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A.M. Best Affirms Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries: A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the property/casualty members of Horace Mann Insurance Group (Horace Mann), as well as ...
Date: May 23, 2018 Source: BestWire News

Observers Expect New EU Data Rules to Transform Insurance: The implementation of new data protection rules in the European Union will change relationships between organizations and their customers and provide new opportunities for insurers, according to industry observers. The Gene...
Date: May 23, 2018 Source: BestWire News

Tennessee Orders Two Unlicensed Providers to Halt Operations Over Alleged Fraudulent Insurance Sales: Tennessee’s Department of Commerce & Insurance has ordered two insurance providers to halt operations in the state, after regulators alleged they fraudulently sold insurance. The department issued cease and desist orders ag...
Date: May 23, 2018 Source: BestWire News

Lloyd’s Gains Belgian Regulatory Approval for Brussels Office: Lloyd’s said it gained regulatory approval from Belgium for its new Brussels operation and will underwrite business in Europe from Brussels at the beginning of 2019. After gaining license approval from the National Bank of...
Date: May 23, 2018 Source: BestWire News

US Sen. Schumer Urges Renewal of NFIP Before Start of Hurricane Season: U.S. Senate Democratic Leader Chuck Schumer urged fellow lawmakers in Congress to reauthorize the National Flood Insurance Program before the start of the hurricane season on June 1. The NFIP is set to expire July 31. “We c...
Date: May 23, 2018 Source: BestWire News

A.M. Best to Host Webinar on How Insurers Are Using Hyper-Accurate Location Data to Transform Underwriting: A panel of insurance and data experts will examine how insurers are leveraging location and data analytics to better understand property risks and exposures. These experts will share real-world examples of how using precise a...
Date: May 23, 2018 Source: BestWire News

Generali EVP: Need to Scale Up Drives Consolidation: Bill Skapof, executive vice president, Generali, said insurers are still fighting for better returns, and combining into larger organizations is one way to gain the reach needed to compete in the United States and elsewhere. ...
Date: May 23, 2018 Source: BestWire News

ISO Managing Director: Data, Risk Modeling Have Caught Up With Flood Underwriting: Marc Treacy, managing director, flood insurance at ISO, said advances in risk modeling and elevation mapping bring flood underwriting within reach of many insurers. That could help create more competition in the flood market....
Date: May 23, 2018 Source: BestWire News

A.M. Best Revises Outlooks to Negative for ARABIA Insurance Company – Jordan: A.M. 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 ARABIA Insurance Company – Jordan (AIC-J) (Jordan). The...
Date: May 23, 2018 Source: BestWire News

A.M. Best Affirms Credit Ratings of ARABIA Insurance Company s.a.l.: A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of ARABIA Insurance Company s.a.l. (AIC) (Lebanon). The outlook of these Credit Ratings (ratings) is stable. ...
Date: May 23, 2018 Source: BestWire News

WEA Completes Mayo Clinic HMO Plan Acquisition, Plans Expansion to Private Market: As it expands to the private market, Wisconsin health insurer WEA Insurance Corp. said it has completed the acquisition of a health maintenance organization plan owned by Mayo Clinic Health System. Health Tradition Health P...
Date: May 23, 2018 Source: BestWire News

MS&AD’s 2017 Net Income Fell 26.8% Dragged by MS Amlin Loss: MS&AD Insurance Group Holdings Inc. posted a 26.8% drop in net income to ¥154 billion (US$1.4 billion) on a consolidated basis for the 2017 fiscal year ended March 31. An increase in incurred losses from lines other than na...
Date: May 23, 2018 Source: BestWire News

US House Passes Bill to Unwind Some Dodd-Frank Regulations: The U.S. House has passed a bill to roll back some elements of the Dodd-Frank financial reforms, including language supported by industry representatives to increase transparency in international forums and ensure U.S. negoti...
Date: May 23, 2018 Source: BestWire News

A.M. BestTV: Changes in Terror Tactics Force Insurers to Adapt, Say A.M. Best Analysts: In this A.M. BestTV episode, Angelo Lozano, financial analyst, and David Blades, senior research analyst, A.M. Best, discuss a new Best’s Special Report that examines how insurers are using stress testing, limits and reinsura...
Date: May 23, 2018 Source: BestWire News

Beck, Laws to Run for Georgia Commissioner’s Post in General Election After Primary Victories: Republican Jim Beck and Democrat Janice Laws are the candidates vying to become the next Georgia insurance commissioner in November’s general election after scoring decisive victories in the May 22 primary. Beck, deputy in...
Date: May 23, 2018 Source: BestWire News

Mitsui Sumitomo Acquires Commonwealth Bank’s Stake in BoCommLife for 4.3 Billion Yuan: Mitsui Sumitomo Insurance Co. Ltd. has agreed to acquire a 37.5% stake in BoCommLife Insurance Co. Ltd. from Commonwealth Bank of Australia as the Japanese insurer enters China’s life market. The acquisition price was 4.3 b...
Date: May 23, 2018 Source: BestWire News

ICMIF: Philippines Microinsurance to Reach at Least 73 Million Filipinos by 2020: Microinsurance coverage in the Philippines is expected to reach around 16.3 million households or 73.3 million Filipinos by 2020, according to the latest study by the International Cooperative and Mutual Insurance Federation....
Date: May 23, 2018 Source: BestWire News

Best’s Special Report: U.S. Life/Annuity Industry Posts 7.4% Decline in Pre-Tax Operating Earnings in 2017: The U.S. life/annuity industry recorded full-year statutory pre-tax net operating gains of $62.0 billion in 2017, a 7.4% decrease from $67.2 billion in the previous year, according to a new A.M. Best special report. The Bes...
Date: May 23, 2018 Source: BestWire News

Best’s Briefing: GDPR: The Issues for European Insurers at Implementation: Operational and legal complexities, as well as preparing for the tight reporting window for breach notification, are the main challenges that (re)insurers have met on their path toward complying with the implementation of the...
Date: May 23, 2018 Source: BestWire News

A.M. Best Assigns Issue Credit Rating to Unum Group’s Junior Subordinated Notes: A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the recently issued $300 million 6.25% Junior Subordinated Notes due 2058, of Unum Group (Unum) (headquartered in Chattanooga, TN). The outlook...
Date: May 22, 2018 Source: BestWire News

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