Fitch News

Fitch: Downward Pricing Pressures in Reinsurance Market Begin to Slow

The reinsurance market showed signs of decelerating rate declines in its most recent June/July 2015 renewals, indicating that pricing could be approaching a new equilibrium, says Fitch Ratings in a new global sector report. Reinsurance pricing has experienced downward pressures …

UPDATE: Tianjin Blast Claims Could Top Estimates, Strain Chinese Insurers

Insurance claims from the devastating explosions at the Chinese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings agency Fitch said on Tuesday. Credit Suisse analysts estimated that total insurance losses …

Fitch Upgrades Citizens’ Coastal Account, Outlook Stable

Fitch Ratings has assigned an ‘AA-‘ rating to the following senior secured bonds of the Citizens Property Insurance Corp., Coastal Account (formerly known as the High Risk Account): –$750 million series 2015A-1; –$250 million series 2015A-2 (SIFMA FRN). The bonds …

75 Homes Destroyed in Texas Panhandle Wildfire

Emergency officials say about 75 homes are destroyed and hundreds of people have evacuated the area after a wildfire burned up to 2 square miles in the Texas Panhandle. The Texas Department of Public Safety said in an email that …

German Public Sector Insurers Unlikely to Merge: Fitch

German public-sector insurers, which include Versicherungskammer Bayern and Provinzial Nordwest Holding AG, are unlikely to merge, Fitch Ratings said. “There is no requirement for such a high number of public- sector insurers,” the ratings firm said in a statement today, …

New Global Ratings Agency to Vie with Moody’s, S&P, Fitch

Credit ratings organisations from five countries are launching a new global agency, touting it as an alternative to the Big Three agencies which they say no longer meet the needs of the new globalised world. In a statement on Tuesday, …

P/C Insurers’ Loss Reserves Continue to Surprise Analysts

Analysts at two rating agencies, Fitch and Moody’s, believe property/casualty insurers’ prior-year loss reserve takedowns will continue to outpace reserve additions in 2013. The analysts spoke about P/C industry reserving trends as they reviewed their year-end outlooks and 2013 forecasts …

Fitch Downgrades Argentine Insurers Ratings after Sovereign Downgrade

Fitch Ratings has downgraded the long-term National Scale ratings of 12 insurance companies in Argentina, and has also revised the companies’ rating outlooks to negative from stable. Fitch said it took the rating actions following its Nov. 27 downgrade of …

Fitch Notes Reinsurers More Risk-Focused For More Asian Catastrophes

Fitch Ratings has issued a statement which points out that the “spate of Asia-Pacific catastrophes in the past two years have prompted reinsurers to take stock of their existing portfolio and re-evaluate their underwriting approach and risk appetite.” As a …

Fitch Affirms Lloyd’s ‘A+’ Ratings; Outlook Stable

Fitch Ratings has affirmed Lloyd’s of London’s Insurer Financial Strength (IFS) rating at ‘A+’, and the Society of Lloyd’s Long-term Issuer Default Rating (IDR) at ‘A’ as well as Lloyd’s Insurance Company (China) Ltd’s IFS rating at ‘A+’. All three …