Fitch News

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 …

Fitch Says Bermuda (Re)Insurers Should Weather Sovereign Downgrade

According to Fitch Ratings, “while insurance industry concerns factored into Tuesday’s downgrade of Bermuda,” it does not expect Bermuda (re)insurers to be affected, “as all our ratings of Bermuda (re)insurers remain below the new sovereign rating, which also has a …

Fitch: Workers’ Compensation Weakest Segment; Combined Ratio Worst in 10 Years

Workers’ compensation, the largest commercial lines segment representing approximately 18 percent of commercial lines net written premiums in 2011, posted a statutory combined ratio of 117 percent in 2011, according to a new report by Fitch Ratings. This result is …

Fitch Analyzes Uncertainty over Extension of UK Flood Insurance Plan

The end in June of the UK government’s agreement with the country’s insurance industry, the Statement of Principles (SoP) agreement, which provides insurance in high flood risk areas, “may prove positive for the UK insurance industry,” according to a report …