From Best's Review: Market Correction

Florida reinsurers raise rates and return to underwriting differentiation in response to lingering issues.

August 01, 2019 Full Story

Best’s Special Report: Preliminary First-Half 2019 Results Show Reduced Underwriting Income for Property/Casualty Industry

The U.S. property/casualty industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, compared with $5.3 billion in the same prior-year period. This financial review is detailed in a new Best’s Special Report, titled, “First Look: Six-Month 2019 Property/Casualty Financial Results,” and the data is derived from companies’ six-month 2019 interim statutory statements that were received as of Aug. 20, 2019, representing an estimated 97% of the total property/casualty industry’s net premiums written.

August 22, 2019 Full Story

US Accounting Board Proposes Delay for Long-Duration Insurance Contracts Update

The Financial Accounting Standards Board is proposing to delay the effective dates for a long-duration insurance standard after consulting insurance companies on a delay request.

August 22, 2019 Full Story

Pinnacle Actuarial Resources

AM BestTV

AM BestTV: Strong Solvency II Ratios Typically Mirrored by Strong BCAR Ratios, Says AM Best Director
In this AMBestTV episode, Timothy Prince, director of analytics, AM Best, said Solvency II ratios typically focus on one-year projections, while Best’s Capital Adequacy Ratio (BCAR) considers a longer time horizon. Click on http://www.ambest.com/v.asp?v=ratios819 to view the entire program.
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Asia/Pacific

Japan Post Insurance Makes No Revision on Financial Forecast Despite Recent Investigation
Japan Post Insurance Co. Ltd. reported a 0.9% drop in net income to ¥33.7 billion (US$316.5 million) for the first quarter of 2019 fiscal year ended June 30.
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Earnings

David Ross

Ardonagh Posts Second-Quarter Loss, Sees Strong Growth in Specialty Business
Broker and managing general agency Ardonagh Group said its transformation project is near completion as the group reported growth across its businesses, particularly in specialty lines.
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Steadfast Lifts Fiscal-Year Profit on Network Acquisitions, Premium Increases
Australia-based broker Steadfast Group Ltd. posted a 19% rise in underlying net profit in the financial year ending June 2019 to A$89.2 million (US$60.5 million), driven by continued increase in premiums and broker network expansion.
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Health

New Mexico Bars Health Insurer From State Exchange
New Mexico officials have barred a health insurer from its state health insurance exchange for 2020, saying the company — which had been on the exchange since 2015 — failed to comply with standards for certification as a qualified plan.
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Stanford Study: Frequency of Surprise Medical Bills on the Rise
Consumers are increasingly likely to be hit with a surprise medical bill or charges for services not covered in-network by their health carrier, according to a new study from Stanford University.
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Life Insurance

Corey Walther

Allianz Life Financial Services Names President
Allianz Life Insurance Co. of North America has promoted Corey Walther to president of Allianz Life Financial Services, LLC, its wholesale broker-dealer, effective Aug. 1.
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People in Insurance

Liberty Mutual Names Two Chief Underwriting Officers
Liberty Mutual has named Jon Tellekamp as chief underwriting officer for national insurance, excess casualty and Doug Manwaring as chief underwriting officer of national insurance, public entities and programs.
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Property/Casualty

Ohio Insurance Institute: Losses From Memorial Day Storms Could Hit $480 Million
Ohio insurers incurred an estimated $465 million to $480 million of losses from May 27 severe storms, according to the Ohio Insurance Institute.
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Ratings

AM Best Affirms Credit Ratings of Caisse Centrale de Réassurance and CCR RE
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa” of Caisse Centrale de Réassurance (CCR) (France). Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of CCR RE (France). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of Korea P&I Club
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Korea P&I Club (KP&I or the Club) (South Korea). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Revises Outlooks to Stable for Antilles Insurance Company
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Antilles Insurance Company (Antilles) (San Juan, PR).
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United Kingdom

London Companies Celebrate Rise in Electronic Placement
International Underwriting Association members made a large increase in the percentage of Lloyd’s business being placed electronically in the second quarter, exceeding the target set by Placing Platform Ltd.
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WTW: In Fourth Annual Jump, UK Motor Claims Costs Rose by 8.6% in 2018
In a fourth consecutive annual rise, motor claims inflation in the United Kingdom increased by 8.6% in 2018, according to Willis Towers Watson.
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Washington

DOJ: Cities Can’t Use Trump Tweets to Prove ACA Sabotage
Trump administration attorneys said tweets and other social media posts by the president — such as when he falsely called the Affordable Care Act ‘dead’ — can’t be used as proof he has engaged in a campaign to unwind the ACA.
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Announcements

AM Best Releases 136 Country Risk Assessment Reports; Adds Seven Countries
AM Best has released its 2019 Country Risk Assessment Reports, providing economic, political and financial system risk assessments on 136 countries, including seven new reports on Botswana, Cameroon, Cook Islands, Greece, Mozambique, Namibia and Turks and Caicos. There were no movements on existing tiers.
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