Catherine Thomas
The overwhelming vote in the U.K. House of Commons against the terms offered by Prime Minister Theresa May on the country’s withdrawal from the European Union has sparked concern the country will leave without an agreement.
January 16, 2019 Full Story
John Roche
Hanover Insurance Group Inc. estimates pretax catastrophe losses will impact fourth-quarter operating results by about $50 million, largely from the California wildfires and Hurricane Michael.
January 16, 2019 Full Story
Insured losses from major natural catastrophes in 2018 totaled an estimated $71.5 billion, making it one of the highest loss years since 2011’s annual market losses of $120 billion, according to Willis Re.
January 16, 2019 Full Story
Asia/Pacific
Aberdeen Standard Makes US$13 Million Investment in Singapore Life
Global asset manager Aberdeen Standard Investments said it will make a US$13 million minority equity investment in Singapore Life Pte. Ltd.
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China’s Zhong An Forms Joint Venture With Online Platform Grab
China’s ZhongAn Online P&C Insurance Co. Ltd. and Grab Holdings Inc., a Singapore-based online platform, have agreed to form a joint venture company to enter the digital insurance distribution business in Southeast Asia.
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FSA: Japan’s Three Major Nonlife Groups Posted Underwriting Loss in First Half
Japan’s three major nonlife insurance groups in aggregate posted a 20.8% drop in net income to ¥122.3 billion (US$1.13 billion) in the first half 2018 fiscal year ended Sept. 30, 2018.
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World Bank Renews Program Giving the Philippines $390 Million in Cat Coverage
The World Bank has renewed an insurance program that provides 25 provinces in the Philippines with US$390 million in insurance against major typhoon and earthquake events.
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People in Insurance
Tony DeSantis
Humana Names New Chief Medical Officer
William Shrank has been appointed chief medical officer of Humana Inc., effective April 1.
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Hyperion’s RKH Specialty Names Managing Director for Natural Resources Practice
RKH Specialty said it has appointed Richard Haines as managing director to lead the newly formed natural resources practice.
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Ratings
AM Best Affirms Credit Ratings of Afianzadora Sofimex, S.A.
AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” and the Mexico National Scale Rating of “aaa.MX” of Afianzadora Sofimex, S.A. (Sofimex) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Knights of Columbus
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” of Knights of Columbus (the Order) (New Haven, CT). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Seguros Monterrey New York Life, S.A. de C.V.
AM Best has affirmed the Financial Strength Rating of A++ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa+” and the Mexico National Scale Rating of “aaa.MX” of Seguros Monterrey New York Life, S.A. de C.V. (SMNYL) (Mexico City, Mexico). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of South China Insurance Co., Ltd.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of South China Insurance Co., Ltd. (South China Insurance) (Taiwan). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Downgrades Credit Ratings of Brotherhood Mutual Insurance Company
AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to “a-” from “a” of Brotherhood Mutual Insurance Company (Brotherhood) (Fort Wayne, IN). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Places Credit Ratings of QCA Health Plan, Inc. Under Review with Positive Implications
AM Best has placed under review with positive implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of QCA Health Plan, Inc. (QCA) (Little Rock, AR). The Credit Rating (rating) action follows the announcement that QCA has entered into a definitive agreement to be acquired by Centene Corporation (Centene), subject to regulatory approval. The transaction is expected to close in early 2019.
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AM Best Upgrades Issuer Credit Rating and National Scale Rating of Grupo Mexicano de Seguros, S.A. de C.V.
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “bbb” and the Mexico National Scale Rating (NSR) to “aa+.MX” from “aa.MX”, as well as affirmed the Financial Strength Rating (FSR) of B++ (Good) of Grupo Mexicano de Seguros, S.A. de C.V. (GMX) (Mexico City, Mexico). The outlook of the Long-Term ICR and the NSR has been revised to stable from positive, while the outlook for the FSR remains stable.
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Risk Management
World Economic Forum: Environmental and Infrastructure Risks Among Top Concerns Worldwide
Growing climate risks and infrastructure neglect are among the most urgent problems facing a world where economic and political tensions may weaken collective action, according to the World Economic Forum.
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State Regulation
Mike Kreidler