From Best's Review: Own Your Career

Stanley Galanski, president and CEO of Navigators: To build a successful company, focus on communication, results, authenticity and people.

May 01, 2019 Full Story

Marsh: Higher Property, D&O Rates Drive Global Commercial Price Increases

Higher property and directors and officers rates continue to drive commercial price increases globally, according to Marsh’s first-quarter insurance market index.

May 17, 2019 Full Story

Best’s Market Segment Report: Growth Opportunities Abound in Hong Kong’s Health Insurance Market

High out-of-pocket payments by patients at private hospitals and overwhelming demand for public health care underscores the need for further development of Hong Kong’s health insurance sector, according to a new AM Best market segment report. With the recently launched Voluntary Health Insurance Scheme (VHIS), which encourages individuals to utilize insurance protection, and the subsequent regulatory approval for more than two dozen insurers to launch VHIS insurance products, the uptake of health insurance in Hong Kong should grow significantly.

May 17, 2019 Full Story

Pinnacle Actuarial Resources

Agent/Broker

Managing General Agent Globe Underwriting Names North America Property Head
Managing general agent Globe Underwriting said it appointed Jennifer Mackay as head of the North America property division.
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UK Broker Group, Reinsurer Pool Re Release Terror Guide
Pointing to what it described as the changing nature of the terrorist threat, the British Insurance Brokers’ Association has announced a guide to terrorism insurance in cooperation with Pool Reinsurance Co. Ltd., the specialist reinsurer.
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Asia/Pacific

Dai-ichi Life Net Income Drops 38% in 2018 Fiscal Year
Dai-ichi Life Holdings Inc. reported a 38% drop in net income to ¥225 billion (US$2.1 billion) on a consolidated basis for the 2018 fiscal year ended March 31, 2019.
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Japan’s T&D Group Posts 6.1% Drop in Profit for 2018 Fiscal Year
T&D Holdings Inc. reported a 6.1% drop in profit to ¥72.8 billion (US$660 million) on a consolidated basis for the 2018 fiscal year ended March 31, 2019.
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Bermuda/Caribbean

EU Removes Bermuda From Tax Compliance Blacklist
The European Council has removed Bermuda – along with Aruba and Barbados – from a 12-country European Union tax compliance blacklist, saying Bermuda has recommitted itself to improving the country’s tax system to comply with international standards.
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Europe

NN Group CEO: Regulatory Changes Hit Some Markets as Nonlife Insurance Segment Improves
NN Group N.V. is seeing strong growth in all of its life insurance operations as the nonlife segment improves amid a cost-cutting effort, said the group’s chief executive officer.
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Health

Al Redmer Jr.

Maryland Insurance Administration: Reinsurance Plan Is Stabilizing ACA Rates
Maryland’s average statewide rates on the Affordable Care Act individual market would fall by nearly 3%, while average small group rates would grow modestly for 2020, according to rate requests reported by the insurance administration.
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Doris Azorcan

Scor Director: Antibiotic Resistance, Vaccine Hesitancy Increase Pandemic Risk
Doris Azarcon, director, actuary at Scor, said a recent increase in measles and the frequency of secondary infections demonstrate vulnerabilities that could further the risk of pandemic outbreaks. Azarcon spoke with AM BestTV at the RMS Exceedance 2019 conference, held in Miami.
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People in Insurance

Pat Regan

QBE Chief Operations Officer to Become Esure CEO
QBE Group Ltd. Chief Operations Officer David McMillan will leave the group to become chief executive officer of esure.
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Property/Casualty

Evan Glassman

New Paradigm CEO: Parametric Coverage Speeds Claims Resolution
Evan Glassman, president and chief executive officer, New Paradigm Underwriters, said catastrophes have served as showcases for parametric-based coverage, because it is unnecessary for providers to wait before assessing actual damage. Glassman spoke with AM BestTV at the RMS Exceedance 2019 conference, held in Miami.
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Ratings

