Contents
- Cover
- Editors Desk: Standing The Test Of Time
- Contents: Top Global Brokers and Critical Issues Asset Management
- Bests Calendar and Executive Changes
- Executive Changes: Chief Executive Officer To Retire
- Web Traffic Top Brokers and Masthead Forestay
- Risk Adviser: PFAS and Investment Opportunity
- Regulatory Law: Gun Violence and Civil Liability Insurance Claims
- Issues and Answers: Specialty Coverage and Inflation
- Specialty Coverage and Flood Resilience
- Inflation Supply Chain Disruptions and Claims Impact
- Critical Issues and Insurance Asset Management
- Life Insurance: Coverage Gap and Underserved Communities
- Life Insurance: Ethnic and Financial Diversity
- Top Global Brokers and Bests Rankings
- Global Brokers Ranking and New Leaders
- DUAE Premium Growth and Standing The Test Of Time
- Standing The Test Of Time and Property Casualty Insurers
- Standing The Test Of Time and Life Health Insurers
- Standing The Test Of Time and Bests Ratings
- BestMark Rated Insurers and Top US P/C Writers
- Bests Rankings and Top US P/C Writers
- Bests Rankings and Top US L/H Insurers
- Top US L/H Insurers and 2022 Admitted Assets
- Top US Canada Public Insurers and 2022 Assets
- Top US Canada Public Insurers and 2022 Revenue
- Worlds Largest Insurers and Net Premiums Written
- Top US Holding Companies and D&O Market
- Directors and Officers Liability and Market Segment Report
- Underwriting Loss Control: Electric Vehicle Charging Stations
- State Rate Filings and Medical Malpractice
- Book Store Black Pioneers and App Store Cyberattack Protection
- Trending News Underwriting Expense Ratio and Trending Research MPLI
- Webinars: Cyber Insurance and Property Risk Assessment
- AM Best TV Audio and Bests Credit Rating Actions
- Ratings Actions: Americas Life Health and Americas Property/Casualty
- Ratings Actions: Americas Property/Casualty and Holding Companies
- Ratings Actions: Financial Strength Ratings and Issuer Credit Ratings
- Corporate Changes: Mergers Acquisitions and State Actions
- Preferred Publisher Program and Global Insurance News
- Insurance Professional Resources and Expert Service Providers
- Distracted Driving Pet Passengers and Masthead Backstay
- Back Cover
Narrowing the
US Life Gap
Page 22
Top Global
Insurance Brokers
Page 26
Black Pioneers of
American Insurance
Page 60
ISSUES & ANSWERS
Specialty Coverage and Inflation
Starting on Page 15
AM BEST’S MONTHLY INSURANCE MAGAZINE
July 2023 • Volume 124 • Issue 7
best
sreview.ambest.com
Standing the
Test of Time
In the 2023 edition, 167 insurers maintained a Best’s Financial Strength Rating
of A or higher for at least 50 years, including 22 for at least 100 years.
Page 31
Best’s Review
Online Archives
Pages 26-52
LEADERS
THE
•Delaware takes captive insurance company licensing to a new level with its
Speed to Market option for captive licenses.
license to conduct insurance business effective the same day of submitting
the captive license application.
provides captive managers and owners date certainty for when the captive
can begin writing insurance business.
•
•
Director, Bureau of Captive &
Financial Insurance Products
Insurance Commissioner
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Cover of July Issue Features AM Best Publications
To Illustrate ‘Standing the Test of Time’
This month’s
Best’s Review
also includes rankings of the top global brokers and
P/C managing general agents as well as the industry’s largest U.S. property/
casualty and life/health insurers.
This month’s cover artwork, shot by Casey
Montague, employs historical AM Best publications
to illustrate the resiliency of the rated companies
included in “Standing the Test of Time – 2023
Edition.”
The publication years on each book represent
the three tiers showcased inside—organizations
that have maintained a Best’s Financial Strength
Rating of A or higher for 50, 75 and 100 years.
Sharp-eyed readers will notice the 100-year
category is represented by one book, the
Best’s
Insurance Guide With
Key Ratings,
published in
1923. AM Best first published
Best’s Insurance
Reports
in 1900, but did not publicly publish
financial strength ratings until 1905, in
Best’s Key
Rating List, P/C
. In 1907, that list became
Best’s Key
Rating Guide, P/C
.
Financial strength ratings for life insurers first
appeared in the 1928 editions of
Best’s Insurance
Reports, L/H
and
Best’s Life Rating Chart, L/H
, a
forerunner of
Best’s Key Rating Guide, L/H
. Financial
strength ratings were included in
Best’s Insurance
Reports, Casualty & Miscellaneous,
starting in 1930.
