AM Best

AM Best Affirms Credit Ratings of Redbridge Insurance Company Limited

Retrieved on: 
Wednesday, August 23, 2023
Insurance, Professional Services, Pressure, Good, AM Best, ALL, Risk management, Credit, USD, Redbridge, Growth, AM, Environment, News, Bank

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados).
  • RICL is an insurance and reinsurance company founded in December 2010, and is part of Redbridge Holding, LLC (Redbridge Holding), a company specialized in the management of insurance and reinsurance.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Places Credit Ratings Under Review With Developing Implications for American Equity Investment Life Insurance Company and Its Subsidiaries

Retrieved on: 
Wednesday, August 23, 2023
Consulting, Professional Services, Insurance, Finance, Good, Lake Success, AM Best, ALL, Long-Term Capital Management, Average revenue per user, Credit rating agency, Credit, AEL, Sale, Acquisition, Credit rating, La règle de non-cumul, AM, News, NYSE, Security (finance), Retail

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity.

Key Points: 
  • AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a-” (Excellent) of American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as American Equity.
  • Concurrently, AM Best has placed under review with developing implications the Long-Term ICR of “bbb-” (Good) of American Equity Investment Life Holding Company (AEL) [NYSE: AEL] and its Long-Term Issue Credit Ratings (Long-Term IRs).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Affirms Credit Ratings of SPP Institución de Seguros, S.A. de C.V.

Retrieved on: 
Wednesday, August 23, 2023
Finance, Consumer, Professional Services, Hispanic, Insurance, Good, AM Best, Accident, S.A, ALL, Risk management, Seguros Universal, Credit, SPP, Risk, Superior, AM, Growth, News

The outlook of these Credit Ratings (ratings) is stable.

Key Points: 
  • The outlook of these Credit Ratings (ratings) is stable.
  • The ratings reflect SPP Seguros’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

Best’s Commentary: Smaller, Local Insurers Likely To Bear the Brunt of Maui Wildfire Damages

Retrieved on: 
Tuesday, August 22, 2023
Professional Services, Insurance, Finance, Wildfire, AM Best, PG&E, News, ALL, PG, Reinsurance, Hawaiian Electric Industries

These wildfires occurred in small and highly concentrated area causing devastating damages and loss of life, but were relatively contained geographically.

Key Points: 
  • These wildfires occurred in small and highly concentrated area causing devastating damages and loss of life, but were relatively contained geographically.
  • Going forward, inflationary costs and supply chain issues, especially with demand for fire-resistant materials, may also pose challenges for insurers.
  • While the investigation into the origins or the Maui fires continues, there may potentially be subrogation opportunities for insurers.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Velocity Risk Underwriters Implemented Guidewire InsuranceNow to Launch New Products for Business Growth

Retrieved on: 
Tuesday, August 22, 2023
Software, Insurance, Internet, Finance, Data Management, Professional Services, Technology, Fintech, AM Best, Cognizant, Financial services, E&S, MGA, NYSE, Guy-wire

Guidewire (NYSE: GWRE) announced that Velocity Risk Underwriters (Velocity Risk), a catastrophe-focused property insurance hybrid managing general agency (MGA) and AM Best A- (Excellent) rated excess and surplus (E&S) insurer licensed in all 50 states, implemented Guidewire InsuranceNow to quickly launch new products to meet changing market demands, grow its business, and deliver more value to its producers, brokers, and customers.

Key Points: 
  • Guidewire (NYSE: GWRE) announced that Velocity Risk Underwriters (Velocity Risk), a catastrophe-focused property insurance hybrid managing general agency (MGA) and AM Best A- (Excellent) rated excess and surplus (E&S) insurer licensed in all 50 states, implemented Guidewire InsuranceNow to quickly launch new products to meet changing market demands, grow its business, and deliver more value to its producers, brokers, and customers.
  • The company implemented InsuranceNow to its small commercial lines of business in early 2022.
  • We needed a complete system that could do everything, from quoting, binding and servicing policies to interacting with our agents and brokers,” said Velocity Risk President Jake Rothfuss.
  • “Since implementing InsuranceNow last year, we’ve increased the straight-through processing for our small commercial line of business from 85% to 98%, saving time for our staff.

Best’s Market Segment Report: Munich Re Remains World’s Largest Reinsurer in AM Best’s Top 50 Ranking

Retrieved on: 
Tuesday, August 22, 2023
Insurance, Professional Services, SCOR, AM Best, Munich Re, Life, ALL, AIG, USD, Swiss Re, Russian National Reinsurance Company, Acquisition, Berkshire Hathaway, CEST, AM, Research, Health, News, Reinsurance, Fatal Five

The two global reinsurers together account for one quarter of the top 50 reinsurance gross premiums written in 2022.

