OLDWICK: Global insurance sector rating agency, AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the members of Pacific Life Group (Pacific Life): Pacific Life Insurance Company and Pacific Life & Annuity Company. Both companies are headquartered in Newport Beach, CA. Additionally,…
LONDON: Lloyd’s, the world’s leading (re)insurance market, revealed that it will pay out in the range of $3 billion to $4.3 billion to its global customers as a result of the far-reaching impacts of COVID-19. This is on a par with 9/11 in 2001 and the combined impact of hurricanes Harvey, Irma and Maria in…
LONDON: Randall & Quilter Inv Hldgs Ltd (R&Q) has acquired the Montana captive insurer, Vigneron Insurance Company, Inc. (VICI), from a wholly owned private investment holding company with diverse holdings in a variety of industries, real estate, marketable securities and other investments. VICI underwrote deductible reimbursement policies to cover the obligations under insurance policies taken…
OLDWICK: AM Best, a global credit rating agency, news publisher and data provider specializing in the insurance industry, has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of EyeMed Insurance Company (EIC) (Phoenix, AZ). The outlook is stable. EIC, along with EyeMed Vision Care LLC,…
LONDON: Prudential Vietnam Assurance Private Limited, a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank (SeABank) have entered into an exclusive bancassurance partnership with a 20-year term. Prudential Vietnam will also become the preferred life insurance provider to BRG Group Joint Stock Company (BRG Group), a leading conglomerate in Vietnam with approximately…
NEW YORK: Declining rates and growing competition in the U.S. workers’ compensation insurance segment could begin to challenge carriers’ ability to retain profitable accounts and maintain market share, a new AM Best report said. The Best’s Market Segment Report, “Declining Rates Could Threaten Profitability of U.S. Workers’ Compensation Line,” states that rate decreases in the…
CAIRO, EGYPT: EFG Hermes announced entry into a definitive sale and purchase agreement (SPA) to acquire a 75% stake in life insurance player Tokio Marine Egypt Family Takaful in a deal worth EGP 84.75 million. Under the agreement, which is subject to regulatory approval, EFG Hermes Finance and GB Capital will each own 37.5% of…
OLDWICK: AM Best has assigned the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” to Westfield Champion Insurance Company, Westfield Premier Insurance Company, Westfield Superior Insurance Company and Westfield Touchstone Insurance Company. The outlook assigned to these Credit Ratings (ratings) are stable. These companies are newly…
NEW YORK: AM Best has maintained a market segment outlook of stable on the U.S. commercial lines industry for 2020, citing factors such as improved market conditions and solid levels of risk-adjusted capitalization that have helped insurers weather short-term profitability challenges. A new Best’s Market Segment Report, titled, “Market Segment Outlook: U.S. Commercial Lines,” notes…
OLDWICK: AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Petroleum Marketers Management Insurance Company. The outlook of these Credit Ratings has been revised to stable from positive. The ratings reflect PMMIC’s balance sheet strength, which AM Best categorizes…
OLDWICK: AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Hiscox Insurance Company (Bermuda) Limited (Hiscox Bermuda), Hiscox Insurance Company Limited (Hisco) (United Kingdom), Hiscox Insurance Company (Guernsey) Limited (Hiscox Guernsey), Hiscox Insurance Company Inc. (HICI) (Chicago, Illinois, USA), and Lloyd’s Syndicate…
LONDON, UK: AM Best has affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” of Folgate Insurance Company Limited. The outlook of these ratings is stable. The ratings reflect Folgate’s balance sheet strength, which AM Best categorises as adequate, as well as its adequate operating…