The effect is millions of Louisiana homeowners' premium dollars flowing to investors around the world who are making a high-risk, high-reward wager that a hurricane won't wipe out the state. Climate change, migration into risky areas and inflation have upended the global network of companies that backstop the risk of disasters like hurricanes in Louisiana,…
Reinsurance
Hurricane Milton was ripping through the Gulf's warm waters nearly 2,000 miles away, toward Florida. Louisiana's Insurance Commissioner Tim Temple, 1,500 miles away from home, mingled among the suits. It was a plea to get more insurers to enter the state— and for the industry in Bermuda to take on more of Louisiana's considerable risks.
The effect is millions of Louisiana homeowners' premium dollars flowing to investors around the world who are making a high-risk, high-reward wager that a hurricane won't wipe out the state. Climate change, migration into risky areas and inflation have upended the global network of companies that backstop the risk of disasters like hurricanes in Louisiana,…
CHICAGO- October 24, 2024- Old Republic International Corporation today reported pretax income, excluding investment gains, of $229.2 for the quarter and $714.7 for the first nine months. General Insurance pretax operating income declined 8.5% for the quarter and increased 4.6% for the first nine months. Net operating income per diluted share of $0.71,…
The background: Virginia regulators say the state's insurance market is generally in better shape than in other states. What those calls reflect is what insurance insiders call a "hard market"- rising claims costs and consumer demand for more coverage that push premium rates higher, Virginia Commissioner of Insurance Scott White said. Everybody sees the news…
October 17, 2024, 9:00 a.m. ET. Greg Toczydlowski- Executive Vice President and President of Business Insurance Jeff Klenk- Executive Vice President and President of Bond& Specialty Insurance Michael Klein- Executive Vice President and President of Personal Insurance Abbe Goldstein- Senior Vice President of Investor Relations. This transcript is a…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Marble Reinsurance Corporation. The outlook of these Credit Ratings is stable. For the fiscal year ended 31 March 2024, the company recorded moderate growth in both premium income and net profit, while its combined ratio remained stable and below 55%.
Despite a manageable level of catastrophe activity during the first half of 2024, Canada’ s property/casualty insurers faced four major events in this year’ s third quarter which should lead to another record year for losses, according to a new AM Best report. Losses due to catastrophe events in 2023 are estimated to have reached CAD 3.1 billion, making it one of…
AM Best has assigned a Financial Strength Rating of A+ and a Long-Term Issuer Credit Rating of“ aa-” to Berkley Luxury Insurance Company. Berkley Luxury is strategically important to W. R. Berkley, enabling it to write property casualty insurance policies on a surplus basis nationwide and benefits from a 100% net quota share reinsurance agreement with its parent,…
WHITEHOUSE STATION, N.J., October 22, 2024- Chubb has announced the appointment of Tim Benson as Executive Vice President, Multinational Insurance Leader, effective October 30. Tim and the Multinational team will coordinate closely with Chubb's Global Services group in the execution and delivery of North America multinational programs around the world.
Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions on worldwide credit…
bow-20241021 As filed with the Securities and Exchange Commission on October 21, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Bowhead Specialty Holdings Inc. 452 Fifth Avenue New York, NY10018 970-0269 H. Matthew Crusey General Counsel…
Selective Insurance Group, Inc. reported financial results for the third quarter ended September 30, 2024, with net income per diluted common share of $1.47 and non-GAAP operating income 1 per diluted common share of $1.40. The investments segment generated 13.1 points of annualized ROE in the quarter, as after-tax net investment income was $93 million, up…
AM Best has assigned a Financial Strength Rating of B++ and a Long-Term Issuer Credit Rating of“ bbb” to HDFC International Life and Re Company Limited, a subsidiary of HDFC Life Insurance Company Limited, which in turn is owned by HDFC Bank Limited. The outlook assigned to these Credit Ratings is stable. The ratings reflect HDFC’ s balance sheet strength, which AM Best…
Oct. 16— STAMFORD— Another company will take space in the downtown office building at 400 Atlantic St., the latest sign of the rebound in the past few years of the former home of Spectrum-services provider Charter Communications. Keter Environmental Services signed a lease for 38,696 square feet at 400 Atlantic in the third quarter of this year, according to a new…
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of“ bbb” of Spheric Assurance Company, Ltd. As of December 2023, Spheric’ s balance sheet strength was pressured by the effects of Hurricane Otis impacting its credit risk. As of June 2024, the company showed an improved balance sheet position reinforcing its strong…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Constitution Insurance Company. Constitution is wholly owned by Steven Menzies, its chief executive officer, and participates in a quota share reinsurance transaction of workers’ compensation business from a commonly owned insurer. Constitution is…
The ratings also consider EARe’ s exposure to heightened economic, political and financial system risks in Kenya, where the majority of its assets are invested. EARe has a track record of adequate operating performance, with return-on-equity moderately exceeding the inflation in Kenya over the past five years. Overall earnings remained driven by favourable…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Dah Sing Insurance Company Limited. The company’ s reported capital and surplus under HKFRS 17 increased by 18% to HKD 2,373 million in 2023, driven by net profit retention and a recovery in the valuation of equity investments measured at fair value through…
