Insurance Level News and Press

AM Best Rating Acitivity and News

Washington Supreme Court Denies APCIA’s Complaint Against Commissioner
The Washington state Supreme Court has denied an insurance trade group’s attempt to find a more hospitable venue for a fight over a data call regarding insurer rebates connected to COVID-19 ...
Date: Friday, December 9, 2022
Source: BestWire

BestWeek: Best’s Commentary Says Florida Government Seeks to Repair Property Insurance Market
As Florida legislators prepare another special legislative session to help stabilize its troubled property insurance market, AM Best is of the view that without immediate and substantive long-term ...
Date: Friday, December 9, 2022
Source: BestWire

Massachusetts Commonwealth Secretary Signs Dental Medical Loss Ratio Into Law
Massachusetts’ voters spoke, and now they have their dental medical loss ratio law. Secretary of the Commonwealth William Galvin has signed the paperwork to codify Question 2 on the November ...
Date: Friday, December 9, 2022
Source: BestWire

UK Treasury: ‘Edinburgh Reforms’ to Make Financial Sector Dynamic, Agile
U.K. Chancellor of the Exchequer Jeremy Hunt has outlined the “Edinburgh Reforms,” a set of more than 30 regulatory reforms to unlock investment and turbocharge growth in the United Kingdom. The ...
Date: Friday, December 9, 2022
Source: BestWire

Prospective Class-Action Suit Accuses Liberty Mutual of Spying on Consumers
A prospective class-action lawsuit is alleging that Liberty Mutual Insurance Co. has been using “session replay” spyware to record their online activity and violating their privacy. Pennsylvania ...
Date: Friday, December 9, 2022
Source: BestWire

Chubb to Open Technology Hub in Greece, Its Fourth Worldwide
Chubb Ltd. said it will launch a technology services center in Thessaloniki, Greece, in early 2023, joining other centers in the United States, India and Mexico. Technical engineers and ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Downgrades Credit Ratings of WAICA Reinsurance Corp PLC; Places Credit Ratings Under Review With Negative Implications
AM Best has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “bbb-” (Good) of WAICA Reinsurance Corporation PLC (WAICA ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Affirms and Withdraws Credit Ratings of Zurich Insurance plc
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) of Zurich Insurance plc (ZIP) (Ireland), a ...
Date: Friday, December 9, 2022
Source: BestWire

Capgemini EVP: Claims Departments Have Never Been Under More Pressure
Seth Rachlin, executive vice president, Capgemini, said the number and severity of disasters in recent years have put the focus on insurers’ speed and effectiveness in settling claims. Rachlin spoke ...
Date: Friday, December 9, 2022
Source: BestWire

Title Insurer Doma Lays Off 40% of Staff in Cost-Cutting Effort
Title insurance insurtech Doma Holdings Inc. is laying off 40% of its staff in a cost-cutting effort aimed at improving profitability. The company is implementing “a strategic initiative and ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Downgrades Credit Ratings of Ghana Reinsurance Plc; Maintains Under Review With Negative Implications Status
AM Best has downgraded the Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating to “bb-” (Fair) from “bb” (Fair) of Ghana Reinsurance Plc (Ghana Re) (Ghana). ...
Date: Friday, December 9, 2022
Source: BestWire

Former Marsh Exec Joins WTW as Head of Casualty Within Corporate Risk and Broking, North America
WTW has appointed James Sallada as the head of casualty within corporate risk and broking, North America. Sallada will focus on developing and executing an industry vertical growth strategy for ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Affirms Credit Ratings of General de Salud, Compañía de Seguros, S.A.
AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Affirms Credit Ratings of General de Seguros, S.A.B.
AM Best has affirmed the Financial Strength Rating of A- (Excellent), the Long-Term Issuer Credit Rating of “a-” (Excellent) and the Mexico National Scale Rating (NSR) of “aaa.MX” (Exceptional) of ...
Date: Friday, December 9, 2022
Source: BestWire

AM Best Affirms Credit Ratings of Subsidiaries of CUNA Mutual Holding Company
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of CMFG Life Insurance Company (CMFG Life) and ...
Date: Friday, December 9, 2022
Source: BestWire

Sunshine Insurance IPO Opens Below Target With $860 Million Valuation
Sunshine Insurance Group Corp. Ltd.’s shares traded below their opening bid price most of the day as the insurance group opened trading at the low end of its target price range on the Hong Kong Stock ...
Date: Friday, December 9, 2022
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Santander Fined £108 Million by UK Watchdog for Lax Money-Laundering Controls
Santander UK Plc was fined £108 million ($132 million) by the UK financial watchdog over repeated anti-money laundering failures that included a series of missteps over its monitoring of hundreds of millions of pounds of suspicious funds. The bank had …
Date: Friday, December 9, 2022

People Moves: Chubb Global Mkts Promotes O’Brien to Head of Cargo; AXIS Promotes Maher to Head of Cyber and Technology, London
Chubb Global Mkts Promotes O’Brien to Head of Cargo Chubb announced the appointment of Alex O’Brien as head of Cargo for Chubb Global Markets (CGM), the company’s London Market wholesale and specialty business including its Lloyd’s platform. In his new …
Date: Friday, December 9, 2022

OSHA Fines Arkansas Contractor $287K for Worker Deaths
Federal workplace safety investigators have determined that an Arkansas construction contractor failed to test oxygen levels in the confined space before two workers entered a sewer 20 feet below ground at an Edmond work site and died because of a …
Date: Friday, December 9, 2022

Jensten Acquires Specialist Motor Trade Broker Bellegrove
The Jensten Group, the London-based independent insurance broking group, has acquired specialist broker Bellegrove, providing the group with a significant presence across the UK motor trade and fleet insurance market. The deal, which is subject to regulatory approval, brings £15 …
Date: Friday, December 9, 2022

TWIA Board Meeting Will Discuss Budget, Reinsurance Program
The Texas Windstorm Insurance Association Board of Directors will meet next week in Corpus Christi to approve next year’s budget among other business. The board is expected to consider filling the vacant position of board secretary/treasurer, approval of the 2023 …
Date: Friday, December 9, 2022

Fifteen Auto Manufacturers Reach Automatic Braking Goals This Year
Fifteen automakers have made life-saving automatic emergency braking standard on nearly all of their new passenger vehicles in the U.S. this year, fulfilling a voluntary commitment made six years ago. That leaves five companies – General Motors, Porsche, Jaguar/Land Rover, …
Date: Friday, December 9, 2022

People Moves: 5 Appointments in AGCS Cyber; Freely Head of WTW Financial Solutions
AGCS Bolsters Cyber Underwriting Team in North America Allianz Global Corporate & Specialty (AGCS), the corporate insurance carrier of Allianz Group, has appointed five professionals to its cyber underwriting team in North America. New team members report to Tresa Stephens, …
Date: Friday, December 9, 2022

Marijuana Now Legal in Missouri, But You Can’t Buy It Yet
As of Thursday, it was lawful for adults to possess and use marijuana in Missouri. That doesn’t mean you can legally buy it just yet, or use it everywhere. Medical marijuana has been legal in the state since a ballot …
Date: Friday, December 9, 2022

Jury Awards $2.6M to Fired Illinois Workers
A jury has awarded more than $2.6 million to three former Lake County employees who claimed the county circuit court clerk fired them because they supported her opponent in the 2016 election. One of Lake County Circuit Court Clerk Erin …
Date: Friday, December 9, 2022

Worker Dies After Crane Overturns at Illinois Refinery
A contractor died after a crane overturned at a refinery in an Illinois suburb of St. Louis, a coroner said. Chad L. Crabtree, 47, of Owensboro, Kentucky, was pronounced dead at the scene of the incident Tuesday afternoon at the …
Date: Friday, December 9, 2022

California Middle Schoolers OD from Taking Pot-Laced Products on Campus
Four students at a Southern California school apparently overdosed after eating marijuana-laced products and three of them were taken to the hospital, authorities said. Firefighters were sent to Sunnymead Middle School in Moreno Valley at about noon on Wednesday, Riverside …
Date: Friday, December 9, 2022

Suspended Florida Claim Center Lawyer Agrees to Interim Probation
A Florida lawyer whose law license was suspended after setting up a “mobile claim center” near Fort Myers is able to resume the practice of law under the terms of an agreement she reached with the Florida Bar. Jennifer Perez, …
Date: Friday, December 9, 2022

State Farm Will Start Hiking Auto Rates, Allstate CEO Predicts
Allstate’s chief executive officer said his company will likely continue pushing for auto insurance rate hikes next year, and he expects the carrier’s largest mutual competitor—State Farm—to move in the same direction. Speaking at the Goldman Sachs 2022 U.S. Financial …
Date: Friday, December 9, 2022

Biden Signs #MeToo Law Curbing Confidentiality Agreements
President Joe Biden on Wednesday signed legislation curbing the use of confidentiality agreements that block victims of sexual harassment from speaking publicly about misconduct in the workplace. White House press secretary Karine Jean-Pierre said Biden had acted on the bipartisan …
Date: Friday, December 9, 2022

Meta Battles FTC Over Future of Virtual Reality
The Biden administration on Thursday accused Meta Platforms Inc. of trying to buy its way to dominance in the metaverse, kicking off a high-profile trial to try to prevent the Facebook parent from buying virtual reality app developer Within Inc. …
Date: Friday, December 9, 2022

G7 Price Cap on Russia Oil Not to Blame for Tanker Queues: EU Says
The Group of Seven countries’ price cap on Russian oil is not responsible for a queue of tankers waiting in the Black Sea to pass through Istanbul’s Bosphorus Strait on the way to the Mediterranean, the European Commission said. The …
Date: Friday, December 9, 2022

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