Best’s Market Segment Report: Sub-Saharan African Markets Attract Reinsurers Despite Economic Conditions

Asia/Pacific

• Indian Government Revises Rules for National Crop Insurance Scheme: The Indian government has released new operational guidelines for its flagship crop insurance scheme called Pradhan Mantri Fasal Bima Yojana in a bid to make the scheme more efficient. Full Story

• Milliman: China’s Restriction of Universal Life Sales Reduced Premiums but Not Embedded Value: China’s life insurance market posted growth in embedded value and value of new business to 21% and 31%, respectively, in 2017 despite regulatory restriction on universal life products sales, according to a report by Milliman Inc. Full Story

• Sales Practices, Claims-Handling Issues Raised as Australia’s Royal Commission Turns to Nonlife Insurers: Delays in handling insurance claims and conflicted sales practices have been the most common issues encountered by Australian consumers in dealing with nonlife insurers, the royal commission has heard. Full Story

Catastrophes

• Allstate Estimates $186 Million in August Pretax Catastrophe Losses: Allstate Corp. incurred estimated pretax catastrophe losses of $186 million in August. Full Story

Life Insurance

• California Governor Signs Bill Setting 90-day Notice of Premium Increases in Flexible Premium Life Policies: California Gov. Jerry Brown has signed legislation requiring life insurers provide at least 90 days’ notice before any increase in costs can be applied to flexible premium life insurance policies. Full Story

• John Hancock Makes Switch to Sell Only Interactive, Fitness-Tracking Life Policies: John Hancock has jettisoned the traditional life insurance business model and instead now sells only interactive behavioral-based wellness policies that track policyholder fitness and nutrition through wearable devices and smartphones, the company said. Full Story

Mergers & Acquisitions

• The Dentists Insurance Co. to Merge With Two Subsidiaries: The Dentists Insurance Co. plans to merge with two subsidiaries in a move that will add 5,000 policyholders to its 19,000. Full Story

Middle East/Africa

• Berkshire Hathaway Specialty Expands Dubai Executive Team: Berkshire Hathaway Specialty Insurance Co. said it further expanded its leadership team in Dubai with the appointment of executives to key product line and service positions. Full Story

People in Insurance

• Enstar Affiliate StarStone Confirms Departure of CEO: StarStone Insurance Bermuda Ltd. confirmed that its chief executive officer has left the company. Full Story

Ratings

• A.M. Best Assigns Credit Ratings to Journey Insurance Company: A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Journey Insurance Company (Journey) (St. Petersburg, FL). The outlook assigned to these Credit Ratings (ratings) is stable. Full Story

• A.M. Best Removes From Under Review With Negative Implications, Downgrades Credit Ratings of Saudi Arabian Insurance Co. B.S.C.: A.M. Best has removed from under review with negative implications and downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (ICR) to “bbb+” from “a-” of Saudi Arabian Insurance Company B.S.C. (C) (Damana) (Bahrain). The outlook assigned to the Long-Term ICR is negative. The outlook assigned to the FSR is stable. Full Story

• A.M. Best Revises Outlooks to Positive for Health Care Service Corporation and Its Subsidiaries: A.M. 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 Health Care Service Corporation, a Mutual Legal Reserve Company (d/b/a Blue Cross Blue Shield of Illinois/Texas/New Mexico/Oklahoma/Montana) (HCSC) (headquartered in Chicago, IL) and its subsidiaries. See below for a detailed list of the subsidiaries. Full Story

• A.M. Best Revises Outlooks to Positive for SSQ Life Insurance Company, Inc.: A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of SSQ Life Insurance Company, Inc. (SSQ) (Quebec, Canada) Full Story

• A.M. Best Upgrades Credit Ratings of American Strategic Ins Corp; Assigns Ratings to Progressive Property Ins Company: A.M. Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “aa-” from “a+” of American Strategic Insurance Corp (ASI) and certain affiliates. The outlook of these Credit Ratings (ratings) has been revised to stable from positive. Concurrently, A.M. Best has assigned an FSR of A+ (Superior) and a Long-Term ICR of “aa-” to Progressive Property Insurance Company, a newly added affiliate. The outlook assigned to these ratings is stable. ASI and Progressive Property Insurance Company are domiciled in St. Petersburg, FL. See below for a detailed list of affiliates that have received rating upgrades. Full Story

• A.M. Best Upgrades Credit Ratings of Solunion Seguros, Compañía Internacional de Seguros y Reaseguros S.A.: A.M. Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” for Solunion Seguros, Compañía Internacional de Seguros y Reaseguros S.A. (Solunion) (Spain). The outlook of these Credit Ratings (ratings) remain stable. Full Story

• A.M. Best Upgrades Credit Ratings of Wayne Cooperative Insurance Company: A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” from “bbb+” of Wayne Cooperative Insurance Company (Wayne Cooperative) (Clyde, NY). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. Full Story

Reinsurance

• Willis Re Restructures Specialty Business: Willis Re said it restructured its specialty business to provide what it calls “improved clarity” of roles and accountability as it seeks to produced “a new generation of talented leaders with the right career development opportunities.” Full Story

United Kingdom

• Gallagher Appoints Manchester, UK Trade Credit Leader: Arthur J. Gallagher & Co. said it has appointed Daniel Stewart to lead its Manchester-based trade credit operation as the broker continues a strategic investment to build out its specialist U.K. trade credit and surety practice. Full Story