Insurance Level News and Press

AM Best Rating Acitivity and News

Best’s Market Segment Report: AM Best Maintains Stable Outlook on U.S. Health Insurance Market Segment
AM Best is maintaining its stable outlook on the U.S. health insurance market segment for 2024, noting its continued favorable earnings, the positive impact of interest rates on investment-related ...
Date: Friday, December 1, 2023
Source: BestWire

AM Best Affirms Credit Ratings of NongHyup Property and Casualty Insurance Company Limited
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of NongHyup Property and Casualty Insurance Company Limited (NH P&C) ...
Date: Friday, December 1, 2023
Source: BestWire

AM Best Affirms Credit Ratings of Group Ark Insurance Limited
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Group Ark Insurance Limited (GAIL) (Bermuda). GAIL is a wholly owned ...
Date: Friday, December 1, 2023
Source: BestWire

Florida Insurance Regulators OK HCI-Sponsored Exchange; Operations To Begin in Early 2024
HCI Group Inc. said a reciprocal insurer it sponsors, Condo Owners Reciprocal Exchange, plans to begin operations early in 2024 after it received from Florida insurance regulators a certificate of ...
Date: Thursday, November 30, 2023
Source: BestWire

AM Best Affirms Credit Ratings of Knights of Columbus
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa” (Superior) of Knights of Columbus (the Order) (New Haven, CT). The outlook of these ...
Date: Thursday, November 30, 2023
Source: BestWire

AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Argo Group Intl Holdings, Ltd and Subs
AM Best has maintained the under review with developing implications status for the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” (Good) and the associated Long-Term Issue Credit Ratings ...
Date: Thursday, November 30, 2023
Source: BestWire

Following Pandemic, MGA Rokstone Sees Opening for Contingency Business
Rokstone launched a contingency portfolio account backed by highly rated carriers with an initial focus on the United Kingdom. The new account plans to expand in other regions including North ...
Date: Thursday, November 30, 2023
Source: BestWire

Markets Chief: Lloyd’s Seeks Boost in 2024 International Growth
Lloyd’s plans an international expansion drive next year as it looks to move beyond its dominant U.S., Canada and Australia markets, said Chief of Markets Patrick Tiernan. The Lloyd’s 2024 plan ...
Date: Thursday, November 30, 2023
Source: BestWire

UK Motor Claims Paid Hit Third-Quarter Record of $3.21 Billion, Says ABI
Payouts for motor insurance claims hit a record £2.54 billion ($3.21 billion) in the third quarter of 2023, the Association of British Insurers said in a new report. The quarterly payments were ...
Date: Thursday, November 30, 2023
Source: BestWire

Vienna Insurance Consolidates Poland, Hungary Acquisitions Amid Double-Digit Premium Growth
Vienna Insurance Group is consolidating acquisitions in Poland and Hungary as those two markets contribute to strong nine-moth premium growth, said its chief financial officer. The political and ...
Date: Thursday, November 30, 2023
Source: BestWire

AM Best to Host Webinar on How Insurers Are Combating Legal System Abuse
AM Best will host a complimentary webinar entitled “How Insurers Are Combating Legal System Abuse,” sponsored by Munich Re on Thursday, Dec. 14, at 11 a.m. (EST). From social inflation to nuclear ...
Date: Thursday, November 30, 2023
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: Thursday, November 30, 2023
Source: BestWire

Former Oklahoma Insurance Commissioner Grimes Dies at Age 82
Former Oklahoma Insurance Commissioner Robert Gerald Grimes has died at the age of 82. Grimes began his career in insurance with the Hartford Insurance Co. in Oklahoma City. In 1970, he joined ...
Date: Thursday, November 30, 2023
Source: BestWire

Synchrony Financial to Sell Pets Best Insurance Services to Poodle Holdings in Cash and Stock Deal
Financial services firm Synchrony Financial will sell its wholly owned pet insurance brand Pets Best Insurance Services to Poodle Holdings Inc. for a combination of cash consideration and an ...
Date: Thursday, November 30, 2023
Source: BestWire

Placing Platform Hires Ebix Europe Exec as Chief Information Officer
Placing Platform Ltd. hired Mark Griffith in the newly created role of chief information officer, effective January 2024. Griffith will assume overall responsibility for PPL’s project delivery as ...
Date: Thursday, November 30, 2023
Source: BestWire

Lexasure CEO: Strategy Is to Support Growth Via ‘Reinsurance as a Service’
Ian Lim, chief executive officer of Lexasure Financial Group, said digitally enabling client companies helps to provide support to a wide range of coverage areas. Lim spoke with AM Best TV at the ...
Date: Thursday, November 30, 2023
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

How Panama Fishing Boats Brought Mining Company First Quantum to its Knees
For more than a month, a group of 16 fishing boats has been blocking a key port in Panama, choking off coal and essential supplies destined for First Quantum Minerals’ giant copper mine there, eventually forcing it to halt operations …
Date: Friday, December 1, 2023

