Philaelphia Insurance Companies


Toggle Insurance, a Farmers subsidiary, gives pet insurance a new spin. Renters can buy coverage for animal damage like the wreckage caused by 100-pound German shepherd Georgie (story below). Photo courtesy of Toggle Insurance

Best’s Special Report: Best’s Impairment Rate and Rating Transition Study — 1977 to 2017

AM Best’s latest special report on the long-term impairment rates of AM Best-rated U.S.-domiciled insurance companies states that two U.S. insurance companies became impaired in 2017, compared with 11 impairments in 2016.

December 13, 2018 Full Story

Carlos De la Torre

AM Best’s De la Torre: Latin American Insurance Markets Growing, Changing

Carlos De la Torre, senior director of operations and business development for AM Best in Latin America, said the new government in Mexico is changing some priorities, but the country’s insurance market should remain active in Latin America.
December 13, 2018 Full Story

Best’s Market Segment Report: AM Best Places Negative Outlook on Brazil Reinsurance Market

AM Best has placed a negative market segment outlook on Brazil’s reinsurance market, citing persistent macroeconomic and political uncertainty; a declining interest rate environment, which has led to lower investment income; foreign exchange fluctuations; and evolving reinsurance market conditions.

December 13, 2018 Full Story

Pinnacle Actuarial Resources

Asia/Pacific

Dennis Funa

Philippines Insurance Premiums Up 18% in First Nine Months
The Philippine insurance industry posted an 18% growth in premium income in the first nine months of the year with all life, nonlife and microinsurance sectors recording higher premium collection during the period, according to Insurance Commissioner Dennis Funa.
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Commercial Coverage

Steve Blakey

Starr Brazil Affiliate Granted Aviation Insurance License
Starr Insurance Cos. said its Starr International Brasil Seguradora S.A. unit was granted a local license to offer aviation insurance.
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Health

ACA Enrollment in Double-Digit Decline, as About 4.1 Million Sign Up
Just days from the final deadline, Affordable Care Act enrollment remains well behind last year, with roughly 4.1 million consumers choosing policies on the ACA exchanges for coverage in 2019. This represents an 11.7% enrollment drop from last year.
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Homeowners

Stephanie Lloyd

Faced With Aging Consumer Base, Farmers Launches Millennial Brand Toggle
Faced with an aging consumer base, Farmers is targeting millennials with a new brand called Toggle, which launched with a 15-page renters policy — one third of the standard ISO form.
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Life Insurance

Philip Willcock

AIG Life Appoints UK Chief Executive Officer
AIG Life Ltd. (U.K.) has named Philip Willcock chief executive officer, effective March 1, 2019 and subject to regulatory approval.
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People in Insurance

Byron Clymer

Lockton Names Chief Information Officer
Lockton Inc. has named Byron Clymer chief information officer.
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Mapfre Reorganizes Management in Multiple Countries, Units
Mapfre has made several new executive appointments for subsidiaries in Brazil , Spain, the United States and the United Kingdom.
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Property/Casualty

Tom Wilson

Allstate Pays $1.2 Billion in California Wildfire Claims, Estimates Net Losses at $670 Million
Allstate Corp. has paid $1.2 billion in California wildfire claims and estimates $670 million in pretax net losses.
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Ratings