Best’s Insurance Reports
continues today in digital
form; the information in the now-discontinued
Key
Rating Guide
and similar books is integrated into
AM Best’s lineup of electronic offerings. Perhaps
future insurance professionals will read the July
2107 edition of
Best’s Review
about companies that
maintained their ratings for 200 years.
In the 2023 edition, 167 insurers maintained
a Best’s Financial Strength Rating of A or higher
for at least 50 years, including 22 for at least 100
years. Companies maintaining an A or better
since 1923 include Munich Reinsurance America
Inc., Germantown Mutual Insurance Co., Great
Northern Insurance Co. and Firema
n
’
s Fund
Insurance Co.
The July issue of
Bes
t
’s Review
is also packed with
information about the largest companies in the
global insurance and brokerage industr
y
, featuring
rankings based, for the first time, on 2022 data.
July is Distribution Awareness Month, and the
ranking of the top global brokers shows Marsh
McLennan maintained its position at the top with
2022 total revenue of more than $20 billion.
Most brokers, howe
ver, fell into a range of about
$
2
billion to $4 b
illion in 2
022 total revenue
, w
ith
only slight changes up or down from a
year ago.
T
his year
’
s top glob
a
l broker
ranking also includes
the top 20 property/c
asualty managing general
agents, r
a
nked by 2022 direc
t premiums written.
In “
T
op 200 US Proper
ty/Casualty
W
riters –
2023 Edition,” State Farm ranked No. 1 based
on 2022 net premiums written, with Berkshire
Hathaway coming in at No. 2.
In “
T
op 200 US Life/Health Insurers – 2023
Edition,” Prudential of America Group ranked No.
1 based on 2022 admitted assets, with MetLife
ranked No. 2.
In “Insur
ers
W
or
king
T
o Narrow $12
T
rillion
Gap in US Life Insurance Coverage,”
Bes
t
’s Review
explores how insurance professionals are seeking to
step up efforts to reach traditionally underserved
communities.
Patricia Vowinkel
Executive Editor
patricia
.
vowinkel@ambest.com
What’s Coming Up
In the August issue,
Best’s Review
will examine fronting carriers and the reinsurance market. The issue also
will include an excerpt of a recent AM Best Informational Webinar on litigation funding and a ranking of the
largest Latin America insurers.
BEST’S REVIEW
•
JULY
1
From the Editor’s Desk
CONTENTS
THE LEADERS
Pages
26-52
Best’s Review
presents a ranking of the top global brokers, rankings of the industry’s largest insurers, based on exclusive AM Best
data, and a feature about insurers that have maintained a Best’s Financial Strength Rating of A or higher for at least 50, 75 a
nd
even 100 years.
Page
26
Top Global Insurance
Brokers – 2023 Edition
Marsh McLennan once again
claimed the top spot, while Howden
jumped from 15th to 12th, and CBIZ
fell to 20th.
Page
31
Standing the Test
of Time – 2023 Edition
In this edition, 167 insurers
maintained a Best’s Financial
Strength Rating of A or higher for at
least 50 years, including 22 for
at least 100 years.
Page
39
Top 200 US Property/Casualty Writers - 2023 Edition
Industry’s 2022 net premiums written increased 8.6%.
Page
43
Top 200 US Life/Health Insurers - 2023 Edition
Industry’s 2022 admitted assets decreased 4.6%.
Page
46
Top 75 US and Canada Public Insurers - 2023 Edition
Ranked by 2022 assets.
Page
48
Top 75 US and Canada Public Insurers - 2023 Edition
Ranked by 2022 revenue.
Page
50
World’s Largest Insurance Companies - 2023 Edition
Based on 2021 net nonbanking assets.
Page
51
World’s Largest Insurance Companies - 2023 Edition
Based on 2021 net premiums written.
2
Page
52
Top 25 US Holding Companies - 2023 Edition
BEST’S REVIEW
•
JULY
•
Ranked by 2022 Assets
•
Ranked by 2022 Revenue
ISSUES & ANSWERS
Page
15
Specialty Coverage • Inflation
Industry experts discuss how the private flood market is growing quickly due to
better data, and how inflation is affecting claims costs and settlement patterns.
CRITICAL ISSUES IN ASSET MANAGEMENT
Page
20
Expert Panel: Critical Issues in Insurance Asset Management
Insurance investors are finding opportunities that harken back to “the good old
days,” when investment-grade fixed income was all the rage.
