L&H

First nine months 2022 results: SCOR takes action to restore profitability in a challenging environment

Retrieved on: 
Wednesday, November 9, 2022

In the third quarter of 2022, the reinsurance industry continues to face a challenging environment.

Key Points: 
  • In the third quarter of 2022, the reinsurance industry continues to face a challenging environment.
  • Going forward, SCOR expects to be able to absorb the DTA utilization and reduction in recoverability period.
  • This strong capital base will enable SCOR to take advantage of the acceleration of the hardening of the P&C market.
  • The Group cost ratio accounts for 4.5% of gross written premiums in the first nine months of 2022.

Majesco’s Fall ‘22 Product Release Empowers Insurers to Accelerate Innovation

Retrieved on: 
Thursday, October 13, 2022

Majescos product roadmap is relevant to current and future needs of our customers, said Manish Shah, President & Chief Product Officer at Majesco.

Key Points: 
  • Majescos product roadmap is relevant to current and future needs of our customers, said Manish Shah, President & Chief Product Officer at Majesco.
  • The Fall 22 Release highlights Majescos continued approach to helping insurers achieve operational effectiveness and innovation.
  • Beyond the key cross platform enhancements Majescos Fall 22 Release also includes:
    P&C Core Suite No-Code Billing configuration wizards, embedded property analytics, agent portal, integrated loss control, Reinsurance integration, new APIs, advancing intelligent and digital capabilities.
  • Majescos Fall 22 Release provides key core, digital, analytics, and other enhancements that supports these key capabilities required by insurers today, stated Karen Furtado, Partner at Strategy Meets Action.

AM Best Revises Outlooks to Positive for Assurant, Inc. and Its Property/Casualty Subsidiaries; Upgrades Credit Ratings of Its Life/Health Subsidiaries

Retrieved on: 
Friday, August 26, 2022

At the same time, AM Best has revised the outlook to positive and affirmed the Long-Term ICR of bbb+ (Good) and all associated Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of Assurant.

Key Points: 
  • At the same time, AM Best has revised the outlook to positive and affirmed the Long-Term ICR of bbb+ (Good) and all associated Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs of Assurant.
  • AM Best also has affirmed the Short-Term IR.
  • The outlook of these Credit Ratings (ratings) is stable.
  • The FSR of A (Excellent) and the Long-Term ICRs of a+ (Excellent) have been affirmed with the outlooks revised to positive from stable for the following P/C subsidiaries of Assurant, Inc.:

AM Best Downgrades Credit Ratings of Kemper Corporation, Its Affiliates and Subsidiaries

Retrieved on: 
Thursday, August 11, 2022

AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to a- (Excellent) from a (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation (Kemper Corp.) [NYSE: KMPR], collectively referred to as Kemper Property & Casualty Group (Kemper P&C).

Key Points: 
  • AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to a- (Excellent) from a (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation (Kemper Corp.) [NYSE: KMPR], collectively referred to as Kemper Property & Casualty Group (Kemper P&C).
  • AM Best also has downgraded the FSR to A- (Excellent) from A (Excellent) and the Long-Term ICRs to a- (Excellent) from a (Excellent) of Kemper Corp.s life/health subsidiaries, collectively referred to as Kemper Life & Health Group (Kemper L&H) (Chicago, IL).
  • Concurrently, AM Best has downgraded the Long-Term ICR to bbb- (Good) from bbb (Good) and downgraded the Long-Term Issue Credit Ratings (Long-Term IR) and indicative Long-Term IRs of Kemper Corp., the ultimate parent, headquartered in Chicago, IL.
  • The outlook of these Credit Ratings (ratings) has been revised to stable from negative.

Half-year 2022 results - The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCOR’s profitability in H1 2022

Retrieved on: 
Thursday, July 28, 2022

The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.

Key Points: 
  • The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.
  • The combination of these events has significantly affected SCORs results, leading to a net loss of
    EUR -239 million for the first half of 2022, of which EUR -159 million was incurred in the second quarter.
  • The reduced profitability notably reflects the cost of the claims related to the drought that impacted corn and soy crops in southern regions of Brazil.
  • SCOR is currently adopting a more selective approach in Reinsurance P&C Lines, however the H1 2022 GWP growth is still benefitting from recent underwriting years.

