Insurance Level News and Press

AM Best Rating Acitivity and News

Best's News: AM Best: Driver Shortage, Inexperience Compound Commercial Auto Woes
AM Best Associate Director David Blades and Senior Industry Analyst Chris Graham discussed a new report on the U.S. commercial automobile insurance segment, which experienced a $5 billion net ...
Date: Friday, December 6, 2024
Source: BestWire

Geico Hiring Hundreds in Texas as Commercial Business Expands
Geico said it is creating hundreds of jobs in North Texas to support its expanding commercial insurance business. The carrier said it is adding 500 positions at its Richardson offices. The site ...
Date: Friday, December 6, 2024
Source: BestWire

Update: New York DA Accuses Two in Massive Offshore Unauthorized Insurance Writing Scheme
(Updates second paragraph to clarify company relation to defendants, and adds comment from company after 12th paragraph.) An uncle and nephew have been indicted in New York on allegations of selling ...
Date: Friday, December 6, 2024
Source: BestWire

AM Best Affirms Credit Ratings for Members of Corebridge Financial
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) for the members of Corebridge Financial ...
Date: Friday, December 6, 2024
Source: BestWire

AM Best Affirms Credit Ratings of American International Group, Inc. and Its Property/Casualty Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of American International Group, Inc.’s (AIG) ...
Date: Friday, December 6, 2024
Source: BestWire

Multimillion-Dollar Fraud Ringleader Turned Fugitive Receives 12-Year Prison Sentence
A multimillion-dollar insurance fraud ringleader, who spent nearly five years on the run after his initial arrest, was sentenced to 144 months in prison and ordered pay more than $7.09 million in ...
Date: Friday, December 6, 2024
Source: BestWire

Labor Statistics Bureau: US Insurance Increased Hiring in November
The U.S. insurance industry added 5,100 jobs in November over October, according to preliminary figures from the U.S. Labor Department’s Bureau of Labor Statistics. More than 3.03 million people ...
Date: Friday, December 6, 2024
Source: BestWire

Ohio National Subsidiary to Buy $2.1 Billion Annuity Portfolio From Zurich's Chile Unit
Ohio National Seguros de Vida – Chile, a wholly owned subsidiary of Constellation Insurance Inc., has acquired a $2.1 billion annuity portfolio from a unit of Zurich Insurance Group Ltd. The ...
Date: Friday, December 6, 2024
Source: BestWire

In Its Third Estimate, Perils Pegs Southern Germany Floods at $1.67 Billion
Perils AG updated its loss estimate for floods in southern Germany, slightly lowering the estimated insured losses to €1.58 billion ($1.67 billion) from €1.59 billion. The losses occurred between ...
Date: Friday, December 6, 2024
Source: BestWire

HDI Global UK and Ireland Names Head of Marine Cargo Underwriting
HDI Global in the United Kingdom and Ireland appointed Hannah Brooke as head of marine cargo underwriting effective Jan. 1, 2025. Brooke will lead the growth plan and strategic direction of ...
Date: Friday, December 6, 2024
Source: BestWire

Aviva Makes Preliminary $4.49 Billion Offer for UK Insurer Direct Line
Aviva plc reached a preliminary agreement to acquire U.K. property/casualty insurer Direct Line Insurance Group plc for £3.51 billion ($4.49 billion). The two companies announced financial terms ...
Date: Friday, December 6, 2024
Source: BestWire

Best's Rankings: US Life/Health Nine-Month Admitted Assets Up 5.8%
The total U.S. life/health industry’s admitted assets of $9.23 trillion nine months into 2024 were up 5.8% in that period, according to a new Best’s Rankings report. Prudential of America Group ...
Date: Friday, December 6, 2024
Source: BestWire

Best's Rankings: US Property/Casualty Nine-Month Net Premiums Rise 8.6%
Nine-month net premiums written for the U.S. property/casualty industry increased 8.6% to $707.36 billion, according to a new Best’s Rankings report. No. 2 Berkshire Hathaway Insurance’s NPW ...
Date: Friday, December 6, 2024
Source: BestWire

AM Best Withdraws Credit Ratings of Premier Insurance Company Limited
AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Premier Insurance Company Limited (Premier) (Gibraltar). The outlook of these ...
Date: Friday, December 6, 2024
Source: BestWire

AM Best Affirms Credit Ratings of Worldwide Medical Assurance, Ltd. Corp.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Worldwide Medical Assurance, Ltd. Corp. (WWMA) (Panama City, ...
Date: Friday, December 6, 2024
Source: BestWire

AM Best Affirms Credit Ratings of Orion Reinsurance (Bermuda) Ltd.
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Orion Reinsurance (Bermuda) Ltd. (Orion Re) (Hamilton, Bermuda). The outlook ...
Date: Friday, December 6, 2024
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Antares Announces Leadership Team for New Commercial Division
Antares Global Management Ltd. announced three key appointments for its new Commercial Division, which comprises Syndicate 1274 and Bermuda-based Antares Re. Antares announced in November that it was restructuring its underwriting operations by spitting its Bermuda and UK re/insurance businesses …
Date: Friday, December 6, 2024

