AM Best has affirmed the Financial Strength Rating of A++ and the Long-Term Issuer Credit Ratings of“ aa+” of Massachusetts Mutual Life Insurance Company and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings of“ aa-” on the surplus notes of…
Reinsurance
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of“ aa-” of the key life/health insurance and annuity operating subsidiaries of Wilton Re Ltd., collectively referred to as Wilton Re. AM Best also has affirmed the Long-Term ICRs of“ a-” of WRL. CPP Investments is a financially strong organization that manages…
AM Best has affirmed the Financial Strength Ratings of A- and the Long-Term Issuer Credit Ratings of“ a-” of StarStone Insurance Bermuda Limited and StarStone Insurance SE. The outlook of these Credit Ratings is stable. Both companies ceased underwriting new business in July 2020, and SIBL has since disposed of its U.S. subsidiaries and Lloyd’ s operations.
AM Best has upgraded the Financial Strength Rating to A from A- and the Long-Term Issuer Credit Rating to“ a” from“ a-” of the operating subsidiaries of MGIC Investment Corporation. The operating subsidiaries are Mortgage Guaranty Insurance Corporation, MGIC Indemnity Corporation, and MGIC Assurance Corporation. All companies are domiciled in Milwaukee, WI. In…
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of“ bbb” of Sura Re Ltd.. Sura Re is a captive reinsurer of Suramericana S.A., a Colombia- based insurance group that is 81.1% owned by Grupo de Inversiones Suramericana S.A. The company was established in Bermuda as a Class 3 A insurer in December 2015, and in April 2022,…
AM Best has upgraded the Financial Strength Rating to A- from B++ and the Long-Term Issuer Credit Rating to“ a-” from“ bbb+” of Compañía Reaseguradora del Ecuador S.A.. Ecua Re was established in 1977 and is the only domestic reinsurer operating in Ecuador. The company benefits from recent regulatory changes in Ecuador allowing primary insurers to cede personal…
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of“ a-” to Triple Crown Assurance Co.. The outlook assigned to these Credit Ratings is stable. TCA is a captive insurance company wholly owned by Southwest Airlines Co., a Texas- based company that operates Southwest Airlines, a major passenger airline that provides…
U.S. property/casualty mutual insurance companies have been able to lean on investment income to help offset the weather-related challenges that have driven underwriting volatility, according to a new AM Best report. US P/C mutuals recorded an underwriting loss of $36.6 billion last year, which was 17% higher than the overall loss recorded in 2022..
CLARA Analytics, a leading provider of artificial intelligence technology for insurance claims optimization, today announced that Risk Administration Services, Inc. will leverage its technology to enhance its claims processes. As the leading expert in workers’ compensation insurance and loss mitigation management, RAS manages The Dakota Group ®, the…
With the increased reserve and capital requirements for longevity risks, and further changes coming in the US, insurers and asset reinsurers can leverage Munich Re's strong balance sheet and deep mortality expertise. "We believe there is significant, untapped demand for longevity reinsurance in the US and Canada markets and we are well positioned to meet it,"…
PEMBROKE, Bermuda—- AXIS Capital Holdings Limited today announced that Sara Mitchell has been appointed as its future Head of Global Markets. During his time with AXIS, Mr. Gregory has been instrumental in helping grow the Company’ s global presence as a specialty insurance leader. Ms. Mitchell, who will be based in London, will assume the role of Head of Global…
WARREN, New Jersey- September 16, 2024- Everest Insurance ®, the insurance division of Everest Group, Ltd., today introduced Everest Evolution™, its new brand for the Company's fast growing U.S. Wholesale business. The establishment of Everest Evolution™ was driven by clear demand for access to Everest's offerings in the rapidly growing U.S. excess and surplus…
Chubb 2024 Climate-Related Financial Disclosure. This report is the fourth issued by Chubb since we began reporting using the Task Force on Climate-Related Financial Disclosures framework in 2021. This report also constitutes Chubb's responses on the U.S. National Association of Insurance Commissioners' Climate Risk Disclosure Survey and reflects…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Saturn Insurance Inc.. Saturn is a captive insurer of BP p.l.c., an integrated global energy company. The ratings also consider rating enhancement from Saturn’ s affiliate, Jupiter Insurance Limited, which is the largest captive of the bp group and provides…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of China BOCOM Insurance Company Limited. The outlook of these Credit Ratings is stable. The company also maintains a healthy regulatory solvency position as evaluated by Hong Kong’ s Risk-Based Capital ratio in 2023.
AM Best has upgraded the Long-Term Issuer Credit Rating to“ bbb+” from“ bbb” and affirmed the Financial Strength Rating of B++ of Hotai Insurance Co., Ltd.. The positive outlooks reflect AM Best’ s expectation that Hotai Insurance will strengthen its risk-adjusted capitalisation gradually to support a stronger balance sheet strength assessment over the short to…
“We’ re excited to launch our short-term and long-term disability insurance products, marking a significant expansion of our product portfolio,” said Erich Sternberg, senior vice president and head of Pacific Life Workforce Benefits.“ These products complement our existing offerings and allow us to better serve our customers by providing a robust suite of…
SEPTEMBER 11, 2024| CHICAGO, IL- Ryan Specialty, a leading international specialty insurance firm, is pleased to announce that Michael F. Albian is joining Ryan Alternative Risk as President, Group Captives. Regarding the new hire, Ryan Alternative Risk CEO Kieran Dempsey said, "I am thrilled to welcome Mike to the Ryan Specialty family. Founded in 2010, Ryan…
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Rating of“ aa-” of Top Layer Reinsurance Ltd.. These ratings continue to reflect the substantial amount of support Top Layer receives from its co-owners, State Farm Mutual Automobile Insurance Company, currently with an FSR of A++ and a Long-Term ICR of“ aa+”, and Renaissance…
