State Farm 2019 Net Income Drops 36.4% as Auto Business Sees $764 Million Underwriting Loss: State Farm annual net income fell 36.4% to $5.6 billion, hurt by lower premiums and higher losses in automobile. The auto business reported a $764 million underwriting loss, compared with a $1.1 billion underwriting gain ...
Date: February 28, 2020 04:30:55

IASB Adopts Changes to Accounting Exposure Draft, Requires Quantitative CSM Data: The International Accounting Standards Board has adopted changes to the IFRS 17 exposure draft, finalizing requirements that insurance contracts must include quantitative information about contractual service margin profit ...
Date: February 28, 2020 04:14:48

AM Best Places Credit Ratings of Ocean International Reinsurance Company Limited Under Review With Developing Implications: AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Ocean International Reinsurance Company Limited (Ocean Re) ...
Date: February 28, 2020 04:09:15

AM Best Revises Outlooks to Positive for National Guardian Life Insurance Company and Subsidiary: AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of National Guardian Life Insurance ...
Date: February 28, 2020 03:36:33

AM Best Affirms Credit Ratings of Members of Farmers Insurance Group: AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the members of Farmers Insurance Group (Farmers). Concurrently, AM Best has affirmed ...
Date: February 28, 2020 03:36:07

Third Point Re CEO Sees Little Threat From Coronavirus, Casualty Loss Cost Trends: Third Point Reinsurance Ltd. doesn’t expect much of an underwriting impact from the coronavirus and is in a good position to deal with rising loss costs trends, said the reinsurer’s chief executive officer. Noting a ...
Date: February 28, 2020 03:06:20

III Senior Economist: Innovation Is Not About Complexity: Michel Leonard, senior economist, Insurance Information Institute, said many new products and services around the world are focused on specific risks and emphasize convenience. Leonard spoke with AM BestTV at the 2020 ...
Date: February 28, 2020 02:56:42

Heritage CEO: M&A Opportunities in Florida Market Are Not Tempting: Acquisition possibilities may abound in the current Florida market but Heritage Insurance Holdings Inc. hasn’t been tempted by any of them, Chairman and Chief Executive Officer Bruce Lucas said during an earnings ...
Date: February 28, 2020 02:35:09

AM Best Assigns Credit Ratings to London Life and Casualty Reinsurance Corporation: AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” to London Life and Casualty Reinsurance Corporation (LLCRC) (Barbados). LLCRC is rated as ...
Date: February 28, 2020 02:29:23

Erie 4Q Net Income Drops 4.3% on Increased Underwriting, Technology Costs: Erie Indemnity Co. fourth-quarter net income dropped 4.3% as the company experienced increased costs in underwriting and policy processing, information technology and administration, the company said. The company reported ...
Date: February 28, 2020 01:28:01

Hanover Insurance Group Names President of Professional Liability: Hanover Insurance Group Inc. has named Sarah Medina as president of professional liability. In her new role, Medina will work closely with Hanover’s specialty leadership team to enhance the company’s portfolio of ...
Date: February 28, 2020 12:51:41

Munich Re CEO of Reinsurance: Event Cancellations, Including From COVID-19, Could Exceed €500 Million: Munich Re’s primary insurance segment is close to completing a strategy plan as the reinsurance segment strengthens growth initiatives in an improving market, according to the group’s chief executive officer. Munich Re ...
Date: February 28, 2020 12:46:45

HDI Group Buys Stake in Cybersecurity Start-up Enginsight: HDI Group said it has bought a stake in the cybersecurity start-up Enginsight. The IT security company from the town of Jena offers companies protection against attacks on data and networks, according to a company ...
Date: February 28, 2020 11:51:07

Watford Holdings CEO to Retire, Successor Named: Watford Holdings Ltd. has named Jonathan D. Levy to succeed John F. Rathgeber as chief executive officer. Levy, currently Watford’s president, will transition to his new role upon Rathgeber’s retirement on March 31. ...
Date: February 28, 2020 11:40:59

AM Best Affirms Credit Ratings of Pinnacle Life Limited: AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of Pinnacle Life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is ...
Date: February 28, 2020 11:39:53

AM Best Affirms Credit Ratings of Momentum Life Limited: AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Momentum Life Limited (Momentum Life) (New Zealand). The outlook of these Credit Ratings (ratings) is ...
Date: February 28, 2020 11:39:08

AM Best Revises Outlooks to Negative for General Insurance Corporation of India: AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of General Insurance Corporation of India (GIC Re) ...
Date: February 28, 2020 11:38:06

Aliera Calls for Hearing in Maryland to Fight Revocation Order: Officials at health-sharing services company Aliera Healthcare defended their operations in the wake of their license revocation by the state of Maryland, denying it violated state law or a consent order. Aliera said in a ...
Date: February 28, 2020 11:37:16

AM Best Affirms Credit Ratings of Tugu Insurance Company Limited: AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Tugu Insurance Company Limited (TIC) (Hong Kong). The outlook of these Credit Ratings (ratings) is ...
Date: February 28, 2020 11:37:12

Hastings CEO: Carrier Will Raise Rates Ahead of Market Following Large Net 2019 Drop: Hastings Group Holdings plc 2019 net income dropped to £69.7 million (US$90.2 million) from £130.6 million. The company is focused on pricing discipline and raising rates ahead of the market, according to Chief Executive ...
Date: February 28, 2020 11:28:10