AM Best Affirms Credit Ratings of Health Services Welfare Society Limited
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Health Services Welfare Society Limited (New Zealand), trading as Accuro Health Insurance (Accuro). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of MS Amlin AG and Lloyd’s Syndicate 2001
AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of MS Amlin AG (Switzerland), and Lloyd’s Syndicate 2001 (Syndicate 2001) (United Kingdom), which is managed by MS Amlin Underwriting Limited. The outlook of these Credit Ratings (ratings) remains stable.
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AM Best Affirms Credit Ratings of Vietnam National Reinsurance Corporation
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Vietnam National Reinsurance Corporation (VINARE) (Vietnam). The outlook of these Credit Ratings (ratings) is stable.
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AM Best Affirms Credit Ratings of Watford Re Ltd. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Watford Re Ltd. (Bermuda) and its subsidiaries, Watford Insurance Company Europe Limited (Gibraltar), Watford Insurance Company (Morristown, NJ), and Watford Specialty Insurance Company (Morristown, NJ). In addition, AM Best has affirmed the Long-Term ICR of “bbb-” and the Long-Term Issue Credit Rating of “bb” on the $225 million 8.5% cumulative preference shares of Watford Holdings Ltd. (Watford) (Bermuda), the group’s ultimate holding company. The outlook of these Credit Ratings (ratings) is stable.
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AM Best Removes From Under Review With Positive Implications and Affirms Credit Ratings of GBG Insurance Limited
AM Best has removed from under review with positive implications and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of GBG Insurance Limited (Guernsey). The outlook assigned to the FSR is stable, whilst the outlook assigned to the Long-Term ICR is positive. GBG Insurance Limited is a wholly owned subsidiary of GBGI Limited (GBGI), its non-operating holding company, which consolidates the GBG group (GBG).
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AM Best Revises Outlooks to Negative for Consumer Insurance Services Limited
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 Consumer Insurance Services Limited (CISL) (New Zealand).
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AM Best Takes Various Rating Actions on Subsidiaries of Old Republic International Corporation
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” of certain members of Old Republic Insurance Companies (Old Republic). (See below for a detailed list of companies.) Additionally, AM Best has upgraded the FSRs to A+ (Superior) from A (Excellent) and the Long-Term ICRs to “aa-” from “a” of Old Republic General Insurance Corporation (ORGENCO) (Chicago, IL) and the members of Old Republic that are now part of this rating unit. (See below for a detailed list of companies.)
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Reinsurance

Aon Makes Organizational Changes to Global Reinsurance Clients Team
Aon plc is making organizational changes within its global reinsurance clients team, including the creation of a new executive team, as the broker increases its investment in what it considers an important segment.
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South/Central America

Best’s Commentary: Minimal Insurance Losses Expected from Panama Earthquake
AM Best expects the impact of a recent earthquake centered near Panama on the country’s insurance industry will remain contained, due largely to the low impact of the event coupled with low insurance penetration in provinces closest to the epicenter.
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United Kingdom

Wynne Lawrence

UK Insurers Have Added Climate Change to Flood Concerns
As U.K. insurers continue to confront the risk of flooding, they have added climate change to the list of concerns.
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Washington

US House Passes Legislation to Reinforce ACA, Reverse Short-Term Expansion
The U.S. House passed a bill package to bolster the Affordable Care Act by pouring money back into ACA consumer outreach-enrollment and derailing a Trump administration effort to cripple the ACA by expanding the sale of short-term insurance.
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Announcements

AM Best to Demo Financial Data Tools at 2019 Insurance Accounting & Systems Association Conference
AM Best representatives will be available to provide on-site demonstrations of the company’s full suite of financial data analysis and statement filing resources at booth No. 622 at the Insurance Accounting & Systems Association’s (IASA) Educational Conference and Business Show. The conference takes place at the Phoenix Convention Center on June 2-5, 2019, in Phoenix, AZ.
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BestWeek: Hanover CEO Says New Risks, Exposures Force Fundamental Industry Changes
The insurance industry is undergoing fundamental and pervasive change as new risk, exposures and markets emerge, Hanover Insurance Group President and Chief Executive Officer John “Jack” Roche said in this week’s issue of BestWeek. In order to compete, carriers need much more advanced and specialized underwriting, broader risk management and more efficient capital management strategies, he said during a shareholders meeting presentation.
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