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AM Best Rating Acitivity and News

NAMIC Critical of IAIS Proposed Criteria for Evaluating US Group Capital Standards
The National Association of Mutual Insurance Companies slammed the International Association of Insurance Supervisors’ draft criteria for assessing whether the aggregation method favored in the ...
Date: Tuesday, August 16, 2022
Source: BestWire

AM Best Places Credit Ratings of MDAdvantage Insurance Company of New Jersey Under Review With Positive Implications
AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of MDAdvantage Insurance Company ...
Date: Tuesday, August 16, 2022
Source: BestWire

Brazil’s IRB Eyes Capital-Raising Effort as Climate, COVID-19 Widen Second-Quarter Loss
Brazil’s IRB – Brasil Resseguros SA said it is seeking capital-raising alternatives to boost its financial condition as it reported a widened second-quarter net loss on catastrophes including ...
Date: Tuesday, August 16, 2022
Source: BestWire

Sure Expands Into North Carolina Coastal Market
Member-owned insurance company Sure said it has entered the North Carolina property insurance market, weeks after announcing it took up coverage in South Carolina. “Sure was founded to answer the ...
Date: Tuesday, August 16, 2022
Source: BestWire

AM Best Downgrades Credit Ratings of Bankers Insurance Group’s Members
AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bbb” (Good) of the members of Bankers Insurance Group ...
Date: Tuesday, August 16, 2022
Source: BestWire

Chubb Casualty SVP: Captive Insurers Serve as Risk Tools for Multinational Corporations
Joerg Reinholdt, senior vice president, Chubb Global Casualty, said higher claims velocity, new risks and increased contractual requirements are driving multinationals’ interest in forming captive ...
Date: Tuesday, August 16, 2022
Source: BestWire

MetLife Names EVP-Head of Corporate Development, M&A
MetLife Inc. has named Adora Whitaker to succeed John Hall as executive vice president and head of corporate development, mergers & acquisitions, effective Oct. 17. Hall, head of investor relations ...
Date: Tuesday, August 16, 2022
Source: BestWire

Hallmark Second-Quarter Net Loss Balloons to $69.4 Million
Unfavorable prior year loss development of $35.6 million pushed Hallmark Financial Services Inc. to a second-quarter net loss of $69.4 million. The loss compares with a net loss of $800,000 in ...
Date: Tuesday, August 16, 2022
Source: BestWire

Argo Group International Appoints Former GuideOne Exec as President, US Insurance
Argo Group International Holdings Ltd. has hired Jessica Snyder to serve as president, U.S. insurance, effective immediately. Snyder has almost 30 years of industry experience and joins Argo from ...
Date: Tuesday, August 16, 2022
Source: BestWire

Best’s Commentary: Inflation Reduction Act Will Benefit U.S. Health Insurers
AM Best is of the view that the Inflation Reduction Act (IRA) of 2022 contains several important provisions for the health insurance industry, with a material short-term benefit from extended ...
Date: Tuesday, August 16, 2022
Source: BestWire

Phoenix Group’s Net Loss Widens to $1.10 Billion on Investment Losses
Phoenix Group Holdings plc posted a widened six-month net loss on investment losses as the life insurance consolidator touted recent organic and inorganic growth. The result came amid a ...
Date: Monday, August 15, 2022
Source: BestWire

Oregon Insurers Not Using Controversial Fire Maps, Division Says
Property insurance companies in Oregon have not used, and have no plans to use, a controversial state wildfire risk map in underwriting coverage, according to data from the Oregon Division of ...
Date: Monday, August 15, 2022
Source: BestWire

AM Best: Despite Pandemic Most MENA Insurance Markets Hold Steady on Growth
Inflation and the implementation of IFRS 17 are among the top challenges for Middle East and North Africa Insurers, said Vasilis Katsipis, general manager of Market Development for AM Best in the ...
Date: Monday, August 15, 2022
Source: BestWire

Compre Enters European Medical Malpractice Market With German Acquisition
Legacy acquirer Compre entered the European medical malpractice market with the acquisition of a liability portfolio in Germany. The group acquired the hospital liability portfolio of German ...
Date: Monday, August 15, 2022
Source: BestWire

NAIC Pet Insurance Model Law Aims to Give More Regulatory Structure to Growing Product
The National Association of Insurance Commissioners has adopted a Pet Insurance Model Act designed to establish appropriate regulatory standards for the growing pet insurance industry. The model ...
Date: Monday, August 15, 2022
Source: BestWire

AM Best to Host Webinar: Inside Today’s Surplus Lines Market
AM Best will host a complimentary webinar, titled, “Inside Today’s Surplus Lines Market,” co-sponsored by the WSIA Education Foundation and Lexington Insurance Company, on Thursday, Sept. 8, 2022, at ...
Date: Monday, August 15, 2022
Source: BestWire


Insurance Information Institute News (IIHS & HLDI)



Insurance Journal News

3M Faces $100 Billion in Losses From Veterans’ Earplug Suits, Expert Says
3M Co. faces more than $100 billion in losses and bankruptcy because of lawsuits brought by veterans who blame their hearing problems on faulty earplugs, according to a litigation consultant hired by lawyers suing the industrial conglomerate. Initial results from …
Date: Tuesday, August 16, 2022

