Strong third quarter net income of $1.260 billion and core income of $1.218 billion. Consolidated combined ratio improved 7.8 points from the prior year quarter to a strong 93.2%. Catastrophe losses of $939 million pre-tax, compared to $850 million pre-tax in the prior year quarter. Substantial net favorable prior year reserve development of $126 million…
Reinsurance
The Travelers Companies, Inc. today reported net income of $1.260 billion, or $5.42 per diluted share, for the quarter ended September 30, 2024, compared to $404 million, or $1.74 per diluted share, in the prior year quarter. Core income in the current quarter was $1.218 billion, or $5.24 per diluted share, compared to $454 million, or $1.95 per diluted share, in the…
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…
“We are pleased to reach this important milestone towards the completion of the Sale and thank our shareholders for their overwhelming support,” Ambac President and Chief Executive Officer Claude LeBlanc said.“ The Sale represents a meaningful step in a robust and thorough process to maximize the value of our legacy financial guarantee insurance business…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of“ a-” of R.V.I. Guaranty Co., Ltd. and its subsidiary, R.V.I. America Insurance Company. The outlook of these Credit Ratings is stable. RVI is affiliated with Group 1001 Insurance Holdings, LLC, and benefits from Group 1001’ s expertise in areas such as investment, risk…
The International Insurance Society has announced the finalists for the 2024 RGA Leaders of Tomorrow award, representing a global cohort of mentees who have demonstrated exceptional leadership potential. Annie Nhat Anh Tran, MSIG Asia. Tran’ s research explores how courageous leadership is the key to unlocking growth in emerging markets. Beth Carter,…
When a homeowner in Southwest Colorado types their address into an insurance company's quote generator, it's not uncommon to receive a notification that the insurer will not write a policy for that address. "Wildfire risk models are the bane of my existence right now– one of the banes of my existence right now," Colorado Insurance Commissioner Michael Conway…
PEMBROKE, Bermuda—- Arch Capital Group Ltd. today announced it held a private memorial event to honor and celebrate the life of former CEO Dinos Iordanou on Oct. 14 in New York City. “Dinos was full of life, always generous and an inspirational role model,” said Nicolas Papadopoulo, CEO, President and Chief Underwriting Officer of Arch Capital Group Ltd.“ We were…
AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida- based insurers that are primarily focused on protecting in-state homeowners. "Hurricane Milton poses a significant threat to the Florida property insurers concentrated in the state that lack diversification and therefore are acutely…
Regulators opt for narrow scope with offshore reinsurance guideline
State insurance regulators trying to get better control of offshore reinsurance reserves opted for a “narrow scope” with a new guideline.
PEMBROKE, Bermuda—- Arch Capital Group Ltd. today announced that Nicolas Papadopoulo has been named Chief Executive Officer and is joining the Board of Directors effective immediately. Papadopoulo has been the President and Chief Underwriting Officer of Arch and Chief Executive Officer of Arch Worldwide Insurance Group since January 1, 2021.
The Pennsylvania Insurance Department announced Pennsylvania's 2025 Affordable Care Act health insurance rates, which will save Pennsylvanians approximately $77.2 million in 2025 health insurance premium costs through PID's rate review process and reinsurance program. Most insurers currently offering individual market coverage in…
AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida- based insurers that are primarily focused on protecting in-state homeowners. "Hurricane Milton poses a significant threat to the Florida property insurers concentrated in the state that lack diversification and therefore are acutely…
AM Best has upgraded the Financial Strength Rating to A- from B++ and the Long-Term Issuer Credit Rating to“ a-” from“ bbb+” of General Insurance Corporation of India. In addition, AM Best has revised the Credit Rating outlooks to stable from positive. In addition, the ratings factor in a neutral impact from the company’ s ownership by the government of India.
Floify, the mortgage industry's leading point-of-sale solution, today announced the availability of Floify Verify, a native electronic verification of income and employment service powered by Argyle. Reports generated by Floify Verify have the potential to receive representations and warranties relief on eligible loan components from both Fannie Mae…
AM Best has affirmed the Financial Strength Rating of A++ and the Long-Term Issuer Credit Ratings of“ aa+” of Samsung Fire& Marine Insurance Co., Ltd. and its subsidiaries, Samsung Fire& Marine Insurance Company of Europe Limited, Samsung Vina Insurance Co., Ltd., and Samsung Reinsurance Pte. Ltd.. SFM’ s risk-adjusted capitalisation is expected to remain comfortably…
AM Best has affirmed the Financial Strength Rating of B++, the Long-Term Issuer Credit Rating of“ bbb” and the Philippines National Scale Rating of aa+. PH of National Reinsurance Corporation of the Philippines. AM Best views the company’ s investment portfolio as having moderate risk with the majority of assets allocated to fixed-income securities issued by the…
In 2023, Guam was impacted by Typhoon Mawar, which was the most severe weather event since 2002. Despite this event, Pacific Indemnity reported operating income of $1.1 million and would have reported capital growth if not for a change in the interpretation of the Guam Insurance Code, which required the company to non-admit real estate property other than for…
AM Best has upgraded the Financial Strength Rating to A from B++ and the Long-Term Issuer Credit Rating to“ a” from“ bbb+” of GIG Insurance- Egypt S.A.E.. GIG- Egypt is a strategically important subsidiary of GIG, representing its interests in Egypt. GIG- Egypt is expected to benefit from this merger, which will add significant additional capital resources to the company.
