Insurance

Berkshire Hathaway Inc. News Release

Saturday, February 27, 2021 - 1:00pm

This press release includes certain non-GAAP financial measures.

Key Points: 
  • This press release includes certain non-GAAP financial measures.
  • In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses and impairments of goodwill and intangible assets.
  • Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services.
  • Certain statements contained in this press release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

NAIFA Family Response Fund Expanded to Assist Winter Storm Victims in Texas

Saturday, February 27, 2021 - 1:00am

FALLS CHURCH, Va., Feb. 26, 2021 /PRNewswire-PRWeb/ -- The National Association of Insurance and Financial Advisors (NAIFA) has expanded access to the NAIFA Family Response Fund to benefit members of the association impacted by deadly winter storms in Texas.

Key Points: 
  • FALLS CHURCH, Va., Feb. 26, 2021 /PRNewswire-PRWeb/ -- The National Association of Insurance and Financial Advisors (NAIFA) has expanded access to the NAIFA Family Response Fund to benefit members of the association impacted by deadly winter storms in Texas.
  • NAIFA originally created the fund to assist members affected by several hurricanes and later expanded it to help NAIFA members with unexpected out-of-pocket medical or funeral expenses related to the COVID-19 outbreak.
  • "NAIFA Nation is like a family, and we will do what we can to help those suffering losses due to these horrible winter storms."
  • NAIFA members in every congressional district advocate on behalf of producers and consumers at the state, interstate and federal levels.

Leading InsurTech Company TypTap Raises $100 Million from Centerbridge

Friday, February 26, 2021 - 9:30pm

The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.

Key Points: 
  • The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.
  • Terms of the investment also entitle Centerbridge to appoint one director to both the HCI and TypTap boards of directors.
  • We are excited about our partnership with Centerbridge, said Paresh Patel, chief executive officer of HCI and TypTap.
  • HCIs leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company that is expanding nationwide to provide homeowners and flood insurance.

AM Best Withdraws Credit Ratings of Church Life Insurance Corporation

Friday, February 26, 2021 - 9:25pm

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Church Life Insurance Corporation (Church Life) (New York, NY).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- of Church Life Insurance Corporation (Church Life) (New York, NY).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Insperity Announces Upcoming Retirement of Executive Vice President of Sales and Marketing Jay E. Mincks and Expansion of Role for Ross L. Astramecki as Senior Vice President of Sales

Friday, February 26, 2021 - 9:15pm

Mr. Mincks first joined Insperity in 1990 and held a number of sales leadership positions prior to his promotion to executive vice president in 1999.

Key Points: 
  • Mr. Mincks first joined Insperity in 1990 and held a number of sales leadership positions prior to his promotion to executive vice president in 1999.
  • As executive vice president, Mr. Mincks led the companys sales and marketing organization and played a significant role in the growth of Insperity.
  • Insperity also announced Ross L. Astramecki, senior vice president of sales, will expand his role, including by taking on responsibility for sales development and operations as part of the transition.
  • Ross has the experience and a proven track record driving sales success at Insperity, said Mr. Mincks.

The National Security Group, Inc. Releases Financial Results

Friday, February 26, 2021 - 9:15pm

Results for 2020 were negatively impacted by increased claim activity in the P&C segment.

Key Points: 
  • Results for 2020 were negatively impacted by increased claim activity in the P&C segment.
  • The P&C segment was the primary source of this increase with claims up $15,446,000 in 2020, compared to 2019.
  • The primary component of this increase was claims reported from catastrophe events which increased $17,573,000, in 2020, compared to the same period in 2019.
  • In 2019, we had a gain on our COLI investment totaling $1,792,000 which was the primary contributor to investment gains in 2019.

AM Best Assigns Issuer Credit Rating to Austral Participações S.A.

Friday, February 26, 2021 - 7:23pm

AM Best has assigned the Long-Term Issuer Credit Rating (Long-Term ICR) of bb+ to Austral Participaes S.A. (Austral).

Key Points: 
  • AM Best has assigned the Long-Term Issuer Credit Rating (Long-Term ICR) of bb+ to Austral Participaes S.A. (Austral).
  • Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of bbb+ of Austral Resseguradora S.A. (Austral Re) and Austral Seguradora S.A.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

AM Best Downgrades Credit Ratings of American Millennium Insurance Company and Citadel Reinsurance Company Limited; Maintains Under Review With Negative Implications Status

Friday, February 26, 2021 - 5:49pm

AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).

Key Points: 
  • AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).
  • Given Citadel Res direct ownership in AMIC, AM Best takes a consolidated view of Citadel Re and its subsidiary.
  • Additionally, AM Best has revised downward Citadel Res ERM assessment to marginal to be in sync with its subsidiary AMIC.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .

AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of National General Holdings Corp. and Its Subsidiaries

Friday, February 26, 2021 - 5:36pm

For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .

Key Points: 
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
  • Copyright 2021 by A.M. Best Rating Services, Inc. and/or its affiliates.