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AM Best downgrades California Casualty credit ratings

News

Losses

AM Best downgrades California Casualty credit ratings

AM Best has downgraded the long-term issuer credit ratings of California Casualty from “bbb+” to “bbb” and changed the outlook on its financial strength ratings from stable to negative as it pointed to a material decline in its capital base from sub-optimal underwriting and operating results.

Thu 13 Jun 2019

The Hanover gets credit ratings upgrade from AM Best

News

Rating actions

The Hanover gets credit ratings upgrade from AM Best

The Hanover has had the long-term issuer credit ratings (ICR) of its operating subsidiaries upgraded from “a” to “a+” by AM Best, reflecting an improvement in the agency’s assessment of the US insurer’s business profile.

Thu 13 Jun 2019

News

Concerns over crop and annuity book at AFG overdone: analyst

Buckingham Research Group analyst Amit Kumar has put a buy recommendation on American Financial Group (AFG) because he believes any downside risk priced into the stock relating to its crop business and index fixed annuity (FIA) portfolio is overdone.

Thu 13 Jun 2019

Adopting a Holistic Enterprise Approach for Life Insurer Portfolio Optimization

Life insurers traditionally follow a bottom-up asset liability matching approach to construct their investment portfolios. Do you know the benefits of taking a top-down enterprise approach?

Thu 13 Jun 2019

Gard on hook for Gulf of Oman tanker incident

News

Losses

Gard on hook for Gulf of Oman tanker incident

The crude oil tanker Front Altair which is currently ablaze in the Gulf of Oman is a member of P&I club Gard, The Insurer can reveal.

Thu 13 Jun 2019

Chaucer bolsters London A&H book with TransRe hire

News

People Moves

Chaucer bolsters London A&H book with TransRe hire

Lloyd’s specialty insurer Chaucer has hired Sarfraz Pivano from Transatlantic Reinsurance Company to take up the role of accident & health treaty underwriter in its reinsurance division.

Thu 13 Jun 2019

News

Lloyd’s decile 10 lines produced 162% profit erosion in 2018

Lloyd’s profit erosion worsened in 2018 with decile 10 lines of business responsible for eroding 162 percent of the market’s total profit. However, the market’s top performers – deciles one and two – produced circa 92 percent of total profits at Lloyd’s.

Thu 13 Jun 2019

News

Energy

Kadow takes over as AGCS marine and energy head as Buxton departs

AGCS has promoted Ulrich Kadow to global head of marine, taking over responsibility for the carrier’s global marine portfolio from Simon Buxton, who is leaving Allianz to “pursue other opportunities outside the company”.

Thu 13 Jun 2019

News

Aviation

Fadden replaces Hansen as AGCS aviation head

AGCS has named Tom Fadden as global head of aviation, replacing Mike Hansen who has left to join Stephen Catlin and Paul Brand’s start-up Convex.

Thu 13 Jun 2019

News

Insurtech Inzura.ai secures £1mn in fundraising

UK-based insurtech Inzura.ai has raised £1mn ($1.3mn) in its latest funding round, following a seed investment of $1mn January 2018.

Thu 13 Jun 2019

Pioneer hires Willis Re’s Souter for head of capital role

News

People Moves

Pioneer hires Willis Re’s Souter for head of capital role

Pioneer has appointed Andrew Souter as head of capital.

Thu 13 Jun 2019

News

PartnerRe in $500mn refinance

Bermudian PartnerRe has become the latest major carrier to seek to refinance with a $500mn 10 year debt offering.

Thu 13 Jun 2019

News

Property catastrophe

CEA renews flat and looks to reduce reliance on reinsurance

The California Earthquake Authority’s recent renewal of a $1.1bn segment of its giant $8.3bn risk transfer programme priced flat as the residual insurer pledged to continuing pursuing legislative reforms for alternative funding to reduce its reliance on reinsurance and redirect resources to mitigation efforts.

Thu 13 Jun 2019

5-year NFIP extension clears key House committee

News

Flood

5-year NFIP extension clears key House committee

The US House of Representatives financial services committee has passed a measure that would extend the National Flood Insurance Program (NFIP) for five years.

Wed 12 Jun 2019

D&O displaying discipline, but not yet a hard market

Analysis

D&O

D&O displaying discipline, but not yet a hard market

US D&O insurers are showing a new-found willingness to walk away if their price increase demands are not met, while the increasing cost of defending claims is putting lower excess insurers in the burn layer more.

Wed 12 Jun 2019

News

Large claim frequency climbs for reps and warranties insurance: AIG

An increasing frequency of large claims combined with softening rates and broadening terms and conditions are presenting challenges for underwriters in the representations and warranties market, according to AIG.

Wed 12 Jun 2019