AM Best News

Outlooks Revised to Negative for Indiana’s NAMIC Insurance

AM Best reported it revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of NAMIC Insurance Co. Inc. (NAMICO) in Indianapolis, Indiana. The negative outlooks …

AXIS Gets AM Best Ratings Downgrade on ‘Deterioration’ of Operating Performance

AM Best has downgraded the credit ratings of Bermuda-based AXIS Capital Holdings and its subsidiaries. The re/insurer has had its Financial Strength Rating downgraded to A (Excellent) from A+ (Superior) and its Long-Term Issuer Credit Ratings have been downgraded to …

AM Best: Outlooks Negative for Wisconsin’s McMillan Warner Mutual Insurance

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of McMillan Warner Mutual Insurance Co. (MWM) in Marshfield, Wisconsin The Credit Ratings …

A.M. Best Downgrades Rhode Island’s Providence Mutual

The Providence Mutual Fire Insurance Co. has been dealt a financial strength rating downgrade from A.M. Best. A.M. Best said its decision to downgrade the insurer’s financial strength rating to “B++” (Good) from “A-” (Excellent) comes even as the insurer …

AM Best to Test Insurers for Coronavirus Impact; Fitch Lowers Allstate Outlook

Ratings firm AM Best said it is developing stress testing that it will conduct on its rated insurance companies’ balance sheets to gauge the impact of the COVID-19 virus fallout on their risk-adjusted capital levels, investment portfolios, reserve adequacy and …

P/C Insurers Score Low for Innovation, While Reinsurers Do Better: AM Best

In an initial test of its new innovation assessment scores, AM Best found that only 1 percent of rated property/casualty insurers merit scores high enough to categorize them as innovation leaders, according to a recent report. The special report, “AM …

Arkansas’ Southern Pioneer P/C Insurance Acquired by Biglari; Ratings Unchanged

AM Best said the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of Southern Pioneer Property and Casualty Insurance Co. (Southern Pioneer), based in Jonesboro, Ark., remain unchanged following its acquisition by …

How Much U.S. P/C Insurance Bottom Line Grew in 2019: A.M. Best

Net underwriting income for the U.S. property/casualty insurance industry in 2019 grew by $4.9 million from 2018, A.M. Best said in a new report. Underwriting income hit $4.1 billion in 2019, from a loss of $800 million in 2018, even …

AM Best Assigns A- Credit Ratings to Minnesota’s SFM Companies

AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to SFM Mutual Insurance Co. and its affiliates, SFM Safe Insurance Co. and SFM Select Insurance Co., collectively known as SFM …

D&O Insurers Urged to Adjust Rates, Underwriting for Risky Environment

Directors and officers liability insurance has gotten trickier and will confront major new challenges over the next few years. Continued rate hikes and narrower coverage guidelines will be necessary as a result, A.M. Best concluded in a new report. “We …