Fitch Ratings News

Fitch Affirms Intact’s Ratings After RSA Acquisition; RSA Subsidiary Upgraded to ‘AA-‘

Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of Intact Financial Corp.’s insurance subsidiaries at ‘AA-‘ (very strong), after its acquisition of RSA Insurance Group. Fitch also upgraded the IFS of RSA’s operating subsidiary, Royal & Sun Alliance …

Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch

U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate improvement is unlikely this year from these actions and …

What 3 Experts Are Saying About Pipeline Attack and Cyber Insurance

Here is what AM Best, Fitch Ratings and CyberCube think about the recent ransomware attack that shut down Colonial Pipeline: AM Best: Spotlight on Cyber Insurance The ransomware attack on one of the largest pipelines in the United States highlights …

Commercial Auto Insurance Business on Road to Break-Even in 2021: Fitch

The commercial auto insurance segment posted its best underwriting result in a decade in 2020, thanks to continued big rate increases and a big drop in driving due to the coronavirus pandemic. According to a Fitch Ratings report, the commercial …

With Claims Rising, Cyber Insurers Need More Than Sizable Rate Increases: Fitch

Cyber insurance underwriters are reporting substantially higher claims losses in 2020 than in prior years and as a result face increasing profit pressure. insurers will have to achieve both significant premium rate increases and tighter coverage terms in order to …

U.S. P/C Insurers Report 2020 Underwriting Profits Despite Costs of COVID-19: Fitch

Despite considerable operating challenges in 2020 from the global COVID-19 pandemic, U.S. property/casualty (P/C) insurers saw a statutory underwriting profit for the third consecutive year, with an average 99% combined ratio, according to Fitch Ratings in a new report. In …

AM Best Maintains Negative Outlook on UK Non-Life Insurance Market

AM Best is maintaining a negative market segment outlook on the United Kingdom non-life insurance segment, citing economic uncertainty as a key headwind for UK non-life insurers. In addition, COVID-19-related lockdown measures coincided with the country’s exit from the European …

London Market Insurers’ 2020 Profits Canceled by COVID-19 but Rates Are Rising

Pandemic-related losses in 2020 were substantial for London market insurers and offset most underwriting and investment returns, according to a report published by Fitch Ratings. The main drivers of losses were event cancellations and business interruption policies, with the impact …

Insurance Unlikely to Cover All Shipowners’ Expenses Incurred in Suez Closure Chaos

The owners and charterers of ships unable to sail through the the Suez Canal for nearly a week face at least $24 million in expenses they will be unable to recoup as their insurance policies do not cover them, industry …

Analysts Affirm CNA Ratings As Insurer Continues Probe of Cyber Attack

CNA Financial Corp.’s financial ratings have not been affected by the insurer’s recent cyber attack. AM Best, S&P Global Ratings and Fitch Ratings all affirmed their current ratings and outlooks for CNA and its subsidiaries and said they believe the …