Insurance Level News and Press

AM Best Rating Acitivity and News

Best’s Commentary: Jamaica's Insured Losses From Hurricane Melissa Likely to Fall to Reinsurers
Although insured losses in Jamaica from Hurricane Melissa will be low, reinsurers will likely pick up most of the total due to Caribbean-domiciled carriers’ reliance on reinsurance, according to an ...
Date:
Source: BestWire

Renaissance Re Third-Quarter Net Income Drops to $907.7 Million
RenaissanceRe Holdings Ltd. posted third-quarter net income available to shareholders of $907.7 million, down from $1.17 billion in the same period a year earlier. Net premiums written decreased ...
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Source: BestWire

AM Best Withdraws Credit Ratings of Town & Country Life Insurance Company
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Town & Country Life Insurance Company (Town & Country) (Salt Lake City, UT). ...
Date:
Source: BestWire

AM Best Upgrades Credit Ratings of Work First Casualty Company
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” (Excellent) from “a-” (Excellent) of Work First Casualty Company ...
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Source: BestWire

Montana Regulator Probing Blue Cross Blue Shield Data Breach
The Montana insurance regulator launched an investigation into Blue Cross and Blue Shield of Montana following a data breach involving as many as 426,000 consumers. The breach occurred from ...
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Source: BestWire

Hartford Insurance CEO: Pricing Holds Up as Catastrophe Losses Drop
Pricing was strong in both commercial and personal lines for Hartford Insurance Group Inc. in the third quarter as its chief executive officer said the group benefited from low catastrophe loss ...
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Source: BestWire

Ryan Specialty to Acquire Canadian MGU Stewart Specialty Risk Underwriting
Ryan Specialty has signed a definitive agreement to acquire Stewart Specialty Risk Underwriting, a Canadian managing general underwriter focused on large-account, high-hazard property/casualty ...
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Source: BestWire

Principal Swings to Black in Third Quarter as Strategic Plan Focus Continues
Principal Financial Group reported a net income available to shareholders of $213.8 million in the third quarter, compared with a net loss of $220 million a year earlier that was due primarily to ...
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Source: BestWire

Flood Risk Management Specialist JBA to Open India Office
JBA Risk Management said it will open an office in Bangalore, India, next month, in response to growing demand for advanced flood risk modeling and data solutions from the insurance and financial ...
Date:
Source: BestWire

Cincinnati Financial CEO: New Business Slows After Once in Lifetime Personal Lines Hard Market
New property/casualty business declined year-over-year in the third quarter at Cincinnati Financial Corp. after a "once in a lifetime hard market in personal lines" likely peaked in 2024, according ...
Date:
Source: BestWire

UnitedHealth Third-Quarter Net Income Drops by More Than Half on Cost, Utilization Pressures
UnitedHealth Group Inc. posted a sharp drop in third-quarter net income, to $2.54 billion, from $6.26 billion in the year prior as medical costs remained at historic highs and utilization remained ...
Date:
Source: BestWire

Florida Bill Codifies Restrictions, Clarifies Employer-Owned Life Policy Rules
A bill was introduced in the Florida House of Representatives that aims to clarify rules for employer-owned life insurance policies, codify restrictions and set reporting requirements for issuing ...
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Source: BestWire

Everest CEO: Selling Some Renewals to AIG, Secure ADC Make Company More Agile and Profitable
Everest Group's plan to secure an adverse development cover reinsurance agreement and selling off renewal rights for $2 billion in gross written premiums will settle issues surrounding its U.S. ...
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Source: BestWire

Munich Re to Fold Ventures Unit Into Asset Management Segment
Munich Re will close its Munich Re Ventures venture capital unit and shift its activities to its MEAG subsidiary, which manages the assets of the reinsure and its Ergo primary insurance ...
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Source: BestWire

Brown & Brown CEO: Property Rates Slide as Casualty, Employee Benefits Rise
Insurance rates continue to soften in the property market as Brown & Brown Inc. sees better casualty rates and increased demand in employee benefits from rising medical costs, said its chief ...
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Source: BestWire

Axa XL Chief Data Officer: Focus AI on Strategic Use Cases
Ashok Krishnan, chief data and analytics officer, Axa XL, said strategic use cases include wildfire prevention tools and artificial intelligence-enhanced cyber coverage. Krishnan spoke with AM Best ...
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Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Europe’s Top Rights Court Rejects Climate Challenge Against Norway’s Oil
The European Court of Human Rights on Tuesday ruled in favor of Norway’s government in a climate lawsuit brought by young activists who claimed the country’s policy of Arctic oil exploration had put their future at risk. Norway is western …
Date: Wednesday, October 29, 2025

Mondelez Defeats Greenwashing Lawsuit Over ‘Climate Neutral’ Clif Bar Claim
A federal judge dismissed a proposed class action lawsuit accusing Mondelez International of deceiving consumers into overpaying for Clif bars that were labeled “climate neutral certified.” U.S. District Judge Manish Shah in Chicago found nothing wrong with labels for Clif …
Date: Wednesday, October 29, 2025

