SYDNEY: PSC Insurance Group Limited has entered into agreements to acquire two UK based commercial (SME) broking businesses including Trust Insurance Services for a base consideration of £15.5 million and Abaco Insurance Brokers for a base consideration of £21 million. Managing Director of PSC Tony Robinson said: “These acquisitions are consistent with our goal of…
AUCKLAND: Tower Limited has agreed to pay $14 million in cash to ANZ to acquire and assume ANZ’s rights and obligations relating to servicing a portfolio of insurance underwritten by Tower. This transaction enables this portfolio to be brought into the Tower Direct business. Tower provided insurance for ANZ and National Bank customers between 1990…
nib Group (nib, formerly Newcastle Industrial Benefits) is an Australian health care fund. It was established in the NSW Hunter Region in 1952 to provide health insurance for workers at the BHP Steelworks, and has since grown into a national and international operation. The Commonwealth Private Health Insurance Ombudsman’s report: “2017 State of the Health…
Beazley PLC (LSE: BEZ) is the parent company of specialist insurance businesses with operations in Europe, the US, Asia, and the Middle East. Beazley manages six Lloyd’s syndicates. All Lloyd’s syndicates are rated A (Excellent) by A.M. Best and also benefit from the Lloyd’s chain of security. Beazley plc is incorporated in Jersey and tax…
Admiral Group plc is a financial services company headquartered in Cardiff, Wales. Listed on the London Stock Exchange, it is a constituent of the FTSE 100 Index, and markets the Admiral, Bell, Elephant and Diamond vehicle insurance brands, as well as operating the price comparison services Confused.com and Compare.com. Type: Public limited company Traded…
OLDWICK: As more of Fannie Mae and Freddie Mac’s mortgage risks continue to make their way to the reinsurance market, AM Best has published tables of net capital charges associated with a select group of transactions from these government-sponsored enterprises’ (GSE) credit risk transfer (CRT) programs. These tables also highlight some of the key components…
HONG KONG: High common stock leverage among each of Japan’s major non-life insurers brings systematic equity price risk into greater consideration, given the current COVID-19-driven stock market volatility, according to an AM Best special report. The Best’s Special Report, “Japan Non-Life: Robust Capitalisation to Weather Stock Market Volatility,” states that stock market volatility continues to…
OLDWICK: According to insurance sector rating agency AM Best, the U.S. life/annuity (L/A) insurance companies continued to increase their exposures to commercial mortgage loans in 2019 and now hold more than $522 billion, up significantly from $382 billion in 2015. The Best’s Special Report, titled, “Commercial Mortgage Loans Increasing, Credit Quality Decreasing,” notes that U.S….
OLDWICK: Insurance sector rating agency, AM Best has upgraded the Long-Term Issuer Credit Rating to “bbb+” from “bbb” and affirmed the Financial Strength Rating of “B++” of South Carolina Farm Bureau Mutual Insurance Company and Palmetto Casualty Insurance Company. The outlook of these Credit Ratings remains stable. Both companies are domiciled in Cayce-West Columbia, SC….
OLDWICK: Global rating agenct AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Kingstone Insurance Company (KICO). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of Kingstone Companies Inc. (KINS) (Delaware), the insurance holding company of KICO. AM Best also…
SYDNEY: Kiwi insurer, Tower, has confirmed that it will be refunding customers $7.2m, due to the lower cost of car claims during the COVID-19 lockdown period. Tower CEO, Richard Harding, said that every customer would be refunded part of the car insurance premiums they paid during the level three and four lockdowns. “We’re a Kiwi…
HONG KONG: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Union Insurance Company Limited of Taiwan. The outlook of these Credit Ratings is stable. The ratings reflect Union’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate…