Insurance Level News and Press

AM Best Rating Acitivity and News

Fronting Carrier Accuses Chinese Bank of Nearly $10 Million Reinsurance Fraud
Insurance fronting specialist Buckle Corp. and its Gateway Insurance Co. are accusing China Construction Bank Corp. of refusing to honor nine letters of credit valued at $9.8 million that were needed ...
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Source: BestWire

AM Best Affirms Credit Ratings of Allied World Assurance Company Holdings, Ltd. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of the operating affiliates of Allied World ...
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Source: BestWire

California Senate Passes Home Insurance Claims, Renewal Bills
The California Senate passed three home insurance bills that would require heightened loss disclosures, add notification rules and penalties for delayed claims and increase nonrenewal ...
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Source: BestWire

Aegon Plans Corporate, Shareholding Revamp Ahead of US Move
Aegon Ltd. announced a proposed governance framework and reached an agreement with its largest shareholder on their future relationship as the life insurer plans its move to the United ...
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Source: BestWire

Illinois Passes Insurance Rate Bill Opposed by Industry
Illinois lawmakers passed legislation opposed by the insurance industry that prohibits personal insurance rates from being excessive, creates a hearing process to challenge rates and increases ...
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Source: BestWire

Most Popular Best's Review Articles Include an Exploration of How AI is Shaping the Insurance Landscape
In the past 30 days, Best’s Review readers have been most interested in the following insurance news coverage: “Chubb CEO: AI Will Replace Jobs; MGAs Mostly a ‘Bad Bet’ for Market” explores ...
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Source: BestWire

Trisura CEO: New Senior Debt Helping 'Prefund' US Surety Program Expansion
Trisura Group Ltd. plans to earmark significant proceeds of a recent C$200 million ($144.6 million) senior unsecured notes offering to build momentum in its U.S. surety program expansion, according ...
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Source: BestWire

Hartford Insurance Appoints Successor to Retiring Head of US Ocean Marine
Hartford Insurance has appointed Allan Ilias to succeed Tony Plutino as head of ocean marine, United States, and global practice leader, effective June 1. Plutino is retiring. Ilias has ...
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Source: BestWire

AM Best to Sponsor, Exhibit at Insurance Council of New Zealand’s 2026 Conference
AM Best will sponsor and exhibit at the Insurance Council of New Zealand (ICNZ) Conference on 4 June 2026 in Aotea Centre, Auckland. Rob Curtis, managing director and chief executive officer of AM ...
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Source: BestWire

Scor Places $75 Million Cat Bond for Named Storms, Earthquake
Scor SE said it sponsored a $75 million catastrophe bond to protect it from named U.S. and Caribbean storms, earthquakes in the United States and Canada and European windstorms. The Atlas Capital ...
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Source: BestWire

AM Best Affirms Credit Ratings of Popular Life Re
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Popular Life Re (PLRe) (Puerto Rico). PLRe is a life reinsurance subsidiary ...
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Source: BestWire

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

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Court Overturns Mass.-Based Insulet’s $59M Trade Secret Verdict
A U.S. appeals court on Thursday overturned a $59 million verdict that medical device maker Insulet won against Korean rival EOFlowfor allegedly stealing trade secrets related to its insulin-pump technology. The Washington-based U.S. Court of Appeals for the Federal Circuit …
Date: Thursday, May 28, 2026

Cruise Operator Carnival Discloses Personal Data Breach
Cruise operator Carnival Corp said on May 27 it had detected a cybersecurity incident involving a compromised account of an employee in April, leading to the leak of certain personal information of individuals, including names, addresses and government-issued identification numbers. …
Date: Thursday, May 28, 2026

Markets/Coverages: E&S Property MGA Luminor Risk Launches
Luminor Risk, a managing general agent specializing in the U.S. excess and surplus property market, announced its official launch on May 28 with backing from investment and technology firm D.E. Shaw group. Luminor was co-founded by three underwriting leaders: Matt …
Date: Thursday, May 28, 2026

Texas Board Faults Camp Mystic Leader for Inaction During Deadly Flood
A Texas board has suspended the nursing license of Camp Mystic’s co-director in a scathing order that accused her of not helping children evacuate during last year’s catastrophic floods that killed 25 girls and two teenage counselors. It’s one of …
Date: Thursday, May 28, 2026

WhatsApp, Meta Can Access Texans’ Private Messages, Lawsuit Claims
Texas Attorney General Ken Paxton added WhatsApp to the growing list of companies he has accused of violating Texans’ data privacy, announcing a lawsuit against the messaging app and its parent company, Meta, last week. The lawsuit states WhatsApp is …
Date: Thursday, May 28, 2026

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

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