‘Catastrophic’ Hack Underscores Public Defender Security Gaps
Recent cyberattacks on public defenders’ offices in multiple Western US states have spotlighted the technological vulnerabilities of an often overlooked but critical part of the US judicial system. Public defenders, who represent clients unable to pay for their own lawyers …
Date: Wednesday, October 29, 2025

Tokyo Metropolitan Government Issues Climate Resilience Bond
The Tokyo Metropolitan Government issued a €300 million (¥53 billion) bond Tuesday to boost flood defenses and other climate-related countermeasures. The money will be used to upgrade coastal protection facilities for the Port of Tokyo, develop sediment prevention facilities and …
Date: Wednesday, October 29, 2025

Massachusetts Survey Identifies Safety Issues for Assisted Living Residences
Massachusetts Governor Maura Healey cited the results of a survey on safety of all 272 assisted living residences (ALRs) in the state in announcing actions to enhance the safety of ALR residents across the state. In July, following the tragic …
Date: Wednesday, October 29, 2025

California Commissioner’s Regulation to Prevent Insurance Crises From Climate Disasters, Cyber Threats, AI
California Commissioner Ricardo Lara is proposing a regulation aimed at mitigating rising insurance costs and safeguarding the state’s insurance market from catastrophic risks and technological threats. Lara’s Long-Term Solvency Regulation is aimed at providing the California Department of Insurance enhanced …
Date: Tuesday, October 28, 2025

Jamaica Catastrophe Bondholders Headed for ‘Full’ Trigger Event
Investors in Jamaica’s catastrophe bond now face a potential full payout scenario, meaning the entire value of the bond will likely go toward covering the cost of Hurricane Melissa.That’s according to Florian Steiger, chief executive of Icosa Investments AG, a …
Date: Tuesday, October 28, 2025

Oklahoma Insurance Department’s Fire Classifications Save Homeowners $22M
The Oklahoma Insurance Department (OID) announce that its Fire Protection Classification Division saved homeowners approximately $22 million in insurance premiums in 2024. Classification ratings are based upon Verisk’s “Fire Suppression Rating Schedule,” general criteria of the National Fire Protection Association, …
Date: Tuesday, October 28, 2025

People Moves: Evans Jr. Elected President of Big I Illinois
Thomas Evans, Jr. of Biglow & Company, Inc, (Assured Partners) in Fox Lake, Illinois, has been elected and formally installed as the President of Big I Illinois at the organization’s annual convention in Peoria earlier this month. He will serve …
Date: Tuesday, October 28, 2025

EPIC Acquires Illinois’ Price Insurance
EPIC Insurance Brokers & Consultants announced it is expanding its Chicago and Midwest footprint with the acquisition of Price Insurance, a fourth-generation, family-owned agency based in Lake Forest, Illinois. The addition enhances EPIC’s Private Client practice by bringing Price’s deep …
Date: Tuesday, October 28, 2025

Texas Sues Tylenol Makers J&J and Kenvue, Alleging They Hid Drug’s Autism Risks
The makers of Tylenol, Johnson & Johnson JNJ.N and Kenvue KVUE.N, were sued on Tuesday by Texas Attorney General Ken Paxton, who accused them of knowingly hiding the drug’s links to autism and attention deficit hyperactivity disorder. Paxton, a Republican, …
Date: Tuesday, October 28, 2025

Chemical Board Investigators Digging Into Fatal Tennessee Explosives Plant Blast
The U.S. Chemical Safety and Hazard Investigation Board is deploying investigators to Tennessee this week, now that federal ATF teams have completed much of their work at a military explosives plant that blew up Oct. 10 and killed 16 people. …
Date: Tuesday, October 28, 2025

Federal Judge Decertifies Apple App Store Class Action
A federal judge decertified on Monday a class action by tens of millions of Apple customers who accused the company of monopolizing the market for iPhone apps by banning purchases outside its App Store, leading to higher prices. U.S. District …
Date: Tuesday, October 28, 2025

Brown & Brown Reports Strong Q3 Revenue Growth of 35.4%
Insurance broker Brown & Brown reported revenues of $1.6 billion during the third quarter – an increase of $420 million or 35.4% from Q3 2024. Commissions and fees rose by 34.2% with organic revenue increasing by 3.5%, a dip from …
Date: Tuesday, October 28, 2025

The Hartford Q3 Net Income Up 41%
Net income at The Hartford increased 41% to about $1.1 billion in the third quarter 2025. Q2 property/casualty written premiums increased 7% compared to Q3 2024, led by growth of 9% in the business insurance segment. Helped by lower catastrophe …
Date: Tuesday, October 28, 2025

Security First the Latest in Florida to Announce Home Insurance Rate Cut
Security First Insurance, ranked the 15th largest property insurer in Florida earlier this year, announced it has filed for an 8% average statewide rate decrease for thousands of homeowners policies, making it the latest carrier to follow through on expectations …
Date: Tuesday, October 28, 2025

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