The rating upgrades reflect Texas Mutual’ s strong market presence in the Texas workers’ compensation segment, which has resulted in a history of favorable operating performance and organic surplus growth. Texas Mutual holds a workers’ compensation market share of 41.4% in Texas and is ranked the 16 th largest workers’ compensation writer by direct premiums…
Reinsurance
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Hagerty Reinsurance Limited. Concurrently, AM Best has assigned an FSR of A- and a Long-Term ICR of“ a-” to Drivers Edge Insurance Company. Hagerty Re and Drivers Edge are both wholly owned subsidiaries of Hagerty Insurance Holdings Inc..
STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Preferred Physicians Medical Risk Retention Group, a Mutual. Stocks: Preferred stocks Common stocks Mortgage loans on real estate: First liens Other than first liens Real estate: Properties occupied by the company (less Derivatives Other invested assets Receivables for securities Securities lending reinvested…
STATEMENT AS OF SEPTEMBER 30, 2024 OF THE PROASSURANCE AMERICAN MUTUAL, A RISK RETENTION. 6 WDWHPHQW DV RI 6 HSWHPEHU RI WKH 352$ 6685$ 1& ( $0 (5,& $10878$/ $5,6.5 (7 (17,21* 5283. Accounting practices The accompanying financial statements of ProAssurance American Mutual, A Risk Retention Group (the Company) have been completed in compliance with National Association…
STATEMENT AS OF SEPTEMBER 30, 2024 OF THE FD Insurance Company. Stocks: Preferred stocks Common stocks Mortgage loans on real estate: First liens Other than first liens Real estate: Properties occupied by the company (less Receivables for securities Securities lending reinvested collateral assets Aggregate write-ins for invested assets 15.
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of“ aa-” of WestGUARD Insurance Company, AmGUARD Insurance Company, EastGUARD Insurance Company, NorGUARD Insurance Company and AZGUARD Insurance Company, which operate under an intercompany pooling agreement.
AM Best has maintained its market segment outlook for the U.S. health insurance segment at stable, citing among other factors solid levels of capitalization and profitability despite declining underwriting results. “The overall commercial group segment has not experienced substantial enrollment gains, but membership growth has been helped by the…
AM Best has assigned a negative outlook on the U.S. Medicare Advantage and Medicaid managed care segment, citing several adverse factors affecting each government health insurance-related program. Given the aging of the U.S. population, Medicare enrollment growth is expected to continue. “Ongoing improvements in medical science and advances in new…
Johnson’s remit specifically includes oversight of Hadron UK Insurance Company, subject to regulatory approval, and its affiliates, with the aim of building a premier franchise serving the delegated authority market in the UK and EU. The appointment comes following Hadron’s impressive inaugural year, with established and de novo programs onboarded and…
STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company. STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company. STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company.
AM Best’ s leading analysts will review the state of the U.S. insurance industry’ s major segments and the global reinsurance industry, as well as what the rating agency foresees in 2025, in an online briefing scheduled for Tuesday, Dec. 10, 2024,, at 10 a.m.. The one-hour event follows the publication of AM Best’ s annual market segment outlook reports on the personal…
California Insurance Commissioner Ricardo Lara invited public input on a proposal to increase the writing of insurance in parts of the state most affected by wildfires and other extreme weather catastrophes. In 2023, the first systematic review of climate risk strategies by Ceres and the California Department of Insurance revealed that reinsurance is…
Both companies are domiciled in Brazil. Junto Re is classified as a local reinsurer in Brazil and mainly operates as a captive reinsurer for Junto Seg, an organization that has been directly writing surety for more than two decades. Junto Seg is the market-facing company of the group and the leading surety writer in Brazil.
Kot is the captive reinsurer of Petroleos Mexicanos, the Mexican state-owned oil and gas company. The ratings also reflect a rating drag due to the company’ s association with PEMEX. A partially offsetting balance sheet factor is the captive’ s reinsurance dependence, driven by the large policy limits it offers to PEMEX.
Legal& General has completed $2.2 billion of Pension Risk Transfer business in the US this year, making 2024 its largest year on record in the US market. Legal& General completed its first Canadian PRT transaction in 2019 through its reinsurance entity, Legal& General Reinsurance. This includes Legal& General’ s largest Canadian transaction to date, valued at CAD…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of NongHyup Property and Casualty Insurance Company Limited. The ratings also reflect the implicit and explicit support the company receives from its ultimate parent, National Agricultural Cooperative Federation. NH P&C’ s financial flexibility is…
AM Best has assigned a Financial Strength Rating of B+ and a Long-Term Issuer Credit Rating of“ bbb-” to Continental General Insurance Company. The company reported approximately $4.6 billion of invested assets at the end of the second quarter of 2024, and roughly $573 million of statutory capital and surplus. CGIC was acquired by new ownership on July 1, 2021,…
KKR& Co. Inc. announced today that Scott C. Nuttall, Co-Chief Executive Officer, will present at the Goldman Sachs 2024 US Financial Services Conference on Tuesday, December 10, 2024 at 8:00AM ET. KKR’ s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. For additional information…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of“ a-” of Bahamas First General Insurance Company Limited and Cayman First Insurance Company Limited, the property/casualty operating subsidiaries of Bahamas First Holdings Limited. However, the company has a high dependence on reinsurance to manage capital…
