Insurance Level News and Press

AM Best Rating Acitivity and News

NJ Lawmaker: No Rush to Convert Horizon’s Corporate Structure
A New Jersey lawmaker who introduced legislation to convert the state’s largest health insurer into a not-for-profit mutual company said lawmakers, stakeholders and the public will have plenty of ...
Date: Friday, December 13, 2019
Source: BestWire

Liberty Mutual Latest Insurer to Cut Coal Underwriting, Investment
Liberty Mutual Insurance announced a new policy on coal underwriting and investment as it also named its first chief sustainability officer. Under its global policy on coal underwriting and ...
Date: Friday, December 13, 2019
Source: BestWire

Vermont Insurance Regulator Warns Over ‘Virtual Claims Adjustment’
The Vermont Insurance Division has issued a reminder to automobile insurers that they must by law perform in-person adjusting of a claim if the insured requests one. According to a bulletin issued ...
Date: Friday, December 13, 2019
Source: BestWire

Axa Closes on Acquisition of Remaining Stake in Axa Tianping
Axa S.A. said it completed its acquisition of the remaining 50% stake in Axa Tianping Property & Casualty Insurance Co. Ltd. from the insurer’s domestic shareholders. The closing makes Axa Tianping ...
Date: Friday, December 13, 2019
Source: BestWire

IASB Adopts Changes to Accounting Exposure Draft, Delays Consideration of Extending Effective Date
The International Accounting Standards Board has adopted changes to the IFRS 17 exposure draft supported by the insurance industry, and delayed discussions until next year about extending the new ...
Date: Friday, December 13, 2019
Source: BestWire

Athene, Apollo Close on Purchase of GE’s Aircraft Lending Company
Apollo Global Management Inc., Athene Holding Ltd. and GE Capital, the financial services arm of GE, said they closed on a deal in which Apollo and Athene is buying PK AirFinance, an aviation lending ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Affirms Credit Ratings of Grupo Nacional Provincial S.A.B.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent), the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” and the Mexico National Scale Rating of “aaa.MX” of Grupo Nacional ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Revises Outlooks to Negative for Barents Re Reinsurance Company, Inc. and Its Affiliate
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Barents Re Reinsurance Company, ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Analyst: Innovation Not Just ‘Allocating Resources to New Technologies’
Innovation means developing new ideas and improving inefficiencies, not just spending on new technologies, said Carlos Wong-Fupuy, senior director for AM Best. He spoke with AM BestTV at the AM Best ...
Date: Friday, December 13, 2019
Source: BestWire

Governor Signs NY Bill Allowing Fewer Prior Authorizations for Health Care
New York Gov. Andrew Cuomo has signed legislation increasing exceptions to prior authorization and requiring health insurers to cover additional services and procedures related to invasive ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Affirms Credit Ratings of Humboldt Re Limited
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Humboldt Re Limited (Humboldt Re) (Guernsey). The outlook of these Credit ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Affirms Credit Ratings of Kelvin Re Limited
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-“ of Kelvin Re Limited (Kelvin Re) (Guernsey). The outlook of these Credit Ratings ...
Date: Friday, December 13, 2019
Source: BestWire

Argo: Five Board Members to Retire; Annual Meeting Moved to March
Argo Group International Holdings Ltd. said its board of directors is undergoing a “proactive refreshment process” that will see five board members retire as of the company’s 2020 annual general ...
Date: Friday, December 13, 2019
Source: BestWire

BestWeek: Observers Say Jury Awards Helping to Harden Medical Liability Market
Since the end of 2018 or so, most observers of the medical professional liability market thought signs indicated the long-lasting soft market was at the end of its cycle, according to the latest ...
Date: Friday, December 13, 2019
Source: BestWire

Topa Insurance Group CEO Resigns; Interim Is Named
Topa Insurance Group has named Michael Day as interim president and chief executive officer to succeed John Donahue. Day, a member of the Topa Insurance Group board of directors, will transition ...
Date: Friday, December 13, 2019
Source: BestWire

AM Best Affirms Credit Ratings of East Africa Reinsurance Company Limited
AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” of East Africa Reinsurance Company Limited (EARe) (Kenya). The outlook of these Credit ...
Date: Friday, December 13, 2019
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

FAIR Plan Asks Court to Stop California Insurance Commissioner’s Order
Note: This is been updated with a statement from Lara’s office. The FAIR Plan today filed a petition for a writ of mandate seeking to have a court annul, vacate, or withdraw an order issued last month by the California …
Date: Friday, December 13, 2019

