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…
Reinsurance
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…
AM Best is maintaining its market segment outlook for the delegated underwriting authority enterprise segment at positive, citing its sustained growth and niche expertise, despite potential issues that could arise from capacity challenges and rapid growth. According to the Best’ s Market Segment Report,“ Market Segment Outlook: Delegated Underwriting…
AM Best has affirmed the Financial Strength Rating of A and the Long-Term Issuer Credit Rating of“ a” of Eni Insurance Designated Activity Company, a captive of Eni S.p.A., a multinational energy company based in Italy. The outlook of these Credit Ratings is stable. The ratings reflect EID’ s balance sheet strength, which AM Best assesses as very strong, as well as its…
New Brunswick, NJ– November 21, 2024– Octaviant Financial, Inc., a recognized innovator in drug warranty and payment models, announced today that Starr Insurance will join Octaviant and Marsh, the world’ s leading insurance broker and risk advisor, in offering drug warranty services that enable pharmaceutical companies to stand behind the effectiveness of…
Reinsurance Group of America, Incorporated, a leading global life and health reinsurer, and John Hancock, a subsidiary of Manulife Financial Corporation, a leading international financial services group, announced today an agreement to reinsure approximately US $4.1 billion in liabilities comprising $1.9 billion in long-term care and $2.2 billion in…
Cyber incidents, changes in climate, and business interruption are the chief risk concerns among key marketplace segments in the insurance industry, a new survey from Munich Reinsurance America Inc. and the Insurance Information Institute reveals. “Understanding risk concerns of our customers is invaluable,” said Kerri Hamm, EVP– head of cyber underwriting,…
Managing general agents and MGA platforms are setting the pace for growth in specialty insurance markets worldwide, attracting global talent, technology and capital, a new study from Lexicon Associates finds. “MGAs are expanding coverage options for the most challenging risks, including natural perils exacerbated by climate change and cyber risks,” said Mr….
IGI is an international specialist insurance group with deep technical. Data as September 30, 2024. IGI established by insurance industry.
AM Best has maintained its market segment outlook for the global reinsurance segment at positive, citing robust underwriting returns and the potential for solid full-year 2024 results despite an active Atlantic hurricane season. However, concerns remain about adverse development in the U.S. casualty segment, with many reinsurers re-evaluating their…
AM Best has upgraded the Financial Strength Rating to A from A- and the Long-Term Issuer Credit Rating to“ a” from“ a-” of Indemnity National Insurance Company. In addition, AM Best has revised the Credit Rating outlooks to stable from positive. These ratings reflect INIC’ s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating…
AM Best’ s estimate for ultimate net asbestos losses is being maintained at $100 billion, with environmental losses also holding steady for another year at $46 billion, as of year-end 2023 data, according to a newly issued report. According to the report, industry funding of the estimated $146 billion net A&E exposures is approximately $140 billion, comprising…