Bill Rotatori
Cindy Beaulieu
LIFE INSURANCE
Page
22
Insurers Working To Narrow $12 Trillion Gap in US Life Insurance Coverage
A growing portion of the insurance industry views closing the divide as a way to
shrink the larger wealth gap across various segments of the population.
COLUMNS
10
Risk Adviser
12
Regulatory/Law
DEPARTMENTS
1
From the Editor’s Desk
3
Advertisers Index
4
Best’s Calendar
5
Executive Changes
8
Web Traffic
9
Masthead: Forestay
53
What AM Best Says
56
Underwriting & Loss Control
58
State Rate Filings
60
Book Store
61
App Store
62
Trending: Best’s News
63
Trending: Best’s Research
64
AM Best Webinars
66
AM Best TV & Audio
67
Best’s Credit Rating Actions
74
Corporate Changes
76
Preferred Publisher Program
78
Insurance Professional Resources
80
The Last Word
IBC
Masthead: Backstay
ADVERTISERS
IFC
Delaware Department of Insurance
14
AM Best Mobile App
16
Philadelphia Insurance Cos.
18
Pinnacle Actuarial Resources
42
Best
’
s Financial Suite
65
Best
’
s
Aler
t
75
AM Best
R
atings
77
Best’s Credit Reports
Best
’
s Financial Reports
BC
Applied Under
writers
BEST’S REVIEW
•
JULY
Notice: While AM Best confirms the accuracy
of Best’s Ratings of insurers referenced in
advertisements published in this magazine,
these ratings are subject to change. The current
ratings of insurance companies are available free
on the web at
www.ambest.com/ratings
. Further,
we can’t warrant the Best’s Ratings claimed by
brokers advertising coverages from unrated
insurers. In addition, some of the insurance
policies, products and services advertised
may not be available, licensed or legal in all
jurisdictions.
Cover design by Andrew Crespo
Photo by Casey Montague/AM Best
3
National Council of Insurance Legislators To Meet in Minnesota
July 6:
MGAA Conference, Managing General
Agents Association, London, England.
July 18-20:
VIRTUAL. Erie Learning Symposium,
Erie Insurance.
July 19-22:
NCOIL Summer Meeting, National
Council of Insurance Legislators, Minneapolis,
MN, USA.
July 23-26:
2023 AAEA Annual Meeting,
Agricultural & Applied Economic Association,
Washington, DC, USA.
July 30-Aug. 2:
AASCIF Annual Conference,
American Association of State Compensation
Insurance Funds, Denver, CO, USA.
Aug. 7:
ICCIE Anniversary Celebration,
International Center for Captive Insurance
Education, Burlington, VT, USA.
Aug. 7-10:
VCIA 2023 Annual Conference,
Vermont Captive Insurance Association,
Burlington, VT, USA.
Aug. 12-16:
HYBRID. NAIC Summer
Meeting, National Association of Insurance
Commissioners, Seattle, WA, USA.
Scan for a full list of conferences and events.
Attending
Exhibiting
Speaking
Hosting
Sponsoring
Video
July Is Distribution Awareness Month
Best’s Review
has released its annual ranking of the Top Global Insurance Brokers. The ranking,
which is based on total revenue, can be found on page 26.
FIND OUT WHAT
INSURANCE INDUSTRY
EVENTS
ARE ON THE HORIZON
Best’s Calendar
is a complimentary online resource that provides important information on
insurance industry meetings, webinars and conferences.
Scan the QR code to see upcoming events and get the latest conference information.
4
Our Insight, Your Advantage
™
news@ambest.com
(908) 439-2200
BEST’S REVIEW
•
JULY
Best’s Calendar
23.CAL001A
Gallagher Re Chief Executive Retires; Company Names
CEO of UK Operations
G
Lloyd’s fills new chief underwriting officer role, QBE Re hires chief
partnership officer and Talanx appoints chief risk officer.
allagher said
James Kent,
global chief executive
officer of Gallagher
Re—who recently
was promoted to
the newly created
role of CEO, global
insurance strategic
relationships—retired
on June 1.
In addition,
Gallagher Re
appointed Ian Kerton
to succeed Tom
Wakefield—Kent’s
successor as global
CEO of Gallagher Re—as chief executive officer of the
reinsurance broker’s United Kingdom operations, subject
to regulatory approval. Kerton will report to Wakefield.
Kent had more than 32 years of experience in the
insurance industry. He joined Gallagher in 2021 from
Willis Towers Watson when Arthur J. Gallagher & Co.
completed the acquisition of substantially all of the treaty
reinsurance brokerage operations from Willis Towers
Watson plc, which now operates under Gallagher Re.
