AM Best News

AM Best Downgrades Title Insurer’s Ratings

AM Best has downgraded Connecticut Attorneys Title Insurance Co. (CATIC) of Essex Junction, Vermont. The company’s Financial Strength Rating has been downgraded to to B (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb” …

AM Best: Wildfires Intensifying California’s Property Insurance Troubles

Wildfires are intensifying the problems in California’s property insurance market, according to a new commentary from AM Best. Those problems include a major insurer pullback from California in the past year, followed by the L.A. wildfires, which could result in …

13 US P/C Companies Impaired in 2023: AM Best

Thirteen U.S. property/casualty companies became impaired in 2023, 10 of which were placed into insolvent liquidation, according to an AM Best report. The insurance company impairments identified in the U.S. property/casualty industry in 2023 follow six reported impairments in 2022. …

Viewpoint: Delegated Underwriting Authority Enterprises Offer Insurers Competitive Edge

The growing adoption of data-driven underwriting and predictive analytics has given delegated underwriting authority enterprises (DUAEs) a competitive advantage within the insurance industry, with technology serving as a cornerstone for many of these operations. An AM Best survey of its …

Growth of Pet Insurance Continues as Market Could Reach $4.5B

Any pet owner who has been hit by sticker shock at the vet’s office understands why pet insurance is a booming business. Pet health insurance purchases have been up over the last several years, dramatically expanding premiums for the inland …

AM Best Upgrades Financial Strength Ratings for Employers Holding Subsidiaries

AM Best has upgraded the Financial Strength Rating (FSR) of Reno, Nevada-based Employers Holdings Inc.’s subsidiaries to A (Excellent) from A- (Excellent) and their Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent). Concurrently, AM Best upgraded …

When EVs Take Off: AM Best Reviews Impact on China Motor Insurance

Premiums for policies covering new energy vehicles in China have soared to $13.8 billion—a six-fold jump from the level recorded five years earlier, AM Best said in a special report. According to the report, “China’s New Energy Vehicle Boom Transforms …

AM Best Removes Negative Implications on Oklahoma’s Sutton National

AM Best has removed under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Sutton Specialty Insurance Company (SSIC) and Sutton National Insurance Company (SNIC), which …

AM Best Report Cites MGA’s Role in Insurer Insolvencies

This story has been edited for clarity. In May of 2022, as Florida lawmakers debated solutions to the Florida property insurance crisis, a number of Democrats in the state Senate argued litigation and roof claims were not to blame for …

Nonstandard Auto Segment Posts Profit for First Half 2024

While publicity about personal auto insurer initiatives has focused chiefly on requested rate increases, there’s more to the picture regarding auto insurers’ efforts to improve underwriting results after two calendar years of record underwriting losses. Improving the overall quality of …