AM Best News

Twice as Many Personal Lines Insurers Downgraded by AM Best in 2023

AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the year. Additional downgrades of 15 commercial insurers …

Pie’s Financial Strength Rating of A- Under Review by AM Best

Insurance industry rating agency AM Best on Friday put the financial strength rating of Pie Insurance Group under review with negative implications. Pie Insurance Company of Columbus and Pie Casualty Insurance Company of Chicago currently have a financial strength rating …

US P/C Industry Underwriting Loss Reaches 10-Year High: AM Best

Industry rating agency AM Best said the U.S. property/casualty industry’s underwriting loss for 2023 reached a 10-year high of $38 billion, attributable to severe weather-related losses, stubborn inflation, and upward reinsurance pricing. Analysts in the report published yesterday found that …

Skeptical AM Best Tags US D&O Segment With Negative Outlook

Rating agency AM Best has assigned a negative outlook to the U.S. directors and officers liability insurance segment as more market entrants increase capacity and drive down pricing in the face of some troubling potential risk exposures. “The current pricing …

Spike in Recent Ratings Downgrades Shows Challenges for US Insurers

Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released last month by Gallagher Re’s Strategic and Financial Analytics team. Downgrades of U.S. property/casualty (re)insurers jumped significantly in the …

AM Best Puts Credit Ratings of Casualty Underwriters in Utah Under Review

AM Best placed under review with negative implications the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of “b” (Marginal) of Casualty Underwriters Insurance Co. in Salt Lake City, Utah. The ratings have been placed under …

AM Best Upgrades Credit Ratings of Aspire General in California

AM Best upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of Aspire General Insurance Co. in Rancho Cucamonga, California. The outlook of these ratings has …

AM Best Says Losses from California Storms Largely Uninsured, Underinsured

The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, …

AM Best Revises Outlooks to Negative for Amica Mutual

Insurance rating firm AM Best has revised the outlooks to negative from stable and affirmed the superior credit ratings of Amica Mutual Insurance Co. and its subsidiary, Amica Property and Casualty Insurance Co. The companies’ Financial Strength Rating (FSR) of …

AM Best Revises Outlooks to Negative for Farmers Mutual Fire of Pennsylvania

Ratings firm AM Best has revised the outlooks to negative from stable of Farmers Mutual Fire Insurance Co. of Marble, Pennsylvania. At the same time, it has affirmed the insurer’s Financial Strength Rating of A (Excellent) and the Long-Term Issuer …