A.M. Best News

New Zealand EQ Insured Losses Could Top $3B: AIR Worldwide

Catastrophe modeling firm AIR Worldwide released its initial estimates of industry insured losses from the earthquake that struck New Zealand’s South Island early this week, putting a range of $762 million to $3.5 billion out for the event (NZD1.15 billion …

Greenlight Capital Re Hit With A.M. Best Ratings Downgrade

Greenlight Reinsurance Ltd. has been seeking to improve underwriting results after months of losses. But it apparently hasn’t moved fast enough for A.M. Best, which slapped it with credit ratings downgrades. A.M. Best said it downgraded the financial strength rating to …

Golden Bear in California Upgraded to A.M. Best A- VII Rating

Stockton, Calif.-based Golden Bear Insurance Co. announced that its A.M. Best issuer credit rating has been upgraded from “A- VI” to “A- VII” (Excellent). “Our rating reaffirms the deep level of experience among the Golden Bear team in underwriting property …

LUBA Indemnity Insurance Assigned A- Financial Strength Rating by A.M. Best

A.M. Best has assigned a financial strength rating (FSR) of A- (Excellent) and a long-term issuer credit rating (Long-Term ICR) of “a-” to LUBA Indemnity Insurance Co. LUBA Indemnity a wholly owned subsidiary of LUBA Casualty Insurance Co. (LUBA). Both are headquartered in Baton Rouge, …

A.M. Best: Damage From Hurricane Matthew Won’t Affect Most Insurer Ratings

A.M. Best does not anticipate a significant number of rating actions related to Hurricane Matthew, as most rated insurance carriers have sufficient capital and appropriate reinsurance programs in place to effectively absorb this event, according to a new briefing from the …

InsurTech Startup Launches Lease Guarantee Platform in New York

TheGuarantors, a New York based insurance tech startup founded in 2014, is seeking to make renting an apartment in New York easier for landlords, brokers and renters through its newly launched tech-enabled lease guarantee platform. The platform, which serves as …

Outlooks Revised to Negative for Texas Farm Bureau Casualty Insurance, Subsidiary

A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Texas Farm Bureau Casualty Insurance Co. (Texas Casualty) and its subsidiary, Farm Bureau County …

A.M. Best Withdraws Credit Ratings of Oklahoma’s Farmers Mutual Fire Insurance

A.M. Best has affirmed the financial strength rating  (FSR) of B (Fair) and the long-term issuer credit rating (ICR) of “bb+” of Farmers Mutual Fire Insurance Co. (Farmers) in Okarche, Okla. The outlook for the long-term ICR has been revised …

Europe’s Top Cedents Saw Cessions Jump by Double Digits in 2015: A.M. Best

Europe’s top cedents reported a double-digit hike in cessions for 2015 compared to the previous year. The trend stems from their taking advantage of cheap and bountiful reinsurance capacity, A.M. Best said in a new report. The continent’s 20 largest …

Negative Reinsurance Sector Outlook Not Changing Anytime Soon: A.M. Best

A.M. Best said its outlook for the reinsurance sector remains negative due to a multitude of factors, and it will likely stay that way for quite some time. “Our rating outlook remains longer-term than our typical 12-18 months,” A.M. Best …