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AM Best Rating Acitivity and News

AM Best Withdraws Credit Ratings of AVLA Seguros, S.A. de C.V.
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good), the Long-Term Issuer Credit Rating of “bbb-” (Good) and the Mexico National Scale ...
Date: Friday, July 19, 2024
Source: BestWire

Fortitude Re Names CFO, Chief Growth/Optimization Officer
Fortitude Re named Greta Hager as chief financial officer and Kai Talarek as chief growth/optimization officer, both effective Aug. 17. Hager will lead the company’s controllership/tax/financial ...
Date: Friday, July 19, 2024
Source: BestWire

California Regulator Seeking Study on Silicosis’ Impact on Workers’ Comp
California Insurance Commissioner Ricardo Lara is asking the state’s workers’ compensation bureau to look into the affects silicosis claims are having on the state’s system, according to a release ...
Date: Friday, July 19, 2024
Source: BestWire

Verisk: Beryl's US Onshore Wind Losses Alone Could Cost Carriers Up to $3 Billion
U.S. onshore wind property losses from Hurricane Beryl should fall between $2 billion and $3 billion, according to Verisk’s Extreme Event Solutions group. Claims counts are rising. State Farm ...
Date: Friday, July 19, 2024
Source: BestWire

Best's News: Forever Chemicals’ Lawsuits Could Create Repeat of Asbestos Litigation for Insurers
Pervasive “forever chemicals” are spurring new lawsuits, raising the specter of another asbestos-like litigation quagmire for insurers and makers of per- and polyfluoroalkyl substances, more commonly ...
Date: Friday, July 19, 2024
Source: BestWire

Massachusetts Bill Would Establish a Health Insurance Bureau
The Massachusetts Senate passed a bill that would create a health insurance bureau, which would conduct rate reviews, oversee small group and individual health insurance market, supervise affordable ...
Date: Friday, July 19, 2024
Source: BestWire

AM Best Downgrades Issuer Credit Rating of Mt. Morris Mutual Insurance Company, Revises Under Review Status to Negative Implications
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Mt. Morris Mutual Insurance ...
Date: Friday, July 19, 2024
Source: BestWire

Travelers CEO: E&S Business Growth Strong on Quite Attractive Margins
Travelers Cos. Inc. is growing excess and surplus business on margins that continue to be quite attractive, Chairman and Chief Executive Officer Alan Schnitzer said during an earnings conference ...
Date: Friday, July 19, 2024
Source: BestWire

Everest Group Names Group Chief Claims Officer, Global Reinsurance Claims Officer
Everest Group Ltd. has named Andrew McBride as group chief claims officer and Lope Garcia as global reinsurance chief claims officer. McBride will lead claims across Everest’s insurance and ...
Date: Friday, July 19, 2024
Source: BestWire

Florida Home Hardening Program Pauses Inspection Applications as Funds Run Out
The My Safe Florida Home grant program is no longer accepting initial inspection applications after running out of funds to cover inspection costs, according to a message on the program’s website. ...
Date: Friday, July 19, 2024
Source: BestWire

Aviva Partners With Lemonade on UK Buildings and Contents Coverage
Aviva plc and Lemonade formed a partnership to launch buildings and contents coverage in the United Kingdom. The partnership expands Lemonade's home insurance offerings as U.K. homeowners can now ...
Date: Friday, July 19, 2024
Source: BestWire

AM Best Affirms Credit Ratings of Lion Reinsurance Company Limited
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Lion Reinsurance Company Limited (Lion Re) ...
Date: Friday, July 19, 2024
Source: BestWire

Selective Insurance Group Posts Second-Quarter Net Loss of $65.6 Million
Selective Insurance Group Inc. reported a $65.6 million net loss attributable to common stockholders in the second quarter, compared with a profit of $56.3 million for the same period a year ...
Date: Friday, July 19, 2024
Source: BestWire

Mutual of America Names Chief Executives
Mutual of America Financial Group announced Stephen Rich as chairman of the board, chief executive officer and member of the board, effective immediately. Joseph R. Gaffoglio will assume the ...
Date: Friday, July 19, 2024
Source: BestWire

Assurant Estimates $46 Million in Second-Quarter Catastrophe Losses
Assurant Inc. anticipates about $46 million pretax, or $36 million after taxes, of reportable catastrophe losses in its global housing segment in the second quarter. No single event is expected ...
Date: Friday, July 19, 2024
Source: BestWire

New Connecticut Law Further Supports Captives Sector Growth
Connecticut is hoping to attract more captive insurance companies into the state after enacting laws that add flexibility and ease to the conversion of a sponsored captive’s protected cells, ...
Date: Friday, July 19, 2024
Source: BestWire


Insurance Information Institute News (IIHS & HLDI)



