Since 2022, seven of the 12 largest insurance companies have stopped issuing new policies to homeowners in California, citing increased risks due to climate change. California isn't alone: The same thing has happened in other vulnerable states, including Louisiana and Florida. Meanwhile, those fortunate enough to have insurance are paying more than ever:…
Reinsurance
Jan. 16— In the months before thousands of Los Angeles homes went up in flames, property insurance companies dropped coverage in many neighborhoods of the city, citing the growing wildfire risks caused by climate change. As a result, a fast-growing number of California residents have switched to a state-backed "last resort" insurance plan. We're all going to be…
Since 2022, seven of the 12 largest insurance companies have stopped issuing new policies to homeowners in California, citing increased risks due to climate change. California isn't alone: The same thing has happened in other vulnerable states, including Louisiana and Florida. Meanwhile, those fortunate enough to have insurance are paying more than ever:…
Since 2022, seven of the 12 largest insurance companies have stopped issuing new policies to homeowners in California, citing increased risks due to climate change. California isn't alone: The same thing has happened in other vulnerable states, including Louisiana and Florida. Meanwhile, those fortunate enough to have insurance are paying more than ever:…
KBRA assigns a preliminary rating of "BBB” with Stable outlook to surplus notes to be issued by Clear Blue Specialty Insurance Company. As surplus notes, the Notes are deeply subordinated and payments thereon are subject to the prior approval of the Texas Department of Insurance. CBSIC is one of four operating insurance carriers owned by Clear Blue Financial…
A series of wildfires in Los Angeles County have caused widespread devastation in California, including at least 24 deaths and the destruction of more than 12,000 homes and structures. As California rebuilds, it means the bill for uninsured losses will fall on the property owners themselves and public funds. How will Australia cope when bushfires hit Sydney,…
Since 2022, seven of the 12 largest insurance companies have stopped issuing new policies to homeowners in California, citing increased risks due to climate change. California isn’ t alone: The same thing has happened in other vulnerable states, including Louisiana and Florida. Meanwhile, those fortunate enough to have insurance are paying more than ever:…
AM Best has affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of“ bbb+” of RAM Mutual Insurance Company. The outlook of the FSR is stable, while the outlook of the Long-Term ICR is negative. The rating affirmations reflect the successful implementation of its capital-raising program to stabilize policyholder surplus through…
PACT Capital LLC launched today as an independent investment firm focused on providing capital and strategic support to middle-market alternative asset managers. Mr. von Schimmelmann is a veteran GP stakes investor who previously spent nearly 25 years at Goldman Sachs, where he served as Global Co-Head and Investment Committee Co-Chair of the GP Stakes…
Knighthead Insurance Group, a leading global provider of financial protection solutions, today announced the expansion of its insurance platform through the acquisition of Merit Life Insurance Co. Merit will operate under the new Knighthead Life brand. Knighthead Insurance Group was founded in 2014 with the incorporation of Knighthead Annuity& Life…
Moody’ s Corporation announced today that it has entered into an agreement to acquire CAPE Analytics, a leading provider of geospatial AI intelligence for residential and commercial properties. “I continually hear from our customers that they are seeking more precise and actionable information as they evaluate an evolving set of risks,” said Rob Fauber,…
As filed with the U.S. Securities and Exchange Commission on January 10, 2025. Floor 3, Building 6, Wuxing Road, Lane 727 Pudong New Area, Shanghai 201204 Tel: +86 -5089-6502. Richard I. Anslow, Esq. Lijia Sanchez, Esq. Ellenoff Grossman& Schole LLP 1345 Avenue of the Americas, 11th Floor New York, NY 10105 Tel: 370-1300.
AM Best has affirmed the Financial Strength Rating of A+ and the Long-Term Issuer Credit Ratings of“ aa-” of RGA Reinsurance Company, RGA Americas Reinsurance Company Ltd, RGA Life Reinsurance Company of Canada, Aurora National Life Assurance Company and RGA Life and Annuity Insurance Company. These companies are subsidiaries of Reinsurance Group of America,…
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ and the Long-Term Issuer Credit Rating of“ bbb+” of First Net Insurance Company. In 2023, the company experienced a significant weather event, Typhoon Mawar, which was the most severe weather event in Guam since 2002. The limited business profile assessment…
Note: All dollar amounts are expressed in Canadian dollars and references to "dollars" or "$" are to Canadian dollars, unless otherwise stated. A global financial services company. Financial Strength Ratings 3, Regulatory Capital and Liquidity.
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of“ a-” to Wingsail Insurance Company, a 100% reinsured subsidiary of Spinnaker Insurance Company. Concurrently, AM Best has affirmed the FSR of A- and the Long-Term ICR of“ a-” of Spinnaker Insurance Company and its 100% reinsured subsidiary, Spinnaker Specialty Insurance…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Colonnade Insurance S.A., a member of the Fairfax Financial Holdings Limited group of companies. The outlook of these Credit Ratings is stable. The ratings reflect Colonnade’ s balance sheet strength, which AM Best assesses as strong, as well as its adequate…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of Etiqa General Insurance Berhad. The outlook of these Credit Ratings is stable. In addition, the ratings factor in a neutral impact from the company’ s ultimate majority ownership by Malayan Banking Berhad, one of the largest financial services groups…
AM Best has downgraded the Financial Strength Rating to B++ from A- and the Long-Term Issuer Credit Rating to“ bbb+” from“ a-” of Columbia Lloyds Insurance Company and MDOW Insurance Company, which are collectively referred to as Columbia Lloyds Companies. Both companies are domiciled in Houston, TX. The outlook of the FSR has been revised to stable from negative, while…
