Insurers are concerned as states are changing or reconsidering laws allowing child sex abuse victims to sue.
September 01, 2019 Full StoryUnable to secure traditional liability insurance, bankrupt opioid maker Purdue Pharma is attempting to create a captive insurer to underwrite $10 million in required product liability insurance and about $27 million in general liability cover, according to a court filing.
September 19, 2019 Full Story
David A. Jones Sr.
David Jones, chief executive officer of Humana Inc. for 37 years and board chairman for 44 years, died Sept. 18 in Louisville. He was 88.
September 19, 2019 Full Story
Asia/Pacific
Milliman: Embedded Value of Life Insurers in Asia Saw Continued Growth in 2018 on Sales of Protection Business
The embedded value growth of life insurers in Asia continued to increase in 2018, mainly driven by the companies’ increasing focus on the sale of protection business, according to consulting and actuarial firm Milliman Inc.
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Market Segment Report
Best’s Market Segment Report: Attraction of Turkish Insurance Mkt Hampered by Underwriting Losses and Economic Volatility
Turkish insurers remain vulnerable to economic and political turbulence, as well as limited pricing control in motor third-party liability business.
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Mergers & Acquisitions
EMC Group Shareholders Approve $356 Million Merger With Mutual Parent
EMC Insurance Group Inc. shareholders approved a $356 million cash merger with parent Employers Mutual Casualty Co.
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Ratings
AM Best Affirms Credit Ratings of BUPA México, Compañía de Seguros, S.A. de C.V.
AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” and the Mexico National Scale Rating of “aa+.MX” of BUPA México, Compañía de Seguros, S.A. de C.V. (BUPA Mexico) (Mexico). The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of COSCO SHIPPING Captive Insurance Co., Ltd.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of COSCO SHIPPING Captive Insurance Co., Ltd. (COSCO SHIPPING Captive) (China). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Certain Operating Subsidiaries of MGIC Investment Corporation
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of certain operating subsidiaries of MGIC Investment Corporation, which are Mortgage Guaranty Insurance Corporation, MGIC Indemnity Corporation, MGIC Assurance Corporation and MGIC Reinsurance Corporation of Wisconsin (collectively referred to as MGIC). The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Milwaukee, WI.
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AM Best Affirms Credit Ratings of HDI Global Seguros, S.A.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” and the Mexico National Scale Rating of “aaa.MX” of HDI Global Seguros, S.A. (HDI-GS) (Mexico). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Randall & Quilter Investment Holdings Ltd. and Its Members
AM Best has affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Accredited Surety and Casualty Company, Inc. (ASCC) (Orlando, FL) and Accredited Insurance (Europe) Limited (AIEL) (Malta). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of Randall & Quilter Investment Holdings Ltd. (R&Q) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Rembrandt Insurance Company, Ltd.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda), a captive (re)insurer of Vitol Holding B.V. (Vitol), a group engaged in trading of petroleum-related products. The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Assigns Issue Credit Rating to Athene Holding Ltd.’s New Preferred Stock
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $300 million, 5.625%, perpetual, non-cumulative preferred stock, Series B, recently issued by Athene Holding Ltd. (Athene) (Bermuda) [NYSE:ATH]. The outlook assigned to the Credit Rating (rating) is positive.
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AM Best Revises Outlooks to Negative for Casualty Underwriters Insurance Company
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Casualty Underwriters Insurance Company (CUIC) (Salt Lake City, UT).
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AM Best Revises Outlooks to Negative for Quincy Mutual Group Members
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” for the members of Quincy Mutual Group. The group includes the lead company, Quincy Mutual Fire Insurance Company (Quincy Mutual), along with New England Mutual Insurance Company (NEMIC) and Patrons Oxford Insurance Company (Patrons). Quincy Mutual and NEMIC are domiciled in Quincy, MA, while Patrons is domiciled in Portland, ME.
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AM Best Revises Outlooks to Positive for Arbella Insurance Group Members
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Arbella Mutual Insurance Company and its three pooled insurance entities: Covenant Insurance Company (Southbury, CT), Arbella Indemnity Insurance Company, and Arbella Protection Insurance Company. These companies are collectively known as Arbella Insurance Group (Arbella). All companies are domiciled in Quincy, MA unless otherwise specified.
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AM Best Upgrades Credit Ratings of First Chicago Insurance Company and United Security Health and Casualty Company
AM Best has upgraded the Financial Strength Rating (FSR) to B- (Fair) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” from “b+” of First Chicago Insurance Company (FCIC). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. Concurrently, AM Best has upgraded the FSR to C+ (Marginal) from C (Weak) and the Long-Term ICR to “b-” from “ccc” of United Security Health and Casualty Company (USH&C), a wholly owned subsidiary of FCIC. The outlook of the Long-Term ICR has been revised to stable from positive while the outlook for the FSR remains stable. Both companies are domiciled in Bedford Park, IL.
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AM Best Upgrades Credit Ratings of Ingosstrakh Insurance Company PJSC
AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb-” of Ingosstrakh Insurance Company PJSC (Ingosstrakh) (Russia). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Upgrades Credit Ratings of SSQ, Life Insurance Company Inc.
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of SSQ, Life Insurance Company Inc. (SSQ) (Quebec, Canada). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
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Reinsurance
Insurdata Head of Client Development: Survey Shows Many Carriers Unaware of Location of Insured Property
Paul Burgess, head of client development, Insurdata, said a survey of U.S. locations showed carriers almost half the time were unaware of the accurate location of their insured properties. Burgess spoke with AM BestTV at Les Rendez-Vous de Septembre in Monte Carlo, Monaco.
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Brit Re to Expand US Reinsurance Portfolio in 2020
Brit Re said it will be expanding its portfolio in 2020, as it reports strong underwriting results and manageable premium growth.
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Perils Head of Products: Data Means Better Risk Assessment
Eduard Held, head of products for Perils, said lacking exposure data greatly limits the industry’s understanding of natural catastrophes. Held spoke with AM BestTV at the Les Rendez-Vous de Septembre in Monte Carlo, Monaco.
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State Regulation
Kayode Abegunde
Technology
Sean Harper
United Kingdom
Legal & General Completes Tate & Lyle Pension Buy-In
U.K.-based financial services group Legal & General Group plc has completed a £930 million (US$1.04 billion) full buy-in involving about 4,800 members of the pension plan of U.K. food ingredients provider Tate & Lyle.
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Washington
Holocaust Survivors Urge Congress to Allow Claims Against European Insurers
A survivor of the Auschwitz Nazi death camp urged lawmakers to pass legislation allowing Holocaust survivors to file lawsuits in U.S. Courts to recover benefits on policies issued by European insurance companies before the rise of Hitler’s regime.
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Announcements
AM Best an Event and College Student Sponsor for the 2019 Chartered Property and Casualty Underwriter Society Annual Meeting
AM Best is an event sponsor, as well as a sponsor of a college student’s attendance, at the 2019 Chartered Property and Casualty Underwriter (CPCU) Society Annual Meeting, which will take place Sept. 21–24, 2019, in New Orleans, LA. The sponsorship covers the full cost of registration and travel for an undergraduate currently studying insurance and risk management.
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AM Best to Sponsor Gamma Iota Sigma’s 2019 Annual Conference
AM Best is a silver sponsor of the 48th Annual International Conference of Gamma Iota Sigma, the international risk management, insurance and actuarial science collegiate fraternity, from Sept. 26–28, 2019, in Dallas, TX.
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