Insurance Journal News

Hurricane Beryl Caused Estimated $2-3B in Insured Losses to U.S. Property: Verisk
Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said. Beryl made landfall near Matagorda Bay, Texas the morning of …
Date: Friday, July 19, 2024

Global IT Crash That Blocked 911 Calls and Grounded Planes Eases
In what will go down as the most spectacular IT failure the world has ever seen, a botched software update from cybersecurity firm CrowdStrike Holdings Inc. crashed countless Microsoft Windows computer systems globally. Microsoft Corp. and CrowdStrike have rolled out …
Date: Friday, July 19, 2024

Tesla’s California Car Registrations Fall for Third Straight Quarter
Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market, indicating mounting challenges for the EV maker, according to industry …
Date: Friday, July 19, 2024

People Moves: Ohio Bar Liability Insurance Company Names Tribble as CEO
Ohio Bar Liability Insurance Company announced that John R. Tribble, MBA, CPCU, CCLA will be joining the company as its next President and CEO. Tribble has held a variety of positions during the past eight years with Church Mutual Insurance …
Date: Friday, July 19, 2024

Why Texas Mass Power Outages Continue to Happen
It’s become a familiar cycle: A powerful storm sweeps through a swath of Texas and takes the electric system down in its grip. Trees might bend and topple, crashing down onto a power pole. Sometimes the weight of ice pulls …
Date: Friday, July 19, 2024

Cargo Ship Sustains Damage After Houthi Attack in Gulf of Aden
A Singaporean-flagged cargo vessel was hit by Yemen’s Houthi missiles in the Gulf of Aden on Friday, forcing it to return to its last port of call to assess the damage. Iran-aligned Houthis launched ballistic missiles and drones towards the …
Date: Friday, July 19, 2024

Insurance Broker TWFG’s Shares Rise Nearly 30% in Market Debut
Insurance broker TWFG’s shares gained nearly 30% in their Nasdaq debut on Thursday, signaling strong investor demand for new stocks as the U.S. initial public offering market aims for a recovery. IPOs in the U.S. are attempting to stage a …
Date: Friday, July 19, 2024

EPA Watchdog Investigates Delay in Using Specialized Plane After Ohio Derailment
The EPA’s Inspector General is investigating why the agency didn’t get its specialized plane loaded with advanced sensors into the air over East Palestine until four days after the disastrous Norfolk Southern derailment last year. The Associated Press reported on …
Date: Friday, July 19, 2024

Flooring Manufacturer Fined $300K for Exposing Texas Workers to Safety Violations
While one of the nation’s largest manufacturers of commercial flooring and surfaces — including recycled rubber products used throughout the nation in playgrounds, fitness centers and sports fields — touts its products’ safety and environmental benefits, a U.S. Department of …
Date: Friday, July 19, 2024

What Disruptions Have Been Reported After the Global Tech Outage?
A global tech outage that appeared to be related to issues at cybersecurity firm CrowdStrike and Microsoft on Friday affected operations in sectors including airports, airlines, media and banks. Below is a list of disruptions that have been reported: AIRLINES, …
Date: Friday, July 19, 2024

Travelers Reverses Q2 Income Loss, Narrows Underwriting Loss
The Travelers Companies, Inc. reported second quarter net income of $534 million, compared to a loss of $14 million during the same time a year ago, thanks to record net premiums of about $11.1 billion. The New York-based insurer posted …
Date: Friday, July 19, 2024

Sizzle Safely: Insurance Strategies for a Worry-Free Summer BBQ
Independent agents play a critical role in helping clients find the right home insurance policies for them. They are also instrumental in sharing information about general safety considerations for homeowners, which is especially essential during the summer when risks tend …
Date: Friday, July 19, 2024

West Virginia’s Ludewig Retires as Agency Joins with Leavitt Group
Longtime West Virginia insurance agent Charles Ludewig has decided to retire, paving the way for his agency to join the Leavitt Group, one of the largest privately held brokerages in the country. “I’m looking forward to this next chapter and …
Date: Friday, July 19, 2024

Chicken Culling, Disposal Raise Concern as Bird Flu Spreads
The spread of bird flu among poultry and dairy farms has heightened some health experts’ concerns that the process of killing and disposing of poultry infected with the virus may pose a risk to humans and livestock. Recent instances of …
Date: Friday, July 19, 2024

Soccer Officials Arrested After Melee That Damaged Hard Rock Stadium in Miami
MIAMI GARDENS, Fla. (AP) — Colombia’s soccer federation president and his son were among 27 people arrested during the crowd control issues that broke out at the Copa America final between Argentina and Colombia, a melee that may have caused …
Date: Friday, July 19, 2024

Global Tech Outage Disrupts Industries, Highlights Online Risks
A worldwide tech outage crippled industries from travel to finance on Friday before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies. A software update by global cybersecurity firm …
Date: Friday, July 19, 2024

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