Key Points: 
  • The two global reinsurers together account for one quarter of the top 50 reinsurance gross premiums written in 2022.
  • The Best’s Market Segment Report, “World’s 50 Largest Reinsurers,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.
  • According to the report, total reinsurance gross premiums written by the top 50 reinsurers increased by 2.6% to USD 363.6 billion in 2022.
  • To access the full copy of this market segment report, which includes additional sub-rankings for life and non-life reinsurers, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=334851 .

Wright launches FocusFlood as new residential, private flood insurance option

Retrieved on: 
Tuesday, August 22, 2023
AM Best, Lloyd, Risk, WATJ, Citrus, Insurance

ST. PETERSBURG, Fla., Aug. 22, 2023 /PRNewswire/ -- Wright National Flood Insurance Services ("Wright Flood") today introduced FocusFlood, the company's newest product and an extension of its popular ResiFlood program, into Florida, Texas, New Jersey, South Carolina and Louisiana.

Key Points: 
  • Written on a non-admitted basis, FocusFlood is the latest proprietary private flood product offered exclusively through Wright Flood agents.
  • "FocusFlood is the newest residential private flood program that we're excited to initially offer in these first five states," said James R. Watje, chief operating officer at Wright National Flood Insurance Services.
  • To learn more about private flood insurance, find a Wright agent or become a Wright partner agency, please visit www.wrightflood.com .
  • Wright National Flood Insurance Services LLC (WNFIS) offers primary and excess flood products in numerous markets across the United States and is building out our growing Flood Insurance Marketplace.

Best’s Market Segment Report: Global Reinsurers Face Challenges Even as Conditions Improve

Retrieved on: 
Monday, August 21, 2023
Insurance, Professional Services, Pressure, AM Best, ALL, CEST, AM, Research, Health, News, Reinsurance

The Best’s Market Segment Report, “Global Reinsurers Face Challenges Even as Conditions Improve,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.

Key Points: 
  • The Best’s Market Segment Report, “Global Reinsurers Face Challenges Even as Conditions Improve,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.
  • With much-harder market conditions since the start of 2023, interest in property catastrophe risks has renewed cautiously.
  • The global reinsurance segment posted a return on equity of 0.8% in 2022, following a 9.0% ROE in the previous year.
  • AM Best’s stable outlook on the global reinsurance segment reflects this balancing act between positive and negative factors.

Berkshire Hathaway Specialty Insurance Elevates Jean-Francois Leandri to Global Risk Control Officer

Retrieved on: 
Monday, August 21, 2023
Insurance, Professional Services, Berkshire Hathaway, AM Best, National Indemnity Company, Berkshire Hathaway Travel Protection, Travel, Property, Standard, Boiler, Fire, Machine, Engineering, Plymouth Meeting, Pennsylvania, Health

Berkshire Hathaway Specialty Insurance (BHSI) today announced that Jean-Francois Leandri has been promoted to the position of Global Risk Control Officer, part of BHSI’s Chief Underwriting Office, reporting to Dean LaPierre, Chief Underwriting Officer, Property & Marine, BHSI.

Key Points: 
  • Berkshire Hathaway Specialty Insurance (BHSI) today announced that Jean-Francois Leandri has been promoted to the position of Global Risk Control Officer, part of BHSI’s Chief Underwriting Office, reporting to Dean LaPierre, Chief Underwriting Officer, Property & Marine, BHSI.
  • “Our risk engineering expertise is integral to our ability to provide superior technical risk underwriting to our customers,” said Dean.
  • “Jean-Francois’ leadership will ensure a consistent level of excellence in the risk control function that is foundational to our sustainable, long-term underwriting, worldwide.”
    Jean-Francois joined BHSI in 2020 as Risk Engineering Manager in France.
  • Berkshire Hathaway Specialty Insurance ( www.bhspecialty.com ) provides commercial property, casualty, healthcare professional liability, executive and professional lines, transactional liability, surety, marine, travel, programs, accident and health, medical stop loss, homeowners, and multinational insurance.

AM Best downgrades credit ratings of United Fire Group, Inc. and its property/casualty subsidiaries to A- (Excellent) with stable outlook

Retrieved on: 
Friday, August 18, 2023
Good, Insurance, UFG, AM Best, Small business, ICR, Credit, History, Investment, Growth, Management

CEDAR RAPIDS, Iowa, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Today, AM Best announced downgrades of the credit ratings of United Fire Group, Inc. ("UFG") and its property/casualty subsidiaries.

Key Points: 
  • CEDAR RAPIDS, Iowa, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Today, AM Best announced downgrades of the credit ratings of United Fire Group, Inc. ("UFG") and its property/casualty subsidiaries.
  • Specifically, the Financial Strength Rating was downgraded to A- (Excellent) from A (Excellent), and the Long-Term Issue Credit Ratings ("ICR") of the property/casualty subsidiaries of UFG to “a-” (Excellent) from “a” (Excellent).
  • Concurrently, AM Best has downgraded the Long-Term ICR to “bbb-” (Good) from “bbb” (Good) of UFG.
  • The outlook of these ratings was revised to stable.