AM Best Affirms Credit Ratings of AzRe Reinsurance, OJSC
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of AzRe Reinsurance, OJSC (AzRe) (Azerbaijan). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of China Taiping Insurance (HK) Company Limited
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of China Taiping Insurance (HK) Company Limited [CTPI(HK)] (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Chubb Limited and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” of the North American property/casualty subsidiaries of Chubb Limited (Zurich, Switzerland) [NYSE: CB], which include the members of the Chubb Group of Insurance Companies (Chubb US Group); the members of Chubb Bermuda Insurance Ltd. (Chubb Bermuda) and Chubb Tempest Reinsurance Ltd. (Chubb Tempest Re) (both domiciled in Bermuda); and Chubb Atlantic Indemnity Ltd. (Bermuda).
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AM Best Affirms Credit Ratings of Protector Forsikring ASA
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Protector Forsikring ASA (Protector) (Norway). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the domestic life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU] referred to as Prudential. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” of PFI and all existing Long- and Short-Term Issue Credit Ratings (Long- and Short-Term IRs) of the group. The outlook of these Credit Ratings (ratings) is stable. (Please see link below for a detailed listing of the companies and ratings.)
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AM Best Affirms Credit Ratings of Securian Financial Group, Inc. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group (Securian). AM Best also has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Securian Casualty Company (Securian Casualty), and the FSR of A (Excellent) and the Long-Term ICR of “a” of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON). Additionally, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of American Modern Life Insurance Company and its subsidiary, Southern Pioneer Life Insurance Company.
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AM Best Affirms Credit Ratings of Swiss Reinsurance Company Ltd and Affiliates
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” of Swiss Reinsurance Company Ltd (Switzerland) and affiliates. At the same time, AM Best has affirmed the Short-Term Issue Credit Rating (Short-Term IR) and the related Long-Term Issue Credit Ratings (Long-Term IR) of Swiss Reinsurance Company Ltd and its subsidiaries. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).
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AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Ratings (Long-Term IR) of Symetra Financial Corporation (Symetra). The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Bellevue, WA, unless otherwise specified.
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AM Best Assigns Credit Ratings to American Life & Security Corp.
AM Best has assigned a Financial Strength of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” to American Life & Security Corp. (American Life) (headquartered in Lincoln, NE). The outlook assigned to these Credit Ratings (ratings) is stable.
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AM Best Assigns Credit Ratings to Fidelis Insurance Ireland Designated Activity Company
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Fidelis Insurance Ireland Designated Activity Company (FIID) (Ireland). The outlook assigned to these Credit Ratings (ratings) is stable.
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AM Best Removes from Under Review with Developing Implications and Upgrades Credit Ratings of Elips Life Insurance Company
AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a+” from “a-” of Elips Life Insurance Company (elipsLife) (headquartered in Schaumburg, IL, USA) (formerly MAPFRE Life Insurance Company). The outlook assigned to these Credit Ratings (ratings) is stable.
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AM Best Revises Issuer Credit Rating Outlook to Negative for Modern Woodmen of America; Affirms Credit Ratings
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 A (Excellent) and the Long-Term ICR of “a+” of Modern Woodmen of America (Modern Woodmen) (Rock Island, IL). The outlook of the FSR remains stable.
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AM Best Upgrades Credit Ratings of Santa Lucía S.A. Compañía de Seguros y Reaseguros
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” for Santa Lucía S.A. Compañía de Seguros y Reaseguros (Santalucía) (Spain). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
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Regulation

Steven Mnuchin

FSOC to Discuss SIFI Designation Guidance on Dec. 19
The Financial Stability Oversight Council is to meet on Dec. 19 and will discuss possible changes to the way it designates nonbanks as systemically important financial institutions. This is the first meeting since the council de-designated Prudential Financial Inc.
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Reinsurance

Blue Capital Re Estimates Fourth-Quarter Losses of $17 Million From Hurricane, Wildfires
Blue Capital Reinsurance Holdings Ltd. is estimating $17 million in fourth-quarter losses, which include losses related to October’s Hurricane Michael and the 2018 California wildfires.
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State Regulation

McPeak Reappointed as Tennessee Insurance Commissioner
Julie Mix McPeak has been reappointed as Tennessee Insurance Commissioner by Gov.-elect Bill Lee. She was first appointed to head the state insurance office in 2011.
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Technology

Patricia Saporito

SAP Senior Director: Innovation Is Hard but Measuring It Can Be Even Harder
Patricia Saporito, senior director, SAP Global Center of Excellence for Analytics, said insurers have embraced the need to rapidly leverage new technologies and capabilities, but many are still wrestling with how to build innovation into their organization.
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United Kingdom

UK Lawyer Charts Continuing Effects of 2017 Grenfell Tower Fire Tragedy
The fire that killed 72 people in Grenfell Tower, a 24-story public housing project in West London, in June 2017, continues to affect the insurance sector — from risk perception and pricing to a toughening legal climate—according to Matthew Needham-Laing, head of construction at law firm Katten Law UK in London.
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Washington

Jon Gentile

Congress Passes Bipartisan Farm Bill, Makes Few Crop Insurance Changes
Congress passed and sent to the president a bipartisan reauthorization of the Farm Bill, making few significant changes in the federal crop insurance program while excluding partisan elements that would have imposed work requirements for food stamp recipients.
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