Standard & Poor’s News

S&P and Fitch Chop Britain’s ‘AAA’ Rating After Brexit Vote

Britain suffered further blows to its economic standing on Monday as two top ratings agencies downgraded its sovereign credit score, judging last week’s vote to leave the European Union would hurt its economy. Standard & Poor’s stripped Britain of its …

Re/Insurance Business Leaders Begin to Comment on Post-Brexit World

The UK joined the European Union in January 1973, and yesterday, the UK public voted to leave. After 43 years of marriage, the divorce proceedings will soon begin. No one knows how long it will take for the UK to …

Brexit Would Create Extra Burden for Reinsurers, Caution CEOs

While insurers and reinsurers will be able to deal with the aftermath of an exit of the U.K. from the European Union, the time and cost involved are unwelcome intrusions to the business, executives suggested here. Plan B might be …

Bigger Is Better for Lloyd’s Syndicates with Active Cycle Mgmt: S&P

Benign catastrophe losses, combined with lower and less frequent casualty lines claims, helped Lloyd’s syndicates deliver another strong set of results in 2015, reporting an average combined ratio of 90 percent, according to a report published by Standard & Poor’s. …

Small Group of Bermudian Re/Insurers Drive Overall Q1 Premium Growth: S&P

At first glance, Bermudian re/insurance companies appeared to start the year with a bang, reporting a 21 percent increase in consolidated gross premiums written (GPW), according to a new report published by Standard & Poor’s. However, that picture is slightly …

Alberta Wildfires Could Cost $7B with Minimal Insurer Credit Hit: Ratings Agencies

The Fort McMurray wildfires, which have been raging through northern Alberta, Canada since May 1, are likely to be the costliest natural disaster in Canadian history, according to recent reports issued by catastrophe modeling firm AIR Worldwide, rating company DBRS …

Global, Diversified Multiline Insurers Best Placed to Withstand Challenges: S&P

Global, diversified insurers are best positioned to withstand the industry’s top economic and competitive challenges, according to a report published by Standard & Poor’s Global Ratings. Geographic and product diversification help global multiline insurers (GMIs) cope with challenges such as …

S&P Expects UK to Vote to Stay in EU by Small Majority; Warns About Brexit

Ratings agency Standard & Poor’s said on Friday it expected Britons to vote to remain in the European Union by a small majority in a June 23 referendum, but that the risk of leaving was a negative for the country’s …

UK’s Flood Re Launches to Bring Affordable Flood Cover to Homeowners

The U.K.’s new joint industry and government sponsored reinsurance scheme for flood risk began operating today (April 4). Designed to help provide access to affordable flood insurance cover for households at the highest risk, Flood Re expects up to 350,000 …

Strong Reinsurer Results Hide Difficult Business Conditions: S&P, Fitch Reports

Weak business conditions in the reinsurance industry are being masked by a low level of catastrophes and a high level of reserve releases, said Standard & Poor’s Ratings Services and Fitch Ratings in new reports. “Stripping out these two factors, …