Ameriprise Financial Inc. net income rose 8% in the third quarter to $543 million from $503 million. Nearly 80% of Ameriprise’s adjusted operating net revenues were driven by its advice and wealth management business.
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The new FASB rule is likely to affect credit loss exposures for mortgage loans.
The California Department of Insurance is challenging the redomestication of an Applied Underwriters unit, potentially threatening a $920 million stock repurchase by the company’s chairman.
Green and Sustainability Bond Issuance by Insurers May Continue to Grow.
Rising fear of legal costs and greater weather catastrophes create opportunity for specialty insurers, particularly excess and surplus carriers, W.R. Berkley Corp. President and CEO W. Robert “Rob” Berkley.
The updated draft of Scoring and Assessing Innovation provides additional clarity to the market, while the revised draft of Best’s Credit Rating Methodology addresses how innovation will be incorporated in the credit rating process.
Natural Language Processing Helps Speed Up Workflow
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.
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.
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
MGA Encon Group Rebrands as Victor CanadaManaging 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.
AIR: Typhoon Hagibis Insured Losses Could Reach $16 BillionInsured catastrophe losses are estimated at between $8 billion and $16 billion for Typhoon Hagibis, which hit Japan on Oct. 12, said AIR Worldwide.
Genworth Optimistic on Sale of Canadian Mortgage Insurance UnitGenworth 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.
W.R. Berkley Net Income Rises to $165.2 Million as Rates Continue ClimbW.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.”
Michael F. Neidorff
Centene CEO: WellCare Acquisition on Schedule for First Half of 2020Centene 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.
Applied Underwriters Chairman: $920M Deal Completed Without California’s ApprovalApplied 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.”
Markel Names Three Senior LeadersMarkel 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.
AM Best Affirms Credit Ratings of European Liability Insurance for the Nuclear IndustryAM 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.
AM Best Affirms Credit Ratings of European Mutual Association for Nuclear InsuranceAM 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.
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.
Guy Carpenter CEO at Baden-Baden: Industry 4.0 Opens Up Vistas for InsurersThe 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.
Florida Insurance Regulators Investigating Seven Hurricane Michael ComplaintsFlorida’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.
Prudential Plc Completes Demerger of M&GPrudential 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.
CMS Individual Markets Strong; ACA Insurer Participation Up, Rates DownThe 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.
AM Best’s Insurance Law Podcast Discusses Enterprise Risk Management StrategiesAM 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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