Aviva CEO Amanda Blanc Conquers Detractors and Direct Line
Amanda Blanc is determined to steer Aviva Plc to one of the biggest takeovers in its history, a highlight in a storied insurance career where she’s stood up to challenges including activist shareholders and sexist barbs. If her £3.6 billion …
Date: Friday, December 6, 2024

UK Issues Red Warning as Storm Darragh Brings Hurricane-Strength Winds
Storm Darragh has triggered a red weather warning for the west coast of Wales and the Bristol Channel on Saturday, with hurricane-force winds forecast. Wind speeds are expected to reach as high as 90 miles (145 kilometers) per hour, according …
Date: Friday, December 6, 2024

After 23 Years as CEO, Craft Moves to Producer Role at Palomar as Williford Takes Helm
Alabama-based Palomar Insurance, a 70-year-old agency with offices across the state and in Mississippi and Georgia, announced that longtime CEO Tony Craft will step down to be a producer in the company. Replacing Craft at the top is Jim Williford, …
Date: Friday, December 6, 2024

Insured Losses From Natural Disasters Top US$100B for 5th Consecutive Year: Swiss Re
Estimated insured losses from natural catastrophes are on track to surpass US$100 billion in 2024 – for the fifth consecutive year — and are even likely to hit US$135 billion-plus, according to Swiss Re Institute. Natural disasters are driving an …
Date: Friday, December 6, 2024

Failure to Produce Proof of Purchase Dooms Insurer’s Product Liability Case
A federal court in Pennsylvania recently affirmed that plaintiffs seeking to hold a seller or distributor liable for a faulty product must provide clear evidence of where they purchased their product. In a homeowners insurance subrogation case over water damage …
Date: Friday, December 6, 2024

Goldman Sachs Quits Global Climate Coalition for Banks
Goldman Sachs said it has quit a sector coalition aimed at aligning bank lending and investment activities with global efforts to fight climate change, marking the latest high-profile departure of a U.S. financial firm from the group. The U.S. investment …
Date: Friday, December 6, 2024

Fraud Ringleader in Washington Sentenced, Ordered to Pay $7.1M in Restitution
A Washington man has been sentenced to a dozen years in prison and ordered to pay $7.1 million for leading a fraud scheme that involved staged collisions. A U.S. District Judge sentenced William Oldham Mize to 144 months in federal …
Date: Friday, December 6, 2024

Missouri to See Reduction in Workers’ Comp Rates in 2025
The Missouri Department of Commerce and Insurance (DCI) announced that employers should see a reduction in workers’ compensation rates in 2025, marking the fourth straight year of decreased rates. The projected rate reduction is based off preliminary figures collected by …
Date: Friday, December 6, 2024

Texas Tire Distributor Faces $288K Fine After Forklift Operator’s Death
A U.S. Department of Labor investigation revealed that proper workplace safety training and correct storage of pallets taller than 16 feet could have prevented the fatal injuries suffered by a forklift operator at a tire distribution center in Elm Mott, …
Date: Friday, December 6, 2024

Texas Senate to Pursue Ban on THC Products in 2025
Lt. Gov. Dan Patrick announced Wednesday that lawmakers in the state Senate would move to ban all forms of consumable tetrahydrocannabinol, or THC, in Texas. Patrick, who presides over the Senate and largely controls the flow of legislation in the …
Date: Friday, December 6, 2024

Georgia Parents and Teen Indicted in Fatal Drunk Driving Crash
DECATUR, Ga. (AP) — A Georgia couple has been charged with involuntary manslaughter after authorities say they let their daughter and her friends drink alcohol before they got in a fatal car crash that left one of them dead. Hannah …
Date: Friday, December 6, 2024

Baltimore First Responders Rush to Contain Fire in City’s Wood Refuse Area
Baltimore firefighters last night rushed to the scene of a fire spotted at a wood waste collection yard run by the city. At approximately 5:10 p.m. on Thursday, December 5, a Baltimore parks department employee called 911 after observing a …
Date: Friday, December 6, 2024

China Aims to Boost Foreign Investment in Property Insurance Market
China’s financial regulator unveiled a plan on Friday to enhance supervision and support the development of the property insurance industry, according to a statement. The country will support qualified foreign financial institutions to invest in its property insurance market, and …
Date: Friday, December 6, 2024

Ransomware Gangs’ Merciless Attacks Bleed Small Companies Dry
The black-and-white message flickering across computer screens sparked panic at Knights of Old, a 158-year-old UK delivery company: “If you’re reading this, it means the internal infrastructure of your company is fully or partially dead.” Knights’ network for managing trucks …
Date: Friday, December 6, 2024

Trump Names David Sacks as White House AI and Crypto Czar
Donald Trump says he is selecting venture capitalist David Sacks of Craft Ventures LLC to serve as his artificial intelligence and crypto czar, a newly created position that underscores the president-elect’s intent to boost two rapidly developing industries. “David will …
Date: Friday, December 6, 2024

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