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Best’s News & Research Service provides unlimited access to the latest and archived original research and downloadable data files through special reports, market segment reports, commentaries, and rankings. Subscribers also receive real-time industry news, live access to Best’s Credit Rating Actions, and the ability to monitor credit rating changes for selected companies via alerts in BestLink.

February 21, 2025

From Best's Review: Innovation Hubs Attract Interest, Support From Insurance Companies

Pooling talent, investment, real estate and technology with a dash of entrepreneurial drive aims to spark digital transformation in businesses. Prudential, AIG and Howden are the latest companies supporting these ventures to give themselves a competitive edge.

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Best’s Market Segment Report: Secondary Peril Events Persist as U.S. Property/Casualty Sector Pushes Toward Rate Adequacy

Despite an estimated net underwriting loss of $2.6 billion in 2024, U.S. property/casualty (P/C) industry results marked a steep improvement over prior year performance with the momentum expected to continue into 2025, according to a new AM Best report. The progress is being helped along by higher interest rates that have fueled stronger investment yields for insurers, creating a buffer against the volatility of weather-related losses.

Allstate Estimates LA Wildfire Net Pretax Losses at $1.07 Billion

Allstate Corp. estimates net pretax catastrophe losses of $1.07 billion from the Los Angeles wildfires in January.

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Agent/Broker

Ryan Specialty Net Income Down, Revenue Up as Expenses Rise in Fourth Quarter

Ryan Specialty Holdings Inc. posted net income of $42.6 million in the fourth quarter, down 27.3% from a year earlier due to higher income taxes and higher interest expenses, the company said.

Patrick Ryan

Earnings

Aegon Boosts Second-Half Profit on US, Asset Management Improvements

Aegon posted higher second-half profit on improved experience in the United States and asset management growth.

Lard Friese

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Donegal CUO Monitors Imported Commercial Auto Parts Pricing, Social Inflation as Line Grows

Donegal Group Inc. is keeping a close eye on potential pricing of imported automobile parts while continuing to raise rates to keep up with social inflation in commercial auto insurance, according to Chief Underwriting Officer Jeff Hay.

Jeff Hay

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Zurich Insurance CEO: Wildfire Losses Manageable; Strong 2025 Growth Anticipated

Anticipated 2025 growth for Zurich Insurance Group Ltd. is coming both from a hard property/casualty market and the life insurance segment as the group's chief executive officer said recent California wildfire losses are manageable.

Mario Greco

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Health

Wisconsin Governor Calls for Audits of Denied Health Claims, Other Sweeping Reforms

Wisconsin Gov. Tony Evers is pushing for the state to become the nation’s first to audit health insurers over high rates of denied claims as part of wide-ranging health care reforms in the state’s budget.

Tony Evers

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Legislation

Texas Bill Would Create Public Auto Insurance Option

A bill was introduced in the Texas Senate that would create a public option automobile insurer that would provide mandatory liability coverage and optional comprehensive coverage to eligible drivers.

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Washington’s Policyholder Restitution Bill Approved by Senate Committee

The Washington Senate Business, Financial Services and Trade Committee approved a bill allowing the insurance commissioner to order property/casualty carriers to pay restitution for code violations directly to policyholders.

People in Insurance

Insurtech Orion180 Names Former AAA & Hartford Exec as Underwriting Chief

Insurtech Orion180 hired Chris DiMartino as chief underwriting officer. Additionally, Ryan Jesenik, chief operating officer, has been promoted to president, insurance.

Property/Casualty

State Farm General Warns California Insurance Regulator It's Considering Stay Options

State Farm General Insurance Co. warned that it is "considering its options" in California after state Insurance Commissioner Ricardo Lara failed to approve an emergency request for double-digit, interim property rate hikes.

Ratings

AM Best Affirms Credit Ratings of Compañía Internacional de Seguros, S.A.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Compañía Internacional de Seguros, S.A. (CIS) (Panama City, Panama). The outlook of these Credit Ratings (ratings) is stable.

AM Best Affirms Credit Ratings of Equitable Holdings, Inc. and Its Subsidiaries

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Equitable Holdings, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the Long-Term IRs.)

AM Best Affirms Credit Ratings of Ocean International Reinsurance Company Limited

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ocean International Reinsurance Company Limited (Ocean Re) (Barbados). The outlook of these Credit Ratings (ratings) is positive.

AM Best Affirms Performance Assessment of Redbridge Group, LLC

AM Best has affirmed the Performance Assessment (assessment) of PA-3 (Strong) of Redbridge Group, LLC (Redbridge) (Coral Gables, FL). The outlook of the assessment is stable.

AM Best Assigns Credit Ratings to Linkage Assurance Plc

AM Best has assigned a Financial Strength Rating of C++ (Marginal) and a Long-Term Issuer Credit Rating of “b+” (Marginal) to Linkage Assurance Plc (Linkage) (Nigeria). The outlook assigned to these Credit Ratings (ratings) is stable.

AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of Sentry Insurance Group’s New Members Following Acquisition

AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings to “aa-” (Superior) from “a+” (Excellent) of Permanent General Assurance Corporation, Permanent General Assurance Corporation of Ohio, and General Automobile Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. These companies collectively do business as The General (headquartered in Nashville, TN) and are newly added subsidiaries of Sentry Insurance Group (Sentry).

AM Best Revises Outlooks to Negative for Mercury General Corporation and Its Subsidiaries

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group (Mercury). Concurrently, AM Best has revised the outlook to negative from stable and affirmed the Long-Term ICR of “bbb” (Good) of the organization’s publicly traded ultimate parent, Mercury General Corporation (MGC) (Los Angeles, CA) [NYSE: MCY]. AM Best has also revised the outlook to negative from stable and affirmed the Long-Term Issue Credit Rating of “bbb” (Good) of MGC’s $375 million, 4.4% senior unsecured notes, due 2027. (Please see below for a detailed list of Mercury’s member companies.)

AM Best Revises Outlooks to Positive for Members of CapSpecialty Insurance Group

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 (Long-Term ICR) of “a+” (Excellent) of Capitol Indemnity Corporation (Middleton, WI), Capitol Specialty Insurance Corporation (Middleton, WI) and Platte River Insurance Company (Omaha, NE), collectively known as CapSpecialty Insurance Group (CapSpecialty).

State Regulation

North Carolina Commissioner Recovering After Discovering Heart Issue at Health Screening

North Carolina Insurance Commissioner Mike Causey is recovering and doing well after undergoing elective heart surgery earlier this month to correct a congenital heart defect, the insurance department confirmed in an emailed statement.

Mike Causey

Technology

Charles Taylor CEO: Technology, Market Shifts Reshaping Insurance and Claims

Christopher Schaffer, chief executive officer, Charles Taylor Claim Solutions-Americas, explores the opportunities, challenges and strategies shaping insurance and claims in 2025 amid technological innovation, changing customer expectations and evolving regulations.

Christopher Schaffer

Announcements

Best’s Insurance Law Podcast Examines the Complexity of Litigating Mold Cases

AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best's Insurance Law Podcast series, which examines timely insurance issues from a legal perspective.


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