From Best's Review: Get Ready

While insurers wait for Congress to renew the Terrorism Risk Insurance Program Reauthorization Act in 2020 they should begin analyzing possible vulnerable exposures and identify which risks to mitigate.

October 01, 2019 Full Story

Best’s Market Segment Report: Asbestos and Environmental Payouts Continue to Outpace Incurred Losses

The U.S. property/casualty industry (P/C) has paid out $16.8 billion for asbestos and environmental (A&E) claims in the last five years, while incurring $12.0 billion in losses. As a result, according to a new AM Best report, A&E loss reserves have declined by 15% during this timeframe.

October 22, 2019 Full Story

Alan Schnitzer

Travelers CEO Says Tort Environment Deteriorates as Third-Quarter Net Falls 44%

Travelers Cos. net income dropped 44%, impacted by further strengthening of claims reserves and elevated noncatastrophe weather losses. The tort environment, particularly in general liability and commercial automobile, deteriorated, Travelers Cos. Chairman and Chief Executive Officer Alan Schnitzer said.
October 22, 2019 Full Story

Pinnacle Actuarial Resources

Agent/Broker

MGA Encon Group Rebrands as Victor Canada
Managing general agent Encon Group Inc. has rebranded as Victor Canada. U.S. counterpart Victor O. Schinnerer & Co. Inc. will rebrand by year end, according to the company.
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Asia/Pacific

AIR: Typhoon Hagibis Insured Losses Could Reach $16 Billion
Insured catastrophe losses are estimated at between $8 billion and $16 billion for Typhoon Hagibis, which hit Japan on Oct. 12, said AIR Worldwide.
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Canada

Genworth Optimistic on Sale of Canadian Mortgage Insurance Unit
Genworth Financial Inc. said it “received feedback” from regulators concerned with security issues related to the proposed sale of its Canadian mortgage insurance business to Brookfield Business Partners L.P. ahead of Genworth’s acquisition by a Chinese company. Genworth said it remains confident the Canadian transaction will close by the end of the year.
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Earnings

Robert Berkley

W.R. Berkley Net Income Rises to $165.2 Million as Rates Continue Climb
W.R. Berkley Corp.’s third-quarter net income to common shareholders increased to $165.2 million from $161.9 million, helped by what it called “growing opportunities presented by current market conditions.”
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Health

Michael F. Neidorff

Centene CEO: WellCare Acquisition on Schedule for First Half of 2020
Centene Corp. is progressing as planned with its acquisition of WellCare Health Plans Inc. after the health insurer’s recent agreement to offload its Medicaid operations in two states to Anthem Inc., said the company’s chief executive officer.
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Mergers & Acquisitions

Ricardo Lara

Applied Underwriters Chairman: $920M Deal Completed Without California’s Approval
Applied Underwriters’ disputed $920 million stock repurchase from Berkshire Hathaway is final, according to company executives, saying the buyers had to redomesticate to overcome the California Department of Insurance’s “extreme politicization.”
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People in Insurance

Markel Names Three Senior Leaders
Markel International has named Simon Wilson as managing executive of global strategy for insurance operations, Markel Corp., and Henrik Bjornstad as managing director of Markel’s International’s national markets division.
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Ratings

AM Best Affirms Credit Ratings of European Liability Insurance for the Nuclear Industry
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of European Liability Insurance for the Nuclear Industry (ELINI) (Belgium). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of European Mutual Association for Nuclear Insurance
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of European Mutual Association for Nuclear Insurance (Emani) (Belgium). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Removes from Under Review With Positive Implications and Upgrades Credit Ratings of Nationale Borg Reinsurance N.V.
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of National Borg Reinsurance N.V. (NB Re) (Willemstad, Curacao). The outlook assigned to these Credit Ratings (ratings) is stable.
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Reinsurance

Jon Hancock

Guy Carpenter CEO at Baden-Baden: Industry 4.0 Opens Up Vistas for Insurers
The development of Industry 4.0, shorthand for what has been dubbed the fourth manufacturing revolution, is making it possible for underwriters to operate with greater precision as they expand their market presence, James Nash, chief executive officer international of reinsurance broker Guy Carpenter, told the annual reinsurance conference in the German spa town of Baden-Baden.
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State Regulation

David Altmaier

Florida Insurance Regulators Investigating Seven Hurricane Michael Complaints
Florida’s Office of Insurance Regulation has seven open investigations into insurance carriers over claims arising from Hurricane Michael, which smashed into the Florida panhandle in October of 2018 and has left some homeowners frustrated with how their claims were handled.
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United Kingdom

Prudential Plc Completes Demerger of M&G
Prudential plc said it has completed the demerger of M&G plc. Shares of M&G have been admitted to trading on the London Stock Exchange’s main market for listed securities, Prudential said in a statement.
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Washington

Seema Verma

CMS Individual Markets Strong; ACA Insurer Participation Up, Rates Down
The Affordable Care Act markets continue to stabilize, with average benchmark premiums dropping 4% next year and the number of insurers participating in the ACA markets increasing substantially, according to the Centers for Medicare & Medicaid Services.
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Announcements

AM Best’s Insurance Law Podcast Discusses Enterprise Risk Management Strategies
AM Best and Best’s Insurance Professionals and Claims Resource have released the latest installment of the Insurance Law Podcast, a series that examines timely claims and insurance issues from a legal perspective.
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