Maersk Reaches Settlement Over Ship That Blocked Suez Canal
A.P. Moller-Maersk A/S settled a Danish lawsuit against the companies behind a ship that blocked the Suez canal in 2021, forcing shipping lines to delay or divert vessels and causing global disruption of supply lines. “We can confirm that we …
Date: Friday, December 1, 2023

WCRI Report Examines Challenges of Low Back Pain and Comorbid Health Issues
Workers’ compensation patients who report comorbidities, especially mental health comorbidities (anxiety, depression, sleep dysfunction), had a stronger association with smaller functional recoveries than those who only reported physical health comorbidities such as diabetes, hypertension, obesity. That’s according to a recent …
Date: Friday, December 1, 2023

Study: Federal Payouts Bolstered Flood Policy Uptake, Insured Value
The availability of a federal flood payout in a county in a given year increased the number of flood insurance policies by 5.2% and the total insured value of the policies by 4.6% in the following year, a new study …
Date: Friday, December 1, 2023

New York Man Charged With Obstructing Investigation Into Fatal Construction Incident
A federal grand jury has indicted Richard Zagger, of Blue Point, New York, charging him with conspiracy and obstruction of an investigation into a fatal construction accident, according to the U.S. Department of Justice. The four-count indictment alleges that Zagger …
Date: Friday, December 1, 2023

Washington Workers’ Comp Premium Rate Going up an Average of 4.9% in 2024
The Washington State Department of Labor & Industries announced a 4.9% increase in the average workers’ compensation premium rate for 2024. The increase, which takes effect Jan. 1, 2024, means employers and workers will jointly pay, on average, an additional …
Date: Friday, December 1, 2023

Family of Los Angeles Deputy Killed in Ambush Plans to Sue Over Forced Overtime
The parents of a Los Angeles County deputy who was shot and killed while sitting in his patrol car plan to file a lawsuit accusing the sheriff`s department and county leaders of putting law enforcement officers at risk by making …
Date: Friday, December 1, 2023

Tesla Beats Claim It Fired New York Factory Workers Amid Union Campaign
A U.S. labor board has dismissed claims that Tesla Inc. illegally fired employees working on Autopilot software at a New York factory to put an end to union organizing. A National Labor Relations Board (NLRB) regional official on Friday tossed …
Date: Friday, December 1, 2023

Fishing Community Mayor, Top Officials Off the Hook in Retaliation Claims
The mayor and other city officials in the fishing community of Gloucester, Massachusetts are protected under qualified immunity against claims by the city’s harbormaster that they violated his First Amendment rights. The harbormaster sued the mayor, city solicitor, chief administrative …
Date: Friday, December 1, 2023

Former Root Marketing Exec Pleads Guilty to Taking Over $10 Million From the Insurer
Brinson Caleb “BC” Silver, former chief marketing officer for insurtech Root, has pleaded guilty to stealing more than $10 million from his former employer and violating court orders. According to the U.S. Attorney’s Office for the Southern District of Ohio, …
Date: Friday, December 1, 2023

Oregon Regulator to Investigate Pacificorp’s Request to Limit Wildfire Liability
Oregon’s utility regulator this week said it would investigate a petition by PacifiCorp to limit its liability from future wildfire-related lawsuits, delaying a decision on the power provider’s request by as long as nine months. In October, the Berkshire Hathaway …
Date: Thursday, November 30, 2023

Internet Research Shows Californians May Add to Risk of Fire Hazards
By most measures, California usually tops the list of the states most at risk of fires. But a new report shows the state’s residents and their desires to stay warm in chillier months may be making the state even riskier. …
Date: Thursday, November 30, 2023

Higginbotham Adds Texas’ Marshall Young Insurance
Higginbotham has announced a strategic alliance with Marshall Young Insurance of Cleburne, Texas, a firm known for providing specialized business insurance options to a wide range of clients. Founded in 1965 by Marshall Young as a construction, real estate, and …
Date: Thursday, November 30, 2023

New York Governor Seeks Federal Disaster Aid for Downstate for September Floods
New York Governor Kathy Hochul has requested a major disaster declaration from President Joe Biden to support the ongoing recovery of downstate communities affected by the significant flooding occurring during a two-day period in late September. If granted by the …
Date: Thursday, November 30, 2023

Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024
The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall decrease of 7.5 percent for 2024 workers’ …
Date: Thursday, November 30, 2023

Former Owner of Collapsed Michigan Dam Faces $120 Million Judgment for Environmental Damage
DETROIT (AP) – The former owner of a Michigan dam is on the hook for roughly $120 million sought by the state for environmental damage when the structure failed after days of rain in 2020, a judge said. But it`s …
Date: Thursday, November 30, 2023

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