AM Best Affirms Credit Ratings of Munich Reinsurance Company and Its Subsidiaries

Retrieved on: 
Wednesday, July 27, 2022

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa (Superior) of Munich Reinsurance Company (Munich Re) (Germany) and its subsidiaries.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa (Superior) of Munich Reinsurance Company (Munich Re) (Germany) and its subsidiaries.
  • AM Best also has affirmed the Long-Term ICR of a (Excellent) of Munich Re America Corporation (Munich Re America) (Princeton, NJ) and associated Long-Term Issue Credit Ratings (Long-Term IR).
  • The ratings reflect Munich Res balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.
  • The FSR of A+ (Superior) and the Long-Term ICRs of aa (Superior) have been affirmed with stable outlooks for Munich Reinsurance Company and its following subsidiaries:

First quarter 2022 results: SCOR absorbs the combined impact of potential claims related to the conflict in Ukraine, a series of natural catastrophes and the continuation of the pandemic in the United States

Retrieved on: 
Friday, May 6, 2022

The level of natural catastrophes remains very high with windstorms in Europe, floods in Australia and an earthquake in Japan.

Key Points: 
  • The level of natural catastrophes remains very high with windstorms in Europe, floods in Australia and an earthquake in Japan.
  • Despite these negative developments, the Group remains well capitalized with a 240% solvency ratio estimated at the end of Q1 2022.
  • SCOR PO (the subsidiary owned by SCOR in Russia) has stopped underwriting new business.
  • The net combined ratio stands at 103.7%, including 10.1% of natural catastrophes, above the cat budget of 8%.

Verisk Brings Health Risk Rating Tool to China with AXA Life & Health Reinsurance

Retrieved on: 
Thursday, April 7, 2022

SHANGHAI, China, April 06, 2022 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics provider, is pleased to announce that medical (re)insurance provider AXA Life & Health Reinsurance Solutions is using Verisks Health Risk Rating Tool to provide its insurance partners in China the ability to offer automated health insurance underwriting decisions that are more inclusive of pre-existing medical conditions.

Key Points: 
  • SHANGHAI, China, April 06, 2022 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading global data analytics provider, is pleased to announce that medical (re)insurance provider AXA Life & Health Reinsurance Solutions is using Verisks Health Risk Rating Tool to provide its insurance partners in China the ability to offer automated health insurance underwriting decisions that are more inclusive of pre-existing medical conditions.
  • The Health Risk Rating Tool will be marketed as AXAs Intelligent Medical Acceptance Tool (IMPACT), an underwriting platform available in China to insurers and brokers working with AXA Life & Health Reinsurance Solutions.
  • Providing cover for pre-existing medical conditions has traditionally been challenging due to a reliance on slow, manual underwriting processes, says Laurent Pochat-Cottilloux, CEO of AXA Life & Health Reinsurance Solutions.
  • The Health Risk Rating Tool is available in numerous languages, including Simple and Traditional Chinese and Vietnamese.

Composer-Pianist Yelena Eckemoff's "I Am a Stranger in This World," Second Installment of Her Biblical Psalms Project, To Be Released May 20

Retrieved on: 
Friday, February 18, 2022

"I am a melodist, but the melodies that come from the words I hear in the Psalms, I think they are the best melodies I create," she says.

Key Points: 
  • "I am a melodist, but the melodies that come from the words I hear in the Psalms, I think they are the best melodies I create," she says.
  • Although Eckemoff first wrote these settings as vocal features, there are no singers on "I Am a Stranger in This World."
  • Yelena Eckemoff was born in Moscow, where she started playing by ear and composing music when she was four.
  • Her unique, sophisticated, and highly expressive music continues to draw support and creative energy from the finest musicians in the world.

AM Best Revises Outlooks to Negative for Kemper Corporation, Its Affiliates and Subsidiaries

Retrieved on: 
Thursday, February 3, 2022

AM Best also has revised the outlooks to negative from stable and affirmed the FSR of A (Excellent) and the Long-Term ICRs of a (Excellent) of Kemper Corp.s life/health subsidiaries, collectively referred to as Kemper Life & Health Group (Kemper L&H) (Chicago, IL).

Key Points: 
  • AM Best also has revised the outlooks to negative from stable and affirmed the FSR of A (Excellent) and the Long-Term ICRs of a (Excellent) of Kemper Corp.s life/health subsidiaries, collectively referred to as Kemper Life & Health Group (Kemper L&H) (Chicago, IL).
  • AM Best also has revised the outlooks to negative from stable and affirmed the Long-Term ICR and Long-Term IR of bbb (Good) of Infinity Property and Casualty Corporation (Infinity) (headquartered in Birmingham, AL).
  • The negative rating outlooks for Kemper P&Cthe lead rating unit of the groupand for Kemper Corp., as well as for Infinity, whose debt is guaranteed by Kemper Corp. and matures in September 2022, primarily consider the significant earnings deterioration of Kemper P&C and for Kemper Corp. overall in 2021.
  • The negative outlooks for Kemper Corp. follows that of Kemper P&C, the lead rating unit.