Insurance Level News and Press

AM Best Rating Acitivity and News

Guy Carpenter: June Renewals Boosted by Low Catastrophe Losses, Florida Reforms
June 1 reinsurance renewals for cedants benefited from legal reforms, improved loss performance and disciplined underwriting, reinsurance broker Guy Carpenter said. Insurers in Florida had ...
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Source: BestWire

First-Quarter Profit Rises as Vienna Insurance Consolidates Acquisitions
Vienna Insurance Group reported higher first-quarter pretax profit as it sought to build on recent acquisitions in Central and Eastern Europe. First-quarter profit before taxes rose to €310.3 ...
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Source: BestWire

AM Best to Discuss Artificial Intelligence Use at Insurance Insider ILS Connect London 2026
AM Best will participate in a discussion on the adoption of artificial intelligence in the insurance-linked securities market (ILS) market at the Insurance Insider’s ILS Connect 2026 event on ...
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Source: BestWire

AM Best Upgrades Issuer Credit Rating of Life Insurance Corporation (International) B.S.C. (c)
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “bb” (Fair) and affirmed the Financial Strength Rating of B (Fair) of Life Insurance Corporation ...
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Source: BestWire

AM Best Assigns Credit Ratings to Westcor Land Title Insurance Company
AM Best has assigned a Financial Strength Rating of A-(Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Westcor Land Title Insurance Company (Westcor) (Columbia, SC). The ...
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Source: BestWire

AM Best Affirms Credit Ratings of Berkeley Re Designated Activity Company
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Berkeley Re Designated Activity Company (Berkeley Re) (Ireland). The ...
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Source: BestWire

AM Best Places Credit Ratings of Labuan Reinsurance (L) Ltd Under Review With Developing Implications
AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Labuan Reinsurance (L) Ltd ...
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Source: BestWire

Washington Health Insurers Seeking 22.4% Average Individual Market Rate Increase
A group of 13 health insurers are seeking to raise Washington state rates an average of 22.4% for the 2027 individual marketplace, while Providence Health Plan will no longer offer coverage in the ...
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Source: BestWire

Citing New Risks and Consolidation, Howden Launches US Aviation Practice
Howden said it launched a U.S. aviation practice in a market marked by new risk exposures and broker consolidation. The broker seeks to provide risk management services and insurance placement ...
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Source: BestWire

AM Best Affirms Credit Ratings of Instituto Nacional de Seguros
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Instituto Nacional de Seguros (INS) (San Jose, Costa Rica). The ...
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Source: BestWire

California Fair Plan Approved for 29.1% Dwelling Rate Increase
The California Fair Plan received approval to increase dwelling coverage rates by an average of 29.1%, effective Oct. 15 for new and renewing policies. The approved rate is down from the initial ...
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Source: BestWire

New York Enacts Budget With Auto Insurance Provisions
New York has enacted a fiscal year 2027 budget that includes several automobile insurance provisions, including tort reforms championed by the insurance industry. State lawmakers and the ...
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Source: BestWire

Best’s Briefing: Tort Reforms, Heightened Competition Driving Florida Market Stabilization
The Florida property insurance market is rebounding with new carriers bringing capacity into the state, as a confluence of tort reforms, more competition, and improved underwriting results are ...
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Source: BestWire

Prudential Financial Announces More Layoffs for July With 53 Positions Eliminated
Prudential Financial inc. said it intends to eliminate 53 positions in its latest round of reductions, which come amid an effort to pivot out of businesses it doesn't deem growth ...
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Source: BestWire

HDI Global Names Head of Liability Global Risk
HDI Global has appointed Kai Schulte-Schrepping to succeed Daniel Maurer as the head of liability global risk. Maurer has decided to gradually step out of his current leadership role as part of ...
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Source: BestWire

Four Arrested in Louisiana Multimillion-Dollar Auto Insurance Fraud Scheme
Louisiana State Police have arrested four suspects following an investigation into a multimillion-dollar automobile insurance-fraud scheme. State Police said the investigation began after it ...
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Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

CNN Files Lawsuit Against Perplexity Alleging Unlawful Content Distribution
CNN on Thursday filed a lawsuit against Perplexity in New York federal court, alleging the AI search engine provider is unlawfully distributing its copyrighted content, marking the latest legal tussle between the AI firm and a news publisher. The complaint …
Date: Thursday, May 28, 2026

Merchant Ships Desert Strait of Hormuz Amid Renewed US Strikes
Traffic through the Strait of Hormuz appeared all but deserted on Thursday as commercial operators remain wary of renewed military escalation.No commercial vessels were spotted transiting the waterway Thursday morning as tensions spiked following a second round of US strikes …
Date: Thursday, May 28, 2026

NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget
After bypassing the April 1 deadline and engaging in weeks of debate and compromise, New York lawmakers have agreed on a $268.5 billion budget that includes auto insurance reforms championed by Gov. Kathy Hochul that are intended to reduce auto …
Date: Thursday, May 28, 2026

DeSantis Proposes Axing Property Taxes on Primary Homes in Florida
Florida Governor Ron DeSantis unveiled a much-awaited proposal to gradually eliminate property taxes on the vast majority of primary homes in the state, a measure that would transform the way the state finances itself. DeSantis proposed eliminating property taxes on …
Date: Thursday, May 28, 2026

Convex Receives Approval From Lloyd’s to Launch Long-Tail Specialty Syndicate
Convex Group Ltd., the international specialty insurer and reinsurer, announced it has received in-principle approval to launch Lloyd’s Syndicate 1987, which is planned to commence underwriting on July 1, 2026, subject to appropriate regulatory approvals. With capacity to support the …
Date: Thursday, May 28, 2026

Moody’s: US Faces $375B in Uninsured Flood Losses From 1-in-100-Year Event
The U.S. faces a widening gap between growing flood risk and the take-up of flood insurance, potentially exposing the nation to more than $375 billion in aggregated uninsured flood losses from a 1-in-100-year event, according to a new whitepaper from …
Date: Thursday, May 28, 2026

West Coast Chemical Emergencies Raise Questions About Safety
There are millions of chemical tanks around the U.S., and experts say it is exceedingly rare for them to fail as long as they are properly maintained and inspected. Yet this past week, there were two major hazardous chemical emergencies …
Date: Thursday, May 28, 2026

Panama Passes Law Imposing Stricter Requirements on Multinational Firms
Panama’s National Assembly approved a law that requires multinational entities domiciled in the country to demonstrate real local operations or face a 15% tax on passive foreign income, the Ministry of Economy and Finance said on Wednesday. The law is …
Date: Thursday, May 28, 2026

Germans Switch to EVs at Record Pace Thanks to Government Bonus
More German drivers switched to an electric vehicle in the first quarter of this year than ever before after the government launched a major subsidy program that can shave as much as €6,000 ($6,967) off the price of a new …
Date: Thursday, May 28, 2026

Australia Sues 3M for $1.4 Billion Over PFAS ‘Forever Chemicals’ Contamination
The Australian government said on Thursday it had launched legal action against 3M over contamination from firefighting foam supplied by the U.S. company that contained PFAS, or “forever chemicals,” seeking more than A$2 billion ($1.43 billion) in damages. The claim …
Date: Thursday, May 28, 2026

Iran and US Trade Air Strikes After Trump Dismisses Report of Hormuz Deal
Iran targeted a U.S. air base in Kuwait on Thursday after the United States struck what Washington described as an Iranian drone operation near the Strait of Hormuz and President Donald Trump rejected a reported compromise deal with Tehran. The …
Date: Thursday, May 28, 2026

Viewpoint: The AI Boom – When Risk Stops Being Rare, Insurance Must Evolve
Insurance has always depended on a simple premise. Losses must be possible but not inevitable. You’ve got to be able to know something could happen, and plan for it if possible, but really hope that it doesn’t. That assumption has …
Date: Thursday, May 28, 2026

Michigan House Explosion Leaves 1 Dead
A Michigan house explosion early Tuesday left one person dead and one in critical condition, authorities said. Authorities have not yet determined what caused the fire and explosion, which happened around 4 a.m. in Plainfield Township, north of Grand Rapids. …
Date: Thursday, May 28, 2026

Shepherd Insurance Acquires Pair of Indiana Agencies
Shepherd Insurance announced it has expanded its footprint in Indiana by acquiring a pair of agencies. Shepherd recently acquired Indianapolis-based Capitol Insurance Group. Founded in 1981, Capitol Insurance Group is a family-owned, Indianapolis-based agency known for delivering customized insurance and …
Date: Thursday, May 28, 2026

Volvo Cars Wins Approval to Import Vehicles With ‘Connected Car’ Technology
Volvo Cars, majority owned by China’s Geely Holding, said it received approval from the U.S. government allowing it to continue selling vehicles. In January 2025, President Joe Biden’s administration finalized rules effectively barring nearly all Chinese cars and trucks from …
Date: Thursday, May 28, 2026

NTSB Wants FAA to Revise Runway Safety Assessments During Heavy Rainfall
The U.S. National Transportation Safety Board on Tuesday called on the Federal Aviation Administration to revise how it assesses runway conditions during heavy rainfall, citing safety risks of airplanes skidding off the runway. The recommendations follow NTSB investigations of 11 …
Date: Thursday, May 28, 2026

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