A.M. Best News

Ratings of Illinois-Based Unique Insurance Downgraded

A.M. Best has downgraded the financial strength rating to B- (Fair) from B (Fair) and the issuer credit rating to “bb-“ from “bb” of Unique Insurance Co. (Unique) of Chicago, Ill. The outlook for both ratings has been revised to negative from stable. …

2015 Expected To Remain Challenging For Reinsurance: Best Special Report

A.M. Best has released a new equity report focusing on the stock performance of global reinsurance companies. The report covers fourth quarter and full-year 2014 and “shows mixed results.” Best said: “For publicly traded reinsurance companies (including the four large …

Best Opens Singapore Office to Expand in Asia-Pacific Region

A.M. Best announced the establishment of a new office in Singapore as part of its continuing growth in the Asia Pacific Region, as the economies of the countries located there continue to expand. Best said the office would “offer internationally …

Ratings of Illinois-Based Specialty Risk of America Downgraded

A.M. Best has downgraded the financial strength rating (FSR) to B+ (Good) from B++ (Good) and the issuer credit rating (ICR) to “bbb-” from “bbb+” of Specialty Risk of America (SPRISKA) in Springfield, Ill. The outlook for the ICR remains negative, while the …

Issuer Credit Rating of San Antonio’s National Unity Insurance Downgraded

A.M. Best downgraded the issuer credit rating (ICR) to “bbb” from “bbb+” and affirmed the financial strength rating (FSR) of B++ (Good) of National Unity Insurance Co. (National Unity) in San Antonio, Texas. The outlook for both ratings has been revised to negative …

A.M. Best: Takaful Operators Struggle With Fierce Competition, Profitability

The significant premium growth in the global takaful sector is expected to continue and reach USD$20 billion by 2017, with the majority of that increase originating from Malaysia and Saudi Arabia, according to a new A.M. Best special report. The Best’s Special …

Best: Indonesia Insurers’ Reinsurance Buying Habits Could Affect Capital Ratios

The purchase of reinsurance by Indonesian non-life insurers is high, which could have a significant effect on capital requirements and magnify the capital impact of changes to reinsurance asset quality, according to an A.M. Best special report. The report, titled “Risk-Based Capital Impacts From …

ASEAN Open Market Will Benefit Region’s Insurance Industry: Best’s Report

While the planned year-end timeline for 10 Southeast Asia nations forging ahead under a single, open economic market appears to be slipping, the region’s insurance industry has reached common ground on the benefits of operating beneath such a model, according …

Ratings of Farmers Mutual Hail Insurance Co. of Iowa Downgraded

A.M. Best has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the issuer credit rating to “a-”from “a” of Farmers Mutual Hail Insurance Company of Iowa (FMH), headquartered in West Des Moines. Both ratings have been removed from …

A.M. Best: Insurers Must Consider Risks of U.K. Exit From European Union

Insurers based in the United Kingdom underwriting a material amount of European business should be monitoring the potential consequences of the United Kingdom exiting or renegotiating its position within the European Union (EU), according to an A.M. Best briefing. One such …