion) in 2020 COVID-19 reinsurance losses as it set a profit target of €2.8 billion for 2021 along with a profit outlook of €1.2 billion for this year.
Date: December 01, 2020 12:00:50
California Lowers Workers’ Comp Average Advisory Pure Premium Rate With no COVID Adjustment:
California insurance Commissioner Ricardo Lara has adopted and issued a revised average advisory pure premium workers’ compensation rate, lowering the benchmark to $1.45 per $100 of payroll.
The average advisory rate ...
Date: December 01, 2020 11:48:57
Best’s Review Presents “The Entrepreneurial Agent/Broker” Series:
Best’s Review features “The Entrepreneurial Agent/Broker,” a cross-media project with AM BestTV in which top industry leaders discuss how tomorrow’s insurance coverages, business models and risk strategies get their start, ...
Date: December 01, 2020 11:08:45
Enstar Completes Sale, Recapitalization of StarStone US:
Enstar Group Ltd. said it completed the sale and recapitalization of StarStone U.S. Holdings Inc. through the sale of StarStone U.S. to Core Specialty Insurance Holdings.
The sale is in exchange for a combination of cash ...
Date: December 01, 2020 10:54:28
AM Best Assigns Credit Ratings to Paramount Insurance, Inc.:
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Paramount Insurance, Inc. (Paramount) (Honolulu, HI). Paramount is a pure captive insurance company, wholly ...
Date: December 01, 2020 09:45:34
Texas Windstorm Committee to Hold Rate Adequacy Hearing Dec. 1:
The Texas Windstorm Insurance Association’s Actuarial & Underwriting Committee will meet Dec. 1 to review updated information from an independent report on TWIA’s rate adequacy and develop a recommendation for rates in the ...
Date: November 30, 2020 04:48:05
AM Best Revises Outlooks to Positive for Bremen Farmers Mutual Insurance Company:
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Bremen Farmers Mutual Insurance Company ...
Date: November 30, 2020 04:31:18
APRA: Australian P/C Market Annual Net Profits Fall 73.3% to $661 Million:
Annual net profits fell 73.3% to A$900 million ($661 million) in an Australian property/casualty market hurt by bushfires and severe storms and investment losses when the pandemic struck in March, the Australian Prudential ...
Date: November 30, 2020 04:27:34
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