United Heritage’s UHPC and Sublimity subsidiaries have FSRs cut by AM BestUnited Heritage Financial Group’s operating subsidiaries United Heritage Property & Casualty Company (UHPC) and Sublimity Insurance Company have had their financial strength ratings (FSR) downgraded to C++ and B respectively by AM Best following a “material decline” in their policyholder surpluses in Q3 2023.
AM Best stays negative on US personal lines amid results deteriorationAM Best has maintained its negative market segment outlook on the US personal lines insurance segment for 2024 because of continuing deterioration in results for the personal auto and homeowners’ lines of business, along with rising loss costs driven by inflationary pressures.
AM Best keeps Argo under review with developing implications after takeoverAM Best has maintained the under review with developing implications status for Argo Group International Holdings, with the rating agency expecting to meet with management to complete its assessment of the Bermudian’s post-acquisition rating fundamentals.
AM Best maintains stable outlook for global reinsuranceAM Best has maintained its stable outlook for the global reinsurance sector, citing substantial rate improvement, primarily in property lines, alongside increased demand for coverage.
AM Best assigns MGT’s newly acquired CM Select A- FSRMGT Partners’ newly acquired CM Select Insurance Company has been assigned a financial strength rating of A- along with a long-term issuer credit rating of a-, with the outlook on both set at stable.
European reinsurers’ income RoE surges to 21% for 9M 2023: Fitch RatingsNet income return on equity for Europe’s four main reinsurers has surged by 18 percentage points to 21 percent for the first nine months of 2023, with Fitch Ratings maintaining its “improving” outlook for the global reinsurance sector.
GIC Re handed positive AM Best outlook on ERM turnaroundGIC Re has had the outlook on its long-term issuer credit rating revised to positive from negative by AM Best, which the rating agency said reflected an improvement in the state-backed reinsurer’s balance sheet strength and ERM fundamentals.
S&P places 15 Bermuda insurance companies on negative CreditWatchS&P Global Ratings has placed 15 Bermuda insurance holding companies’ long-term issuer credit ratings on CreditWatch with negative implications following the release of its finalised insurance rating criteria last week.
Fitch upgrades Swiss Re’s outlook to positiveFitch Ratings has revised Swiss Re’s outlook to positive from stable, with the rating agency also affirming an insurer financial strength rating of A+ (strong) and a long-term issuer default rating of A.
Trucking-focused Southwind RRG gets A FSR from DemotechTrucking liability specialist Southwind Risk Retention Group has been assigned a financial stability rating of A (Exceptional) by Demotech.
AM Best ends Clear Blue review and affirms A- rating after $25mn capital injectionAM Best has concluded its review on the members of Clear Blue Insurance Group and affirmed its A- financial strength rating on the fronting carrier with a stable outlook after it took steps to address fallout from the Vesttoo fraud including replacing reinsurance capacity and injecting $25mn of capital.
S&P releases final insurance rating criteriaS&P Global Ratings has released its final criteria for analysing (re)insurers’ risk-based capital adequacy, after an almost two-year development process.
Florida Farm Bureau’s B++ FSR under negative review by AM BestAM Best has placed Florida Farm Bureau Group’s B++ financial strength rating and bbb+ long-term issuer credit rating under review with negative implications, by following “a considerable decline” in the group’s key balance sheet strength metrics, partly from Hurricane Idalia losses.
Triple-S Propiedad’s ratings put on positive review despite Maria developmentAM Best has placed under review with positive implications the financial strength rating of B++ and the long-term issuer credit rating of “bbb” of Guaynabo, Puerto Rico-based Triple-S Propiedad, a move that follows an upgrade from the rating agency in December last year.
Moody’s cuts Nationwide to A2, says E&S shift could take “couple years” to hit target UW resultsMoody's has downgraded the insurance financial strength ratings of Nationwide Mutual Insurance Company and its property casualty affiliates to A2 from A1, with the rating agency citing weak profitability in standard personal and standard commercial lines over the past several years.
Florida reciprocal start-up Orange secures BBB KBRA ratingKBRA has assigned a BBB insurance financial strength rating to Orange Insurance Exchange, the new Don Matz-led reciprocal insurer that formally launched operations in Florida earlier this month.
SiriusPoint’s Egan: Ratings outlook change “powerful external vindication” of progressSiriusPoint CEO Scott Egan has described S&P’s revision of the Bermudian’s ratings outlook to stable as a “powerful external vindication” of its turnaround progress, as the executive also commented on reserve increases and MGA stake sales.
AM Best to conclude analysis of James River ratings this monthAM Best has commented that the credit ratings of James River Group Holdings and its subsidiaries remain unchanged at this time following the announcement that its board of directors will explore strategic business alternatives.
Porch’s HOA re-assigned Demotech FSR after exiting TDI supervisionHomeowners of America Insurance Company (HOA) has been assigned an A (Exceptional) financial stability rating (FSR) from Demotech, around two months after it was withdrawn as the carrier was placed under temporary supervision by Texas' regulator amid fallout from the Vesttoo scandal.
AM Best says Greenlight Re ratings unchanged following CEO changeAM Best has said that its A- financial strength and “a-” long-term issuer credit ratings on Greenlight Capital Re and its subsidiaries remain unchanged following the announced departure of CEO Simon Burton at the end of the year, with Greg Richardson coming in from 1 January 2024 to take the reins.