QBE Seguros downgraded to B++ ahead of saleAM Best has downgraded the financial strength ratings of Puerto Rican carrier QBE Seguros from A- to B++ after its global insurer parent agreed a deal to sell the subsidiary to Rincon Investment.
Program start-up Sutton National gets preliminary A- from BestProgram fronting carrier start-up Sutton National Insurance Company has been given a preliminary credit assessment (PCA) of A- by AM Best.
AM Best downgrades Talanx and Hannover Re’s new EUR1bn European carrierAM Best has downgraded the financial strength rating and long-term issuer credit ratings of HDI Global Specialty SE.
CSAM’s Guernsey cat platforms have A- ratings affirmedCredit Suisse’s two Guernsey-based rated reinsurance platforms, Kelvin Re and Humboldt Re, have had their A- AM Best ratings affirmed on the eve of the 1.1 renewals.
AM Best downgrades Mercury on Cali wildfire lossesAM Best has downgraded the Financial Strength Rating and Long-Term Issuer Credit Ratings of Mercury Casualty Group on the back of the insurer’s exposure to wildfire losses and significant market concentration in California.
AM Best withdraws Trust Re ratingsIn the latest setback for Trust Re, AM Best has withdrawn the financial strength rating and long-term issuer credit rating of the Bahrain-based (re)insurer over its continued failure to disclose its audited 2017 financial statements.
Axa XL ratings upgraded following mega-merger completionXL Group and Axa have both had their ratings removed from under review with developing implications and their financial strength rating upgraded by AM Best.
AM Best upgrades global reinsurance market to stableAM Best has revised its outlook for the global reinsurance segment to stable from negative.
AIG’s post-Brexit unit given stable outlook by AM BestAIG UK has been assigned a stable outlook by ratings agency AM Best.
Labuan Re reassures after AM Best outlook downgrade; cuts back at Lloyd’sMalaysian reinsurer Labuan Re has written to its markets today reassuring them of its “strong fundamentals” following AM Best’s decision to reduce its outlook on its A- financial strength rating on the carrier from stable to negative.
Sirius given AM Best boost following NASDAQ listingOn the eve of the 1.1 renewals, Bermuda-headquartered Sirius International Insurance Group (SIIG) received a boost with AM Best affirming its A (excellent) Group financial strength rating and removing its negative outlook.
Lloyd’s reinsurer Labuan Re put on negative outlookMalaysian reinsurer Labuan Re has had its AM Best A- financial strength rating put on negative outlook as it contemplates another year of underwriting losses in both its international and domestic boom.
Starr injects $50mn into new European insurerUS carrier Starr has injected $50mn into its European subsidiary Starr Europe based in Malta.
Resurrected Folgate handed B rating by AM BestFolgate Insurance Company has been assigned a B financial strength rating and bb+ issuer credit rating from AM Best, days after the UK insurer announced it had penned a quota share underwriting deal with MS Amlin.
Citadel Re loses AM Best A- ratingNiche Bermudian reinsurer Citadel Reinsurance Company Ltd (Citadel Re) has been downgraded below the critical A- financial strength rating (FSR) by AM Best, the minimum typically required to write international specialty business.
Kuwait Re’s nine-month profit climbs 7 percentKuwait Re posted an after-tax profit of KD2.97mn ($9.83mn) for the first nine months of 2018, thanks to a 33.7 percent increase in net earned premium.
Maiden downgraded below AM Best A-AM Best has downgraded Maiden Holdings below the critical A- rating which is regarded as the minimum threshold to write US/international P&C business.
QBE’s Belgium hub handed A rating by AM BestAM Best has assigned QBE’s European hub with that all important ‘A’ financial strength rating, citing the strategic importance of the Australian carriers post-Brexit business as a major influence behind the decision.
S&P affirms Asia Capital Re’s ratingRatings agency Standard & Poor’s has reaffirmed the financial strength rating of Asia Capital Reinsurance Group at A- (Strong) with a stable outlook.
Trust Re ‘confident’ despite ratings downgradeBahrain-based Trust Re has said it remains “confident” in the firm’s future despite receiving a ratings downgrade from AM Best over its continued failure to file its 2017 financial results.