Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
Predictions that the property/casualty insurance industry is in the midst of repeating the type of loss reserving cycle that accompanied the hard market of the beginning year of this century may be overblown, according to an analyst. In fact, William …
Commercial lines insurer CNA Financial Corp. and Enstar on Dec. 30, 2020 said they had reached an agreement to have a subsidiary of Enstar reinsure a legacy portfolio of excess workers’ compensation policies, representing $690 million in prior-year loss reserves. …
Markel Corp. is facing is class action shareholder lawsuit over reserve statements by its investment management unit that are being investigated by U.S. and Bermuda authorities New York law firm Bragar Eagel & Squire said it filed the class action …
On Friday Dec .7, Markel Corp. said it was fully cooperating with inquiries by U.S. and Bermuda authorities into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd., the company’s investment manager, and its …
Willis Towers Watson has launched a new version of its loss-reserving software, ResQ. ResQ 4.1 provides property and casualty (P/C) insurers with new reporting capabilities to further advance the software’s technical capability, in response to clients’ increasing need for faster …
Reinsurers are running out of claims reserves that they can release to boost profits as pricing continues to fall, according to the head of Allianz SE’s reinsurance unit. “I don’t think there are too many loss reserves left and the …
Last Friday, A.M. Best Co. downgraded the financial strength rating (FSR) to B (Fair) from B++ (Good) of the pooled and reinsured members of the Tower U.S. Pool. A.M. Best said the downgrade and other related actions take into consideration …