He started at Willis Re in 2004 as Bermuda executive
vice president and six years later was made president in
North America, joining the company’s global leadership
team. In August 2015,
he also was named
Willis Re co-president.
“While we are
sorry to see him leave
our firm, we respect
his decision to take
a well-deserved
retirement following
his successful career
in the industry,”
Gallagher said in a
statement. “He leaves
with our thanks for all
that he has achieved
in his time with
Gallagher, and we wish
him well for the future.”
Kerton has been with Gallagher Re as a partner in its
U.K. business since 2021. Prior to joining Gallagher, he
was managing director of the U.K. property and casualty
team at Guy Carpenter and a director of the U.K. board.
Kerton has held multiple roles within the reinsurance
industry over the past 30 years, including executive
director at HSBC Insurance Brokers for 10 years where he
headed up the treaty broking team and was responsible
for its business in the United Kingdom and Asia,
according to a company statement.
—Staff Report
James Kent
Ian Kerton
Markel Taps Managing Director, Global Head of
Catastrophe and Exposure Management
M
arkel Corp., now known as Markel Group Inc., named
Amandeep Dhillon as managing director, global head
of catastrophe and exposure management.
The company changed its name effective May 26.
Dhillon will lead Markel’s approach to catastrophe and
exposure management across the company’s global
insurance and reinsurance platform and across all lines of
coverage, including property and marine, casualty, cyber
and professional liability. He will be based in Markel’s Glen
Allen, Virginia, office, the company said in a statement.
Dhillon has more than 15 years of experience in
the insurance business, working in multiple areas
including catastrophe
risk management and
ceded reinsurance. He
joins the company from
American International
Group, where he worked for
almost eight years, most
recently as senior ceded
reinsurance officer. Prior to
that, he was at Ace Group
(Chubb) for more than nine
years as assistant vice
president, catastrophe risk
management, according to
his LinkedIn profile.
Amandeep Dhillon
BEST’S REVIEW
•
JULY
5
Executive Changes
6
Lloyd’s Names Chief Underwriting Officer
L
loyd’s appointed Rachel
Turk to the new role of
chief underwriting officer.
Turk will be responsible
for managing the
performance of the
Lloyd’s market, including
leading the underwriting
function to support the
corporation’s strategic
goals. She also will be
responsible for leading the
discussion with all market
stakeholders, including
insurers, brokers and customers on their sustainability
strategies. Turk’s start date will be announced in due
course, according to a company statement.
Turk joins Lloyd’s from Beazley plc, where she spent
more than 14 years in management roles, including her
latest position as group head of strategy and executive
committee member. Before this, Turk led the U.S.
directors and officers underwriting team at Beazley. She
was formerly an equity analyst at JP Morgan Cazenove
and is a qualified accountant, the company said.
Rachel Turk
Everest Re Group Hires EVP Group General Counsel
E
verest Re Group Ltd.
appointed Ricardo
Anzaldua to succeed Brent
Hoffman, interim general
counsel, as executive vice
president and permanent
group general counsel.
Effective July 10,
Everest Re Group Ltd. will
change its name to Everest
Group Ltd., the company
said.
Hoffman will resume
his duties as senior vice
president, head of claims and chief operations officer for
Everest’s reinsurance business. Anzaldua will report to
Juan C. Andrade, president and chief executive officer,
and will serve on the company’s executive leadership
team, the company said.
Anzaldua joins Everest with more than 30 years of
legal, corporate governance and (re)insurance industry
expertise, spanning the United States, Bermuda and
other global jurisdictions and industries across the public
and private sectors.
Most recently, Anzaldua was EVP, GC and corporate
secretary for the Federal Home Loan Mortgage Corp.,
known as Freddie Mac, where he led the enterprise legal,
corporate secretarial and board governance functions
Ricardo Anzaldua
BEST’S REVIEW
•
JULY
and executed a successful organizational restructuring to
create significant professional development and career
advancement opportunities for employees. Prior to that,
Anzaldua was EVP and GC of MetLife Inc., where he
oversaw the company’s global legal operations, global
compliance and government relations.
Earlier, at Hartford Financial Services Group, Anzaldua
served as GC for the property/casualty company, guiding
all strategic, regulatory, commercial and transactional
matters across the commercial P/C, personal lines
P/C, group benefits, claims and reinsurance divisions.
Anzaldua’s background also includes a tenure at global
law firm Cleary Gottlieb Steen & Hamilton LLP, where he
served as partner and chair of the diversity committee,
according to a company statement.