Weston’s Texas, Louisiana Policies to be Canceled September 7
Weston Property & Casualty Insurance Co. policies in Texas and Louisiana will be canceled on September 7 after the Florida-based insurer was ordered to end operations in early August after going insolvent. The Texas Department of Insurance (TDI) said Weston …
Date: Tuesday, August 16, 2022

Pair of Texas Companies Earn Safety Awards
The Texas Department of Insurance, Division of Workers’ Compensation (DWC) renewed two Texas companies’ Lone Star Safety Awards for their exemplary workplace safety programs and low rates of work-related injuries and illnesses. The companies include Pond and Company in Pasadena …
Date: Tuesday, August 16, 2022

P/C Underwriting Profitability to Worsen as Inflation, Hard Market Persist: Triple-I, Milliman
The 2022 combined ratio for the property/casualty insurance industry is forecast to be 100.7, a worsening of 1.2 points relative to 2021, driven by significant deterioration in the personal auto line. Loss pressures and a hard P/C market are expected …
Date: Tuesday, August 16, 2022

Packaging Manufacturer Faces $178K in Fines After Ohio Worker’s Burns
A federal workplace safety investigation into how a 25-year-old manufacturing worker suffered serious arm burns in February that required hospitalization, determined his Ohio employer failed to follow required federal safety standards that might have prevented the incident. The U.S. Department …
Date: Tuesday, August 16, 2022

South Dakota State-Licensed Medical Marijuana Store Opens This Week
Patients enrolled in South Dakota’s medical marijuana program will have their first opportunity to buy cannabis from a state-licensed facility this week. It has been a year and a-half since state voters overwhelmingly approved medical marijuana. The co-owner of one …
Date: Tuesday, August 16, 2022

Widow of Wisconsin Man who Died at Vet’s Home Sues State, Others
The widow if a man who died at a Wisconsin veterans nursing home is suing the state as well as some of the facility’s employees who she said failed to properly care for her husband. Luane Krall, in her lawsuit, …
Date: Tuesday, August 16, 2022

Applied Systems Acquires Tarmika
Applied Systems said it has acquired Tarmika, a leading commercial lines rating solution that streamlines small business insurance. This complementary acquisition will expand Applied’s commercial quoting and Ivans’ distribution connectivity solutions to create a more valuable and digital distribution experience …
Date: Tuesday, August 16, 2022

Q2 Commercial P/C Premiums Up 6.1%: CIAB
The second quarter 2022 marked a full five years of premium increases for across all lines of commercial insurance business, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium increase across all …
Date: Tuesday, August 16, 2022

People Moves: Senior Roles at Ryan Specialty Underwriting Managers; Snyder Named President U.S. Insurance at Argo; Kovach Joins Concert
Ryan Specialty Appoints New Senior Leadership within Underwriting Managers Specialty Chicago-based Ryan Specialty has made appointments to three new senior leadership roles within the Underwriting Managers specialty. Brian Lillis, Chief Operating Officer, has been with Ryan Specialty Underwriting Managers for …
Date: Tuesday, August 16, 2022

Two Radiation Incidents Investigated at Oregon Hospital
The U.S. Nuclear Regulatory Commission has issued two “event notifications” for incidents involving Salem Hospital’s radiation oncology department earlier this year. One incident involved hospital employees, while the other involved patients. Investigations to-date have shown no injuries, the Statesman Journal …
Date: Tuesday, August 16, 2022

Jensten Group Buys UK-Based Broker J. Bennett & Son
The Jensten Group, the London-based independent insurance broking group, has acquired J. Bennett & Son Insurance Brokers, based in High Wycombe, England, and its Oxford-based subsidiary, Mathews Comfort & Co., for an undisclosed sum. The deal is subject to regulatory …
Date: Tuesday, August 16, 2022

ER Docs Are Independent Contractors, But Hospital Still Controls, Florida Court Finds
As in many business and commercial liability disputes, it’s all about the wording of the contract, a Florida appeals court decided in a medical malpractice case that could affect hospitals’ relationships with their doctors. The Latisha Gradia vs. Baptist Hospital …
Date: Tuesday, August 16, 2022

FBI: Firm Chaired by Former Florida House Speaker Billed County for Hurricane Cleanup
A Florida company with a former House speaker as a top executive allegedly charged local government millions of dollars for Hurricane Michael cleanup that it never performed, according to an FBI affidavit that was released last week as part of …
Date: Tuesday, August 16, 2022

Kentucky Governor Says FEMA Denying Too Many Requests for Assistance
Gov. Andy Beshear complained Thursday that the Federal Emergency Management Agency is denying too many requests for assistance in flood-ravaged eastern Kentucky, and urged those getting turned down to take their cases directly to agency representatives in the region. Offering …
Date: Tuesday, August 16, 2022

Maryland Court Affirms Limits on Hiring Firm Liability for Contractor Negligence
The mother of a man killed on a Baltimore construction site who was barred by Maryland’s workers’ compensation law from suing the contractor hired by the city has lost a bid to hold the city and subcontractor liable. The court …
Date: Tuesday, August 16, 2022

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