Corelogic Integrates 3D Property Measurement into Underwriting Platform
CoreLogic, a global property analytics provider, has integrated HOVER property measurement and 3D technology into the CoreLogic UnderwritingCenter platform for insurance clients. The integration of HOVER provides carriers a way to manage inspection expenditures while allowing policyholders to digitally participate …
Date: Friday, December 13, 2019

Florida Reports Second Vaping-Related Death, Increase in illnesses
The Florida Department of Health says a second person in Florida has died due to complications from vaping. The Orlando Sentinel reported Wednesday that the department also reported a slight increase in the number of vaping-associated illnesses, which rose from …
Date: Friday, December 13, 2019

Florida Officials Plan to Raise $100M for Reef Restoration in Florida Keys
Federal officials have announced plans to raise $100 million to fund projects to restore seven significant coral reef sites in the Florida Keys National Marine Sanctuary. “Mission: Iconic Reefs” calls for restoring nearly 70 acres (28 hectares) of the Florida …
Date: Friday, December 13, 2019

Ratings of Kansas’ Farmers Alliance Mutual Insurance, Subsidiaries Upgraded
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of McPherson, Kansas-based Farmers Alliance Mutual Insurance Co. and its wholly-owned subsidiaries, Alliance Indemnity Co. and …
Date: Friday, December 13, 2019

McDonald’s Wins Battle With Labor, Avoids Joint Employer Liability with Franchises
McDonald’s Corp. has won a huge victory in a multiyear legal battle over whether it should share responsibility for alleged labor violations in its franchisees’ restaurants, a case that posed a major threat to the franchise model underlying one of …
Date: Friday, December 13, 2019

5 Argo Group Directors Will Retire; Early Annual Meeting Planned
Five Argo Group directors plan to retire as of the beleaguered company’s 2020 annual meeting, the company disclosed on Dec. 11. Argo, a Bermuda-based specialty insurer and reinsurer, said that the decision is part of a “proactive refreshment process” announced …
Date: Friday, December 13, 2019

Sandy Hook Families Get Gunmaker Trial Nine Years After Attack
Family members of nine children and educators killed in the 2012 Sandy Hook Elementary School massacre have received a September 2021 trial date in their landmark lawsuit against Remington Arms Co. over its marketing of the semiautomatic military-style rifle the …
Date: Friday, December 13, 2019

Driver Privacy Concerns in Auto Insurance. There’s an App for That.
Apps that let you book a ride to work or borrow a car for your next vacation are feeding into a revolution in auto insurance — while also raising some privacy red flags. Data on everything from how frequently a …
Date: Friday, December 13, 2019

California Judge Allows Gender Pay Bias Suit Against Disney to Proceed
Walt Disney Co. failed to persuade a judge to dismiss a lawsuit by female employees who allege the company discriminates by paying male workers better. A state judge in Los Angeles found that the 10 current and former employees who …
Date: Friday, December 13, 2019

Democrats Pass Bill to Lower Prescription Drug Prices for Seniors
The U.S. House of Representatives on Thursday approved legislation aimed at driving down the prices that seniors pay for prescription drugs, but the bill’s future is clouded by President Donald Trump’s threat of a veto and lack of support in …
Date: Friday, December 13, 2019

Vale Says Mine Collapse in Brazil Partially Linked to High Water Level
The deadly collapse of a Vale SA’s mining waste dam in Brazil was partially triggered by “a persistently high water level” that caused the structure to lose strength and stability, according to a report by a panel of experts appointed …
Date: Friday, December 13, 2019

Big Victory for Johnson and Brexit. Now What?
Prime Minister Boris Johnson won a sweeping election victory on a promise to “Get Brexit done,” but a reality check awaits for voters hoping that the messy divorce is finally over. It’s just the beginning. Johnson should now be able …
Date: Friday, December 13, 2019

Big Victory for Johnson and Conservatives Clears Way for Quick Brexit
Britain was speeding towards Brexit on Friday after Prime Minister Boris Johnson won a crushing election victory, ending three years of uncertainty since the country decided to leave the bloc. Exiting the European Union, a goal Johnson has pursued relentlessly …
Date: Friday, December 13, 2019

Report Says Boston Public Transit System Needs to Improve Safety
The public transportation system in metropolitan Boston needs to step up efforts to improve safety along its network of subways, buses and commuter rail trains. That’s the finding of a panel of transit experts hired in June by the Massachusetts …
Date: Friday, December 13, 2019

Insurance Agents & Brokers Opens New Office in Maryland
Insurance Agents & Brokers (IA&B) opened an office in Annapolis, Md., on December 1. The organization also operates an office outside of Harrisburg, Penn. The location allows access to the Maryland State House, as well as a central meeting place …
Date: Friday, December 13, 2019

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