AM Best News

AM Best Concerned D&O Prices ‘Fell Too Far, Too Quickly’

Insurance industry rating analysts from AM Best warn recent softer pricing for directors and officers coverage could begin to affect insurers’ underwriting results. AM Best noted renewal premium for monoline D&O liability continued to fall during the first three months …

AM Best: US P/C Industry Improves Despite 2024 Underwriting Loss

The U.S. property/casualty industry took another underwriting loss in 2024, but results improved thanks to rate increases and changes in risk selection. A report from industry rating agency AM Best this week said U.S. P/C insurers posted an underwriting loss …

AM Best Revises Outlooks to Negative for Mercury and Subsidiaries Over LA Wildfires

AM Best revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Mercury Casualty Group. Concurrently, AM Best revised …

First Chicago Insurance Group’s Credit Ratings Upgraded to Positive Outlook by AM Best

AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICRs of “bb” (Fair) of First Chicago Insurance Company …

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 …