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AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of“ aa-” of the pooled members of Selective Insurance Group. Additionally, AM Best has affirmed the Long-Term ICR of“ a-” and the Long-Term Issue Credit Ratings of the ultimate parent, Selective Insurance Group, Inc.. In addition, AM Best has assigned a Long-Term IR of“ a-” to…

AM Best has affirmed the Financial Strength Rating of B++, the Long-Term Issuer Credit Rating of“ bbb” and the Vietnam National Scale Rating of aaa.VN of Bao Minh Insurance Corporation. The outlook of these Credit Ratings is stable. The ratings also factor in the neutral impact from BMI’ s majority owner, State Capital Investment Corporation, which is the sovereign…

AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of NEWGT Reinsurance Company, Ltd.. As of the financial year ending on 31 March 2025, the company showed somewhat elevated underwriting risks from significant premium growth during the period, and the company expects to maintain a similar level over the coming…

AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of“ aa” of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group. Concurrently, AM Best has affirmed the FSR of A and the Long-Term ICR of“ a+” of Securian Casualty Company.

AM Best has affirmed the Financial Strength Rating of B and the Long-Term Issuer Credit Rating of“ bb+” of Mongolian National Reinsurance JSC. The outlook of these Credit Ratings is stable. Offsetting factors include its limited capital size, which was MNT 48.95 billion as of year-end 2024, under IFRS 17 accounting standard, as well as the inherent systemic risk…

AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of“ a” of China Taiping Insurance Company Limited. The outlook of these Credit Ratings is stable. The ratings reflect CTPI’ s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and…

AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of“ a” of African Reinsurance Corporation. An offsetting rating factor is ARC’ s exposure to the elevated levels of economic, political and financial system risk that are associated with its main operating markets in Africa. AM Best notes that the company’ s ROE should be…

AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Gaviota Re S.A.. As of 31 December 2024, the funds Gaviota allocated to the inter-company loans with Repsol represented 54% of the company’ s total assets. In 2024, Gaviota reported after-tax profits of EUR 58.7 million, which are supported by a strong…

Seel, the leading agentic post-purchase platform, today announced new insurance and reinsurance partnerships with Lloyd’ s of London and Arch Insurance. Seel uses AI to power its trademarked Worry-Free Purchase ® program, a post-purchase service that augments merchants’ existing operations. Headquartered in San Francisco, Seel has six offices across…

2025 DEC 02– By a News Reporter-Staff News Editor at Insurance Daily News– According to news reporting originating from Washington, D.C., by NewsRx journalists, a trademark application has been made for“ WHOLE RISK SOLUTION” by Eric Fingerhut Dykema Gossett, PLLC, representing Amerisure Mutual Insurance Company. This application was made available to the public…

Expansion of Venerable’ s strategy to include variable annuity flow reinsurance was announced in June of this year as part of the landmark agreement with Corebridge Financial, Inc. which also included reinsurance of $51 bn of variable annuity business from American General Life Insurance Company and The US Life Insurance Company of New York.

REGIONAL– Recent testimony from a New York State Senate hearing revealed the rapidly shifting nature of the home insurance market in New York and nationwide. Although New York is currently outside the top 20 most expensive states for home insurance, costs are rising due to inflation, flawed risk modeling, intensifying natural disasters, and more.

AM Best expects a material portion of the gross incurred loss in the deadly Hong Kong apartment fire to be transferred to reinsurers, which may halt downward pressure on Hong Kong property reinsurance rates amid a global reinsurance softening backdrop. In its Best’ s Commentary,“ Hong Kong Fire Expected to be Credit Negative for Insurers,” AM Best states that…

Even after she escaped rising floodwaters by wading away from her home in chest-deep water during Hurricane Rita in 2005, Sandra Rojas, now 69, stayed put. A fifth-generation resident of Lafitte, Louisiana, a small coastal community, she raised her home with stilts. But this year, her annual home insurance premium increased to $8,312, more than doubling over the…

Florida is a high-risk insurance state when it comes to hurricanes. In 1993, the Florida legislature created the Florida Hurricane Catastrophe Fund to serve as an additional source of reinsurance capacity for Florida insurers. Florida also has a state-run insurer, Citizens Property Insurance Corporation, which is the insurer of last resort for…

After a long run, home insurance price increases in Florida slowed to a near halt between August and September, raising the question: Now will prices go down? Statewide average costs for all-perils coverage of owner-occupied homes increased by $1 between August and September, from $3,747 to $3,748, according to the South Florida Sun Sentinel "s analysis of the…

The downgrade knocked State Farm, the country's largest property and casualty insurer by market share, from the very top of AM Best's rating scale to A+. For example, even a 0.10%– 0.25% increase in the cost of borrowing for a company the size of State Farm could cost it billions annually. Poor timing for State Farm leadership.