AM Best

US crop results to improve in 2020 after worst year in a decade: AM Best

Results for the US crop insurance market this year will be better than in 2019 despite recent natural catastrophe activity, AM Best has predicted in a new report.

US mutuals’ premium growth continues to slow: AM Best

The impact of Covid-19 on US mutuals will extend beyond the third quarter, with premium growth continuing to slow following an already lower level of growth in 2019, according to a new report from AM Best.

Covid-19 and higher reinsurance rates challenging Caribbean insurers: AM Best

The socioeconomic impact of Covid-19 has been a catastrophe for the Caribbean this year, coming on top of Hurricane Dorian pummeling the region in 2019 and reinsurance price firming, AM Best has noted in a new report.

Comment: E&S outlook underrated

AM Best holds a negative outlook on the US surplus lines sector. But the data for the first half of 2020 shows strong momentum, despite the challenges of Covid-19.

AM Best changes under review status of Starstone US units’ ratings

After receiving additional business plan information, AM Best has changed the under review status on its A- ratings of two US subsidiaries of Starstone to developing from negative.

New capital raised so far unlikely to change E&S market dynamics

While capacity from new entrants is welcome in the hardening E&S market, it has not reached levels that will alter current dynamics, according to AmWINS president James Drinkwater.

US surplus lines premium topped $55bn in 2019 as momentum continues: AM Best

Rate increases and business flow from the admitted market drove E&S premium to a record high last year as US domestic writers grew faster than Lloyd’s, while there are positive signs that the segment’s top line momentum has survived the Covid-19 blip, according to AM Best.

AM Best to “carefully monitor” Greenlight Re performance after executive exits

AM Best does not expect to change Greenlight Capital Re’s ratings following the departures of its CUO and CFO but the ratings agency has stressed it will keep an eye on whether the Cayman Islands-based reinsurer is complying with its business plans.

Liability exposures could teach school insurers a lesson: AM Best

School-focused insurers in the US could face an onslaught of pandemic-related litigation, with the potential for significant expenses and losses prompting reinsurers to require Covid-19 exclusions, AM Best has warned.

Protective kept on negative outlook amid profitability challenges

AM Best has maintained a negative outlook on its ratings of Protective Insurance Corporation, which has been the subject of a takeover attempt by a consortium led by VJ Dowling.

AM Best goes positive on credit ratings of Ascot’s US and Bermuda carriers

Ascot Group’s US and Bermudian (re)insurance subsidiaries have seen their credit ratings outlook revised to positive by AM Best with the agency stating it expects the carrier’s underwriting portfolio will positively diversify as it builds out from its non-Lloyd’s platforms.

Trade credit reinsurance losses will continue to materialise into 2021: AM Best

The economic slowdown sparked by Covid-19 could lead to large trade credit losses, with reinsurers in line to take a material share, AM Best has warned.

Reinsurance hardening may need to be sustained for two years: AM Best

AM Best believes reinsurers risk losing investor confidence if pricing momentum is not sufficient to offset losses from previous years and the impact of Covid-19.

Swiss Re holds on to top spot in 50 biggest reinsurer rankings

Swiss Re has maintained its pole position for the second year running at the top of AM Best’s list of the world’s largest reinsurers.

Current hard market less sustainable than ’01 and ’05: AM Best

The hardening reinsurance market conditions are less sustainable than those of the past as the current upwards shift has more to do with underwriting discipline than capital depletion, AM Best’s associate director of global reinsurance has warned.

Cali wildfires in 2020 could be as costly as in 2017: AM Best

This year’s California wildfires may be at least as costly as the 2017 fires that caused $13bn in insured losses, AM Best believes, with excess and surplus lines writers in line to take a larger proportion of losses.

Hurricane Laura projected landfall most like $6.4bn Rita: AM Best

The rapidly strengthened Hurricane Laura has a projected landfall that is most comparable to Hurricane Rita, the 2005 sister to Katrina and Wilma that resulted in $6.4bn in insured losses and an estimated $25.2bn in total damage, according to AM Best.

Covid concerns and pre-emptive trapping add to retro constraint ahead of 1.1: AM Best

The Covid-19 outbreak has added to the sense of constraint within the retro market ahead of the upcoming 2021 renewals, with the pandemic yet another unmodelled and unexpected loss for the industry and causing further alarm among investors, according to AM Best.

AM Best points to AIG’s “steadily improving” P&C performance

AM Best has highlighted the improved operating performance of AIG’s property casualty subsidiaries (AIG P&C) but warned Covid-19 could hinder further improvement at the operations as it affirmed their ratings with a stable outlook.

AM Best upgrades credit rating of recently acquired Southern Pioneer

The long-term issuer credit rating of Arizona-based carrier Southern Pioneer Property and Casualty Insurance has been upgraded by AM Best to “’bbb+” from “bbb”.

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