The outlook of Hong Kong-based reinsurer Peak Reinsurance Company Limited was downgraded from negative to stable by rating agency AM Best. The background to the revision is the agency’s assessment of Peak Re’s parent company, Fosun’s stabilized creditworthiness and the low probability of a potential negative credit event at the company that could expose Peak […]
As specialty insurer Core Specialty Insurance Holdings, Inc.’s product and geographic diversification continues to improve due to acquisitions and organic growth initiatives, AM Best has upgraded the credit ratings of its subsidiaries. The global rating agency has upgraded the Financial Strength Rating (FSR) of StarStone Specialty Insurance Company and StarStone National Insurance Company to A […]
While the combination of higher interest rates and more favourable mortality trends has improved conditions for life and pension reinsurers, it has also led to increased competition. According to global ratings agency AM Best, some of these reinsurers are backed by alternative investment managers or large private equity firms. In a new report, the agency […]
In the first three months of 2024, total revenues in the U.S. life and annuity insurance market rose 16% to $303.2 billion, compared to $261.4 billion a year earlier, according to ratings agency AM Best. This significant increase is due to a 20.5% increase in premiums and pension payments, a 43.6% increase in other income […]
AM Best has assigned Ethiopian Reinsurance SC (Ethio Re) a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of ‘bb’ (Fair) with a stable outlook. Ethio Re is a small-scale reinsurer by global standards, founded in 2016, with a portfolio of composite reinsurance businesses in Ethiopia and a select number of […]
According to AM Best’s industry rating, losses in Puerto Rico from Hurricane Ernesto are expected to be covered by insurers based on the island. Initial feedback from AM Best-rated insurers – although it is still early in the claims process – suggests that property damage from the storm will be moderate and within reinsurance limits. […]
AM’s top-rated U.S. captive insurers had a strong year in 2023, reporting net income of $1.4 billion, up 53% from the previous year’s figure of $923 million. At the same time, the five-year average combined loss ratio of U.S. captives rated by AM Best of 86.5% exceeded their comparable commercial liability insurance rate of 97.5%, […]
AM Best believes that Puerto Rico-based insurers will be able to absorb the losses caused by Hurricane Ernesto. Property damage is expected to be moderate and within reinsurance limits. National Oceanic and Atmospheric Administration via AP Based on initial discussions with the rated companies, the rating agency found that the damage caused by Hurricane Ernesto […]
AM Best, a credit rating agency, has assigned Martello Re Limited, an insurance and reinsurance company based in Hamilton, Bermuda, a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of ‘a-‘ (Excellent), with the outlook for these ratings being stable. Martello Re’s robust balance sheet strength is primarily supported by its […]