QBE Re Appoints Chief Partnership Officer
Q
BE Re named Jamie
Cook as chief
partnership officer.
Cook will lead a team
responsible for building
more effective customer
and broker relationships
and managing strategic
partnerships with
retrocessionaires and other
capital providers, according
to a company statement.
Cook has more than
30 years of experience
in the reinsurance sector. He joined QBE Re two years
ago as global head of client management. He joined
the company from Guy Carpenter, where he was
managing director, global account segment and regional
sales leader, Europe, Middle East and Africa. Prior to
Guy Carpenter, Cook was a director, divisional broker
representative, EMEA at Swiss Re and a client manager at
Munich Re, according to his LinkedIn profile.
Jamie Cook
Greenlight Capital Re Names General Counsel,
Corporate Secretary
G
reenlight Capital Re Ltd. appointed David E. Sigmon
as general counsel, corporate secretary and chief
compliance officer, subject to regulatory and immigration
approvals.
Sigmon will be responsible for managing the
company’s legal, regulatory, governance and compliance
functions.
Prior to joining Greenlight Re, Sigmon was vice
president, associate general counsel, within Everest
Re Group Ltd., where he served as the organization’s
senior corporate law and complex transaction counsel
from 2017 until 2023, handling a wide range of matters
Executive Changes
with increasing levels of
responsibility.
Before that, Sigmon
served as general counsel,
unique risk underwriting, at
AmTrust Financial Services
Inc., where from 2013
until 2017 he was the lead
attorney to an international
business division focusing
on structured insurance
and reinsurance solutions
and investments.
Before joining AmTrust,
Sigmon was an associate attorney within the insurance
and reinsurance department of a global law firm, now
known as Locke Lord LLP, based in New York City. He
began his legal career as an associate attorney at a
leading boutique maritime law firm in New York City,
according to a company statement.
David Sigmon
Talanx Appoints Successor to Chief Risk Officer
T
alanx tapped Simone Auer to succeed Gerhard Stahl as
chief risk officer.
Stahl, who was the head
of group risk management
for more than 16 years, will
stay on with the group as
research adviser and will
focus to an even greater
extent on his university
research. His plans include
European projects in the
areas of climate risks and
cyberrisks. He will continue
to act as a mentor for
Talanx’s young staff and
will serve in the company
as research adviser. These roles will allow him to facilitate
knowledge transfer and build links between younger
academics and companies, according to a company
statement.
Auer is a mathematician by training. She moved from
group subsidiary Hannover Rück SE to Talanx’s group risk
management in October 2022 to become deputy chief
risk officer. Before that, she spent 17 years in the dynamic
financial analysis unit at Hannover Re, becoming head of
the function in 2016. In this capacity, she was responsible
for the Hannover Re Group’s internal model, among other
things, the company said.
Simone Auer
Coalition Fills Head of Cyber Underwriting Role
C
yber insurtech Coalition named John Coletti as head
of cyber underwriting.
Coletti will focus
on delivering cyber
underwriting across all
of Coalition, including
guidelines, coverage
enhancement and
management, pricing
models, risk aggregation
models and predictive
analytics to support
submission triage and
scalable underwriting. In
addition, he will partner
John Coletti
closely with the risk management team to set the global
underwriting—risk appetite, capacity, underwriting
guidance, authority—and pricing/rate standards for the
group, according to the company.
Coletti also will identify where there are opportunities
for improved performance and/or opportunities for
growth, including Coalition’s risk-bearing capacity entities
CIC and Palekana, the company said.
Coletti joins Coalition from Swiss Re, where he
served as the head of global cyber responsible for
global reinsurance cyber business, including portfolio
ownership, global underwriting activities, as well as cyber
product development. He also played a critical role in
assessing the complex nature of cyberrisk, including
important industry issues such as ransomware and risk
aggregation. Prior to that, Coletti served as the chief
underwriting officer for cyber at Axa XL since 2012,
where he built and led a market-leading underwriting
team, according to the company.
British Insurance Brokers’ Association CEO To Retire
T
he British Insurance Brokers’ Association said
Steve White, its chief
executive, will retire during
the second half of this year.
White joined BIBA
in 2004 as head of
compliance and training
and in 2013 became CEO.
He joined BIBA from the
former U.K. Financial
Services Authority, where
he was an associate. Prior
to that role, White was
a national key account
Steve White
manager at Orion
Insurance Co. for more than 21 years, according to his
LinkedIn profile.
During the annual BIBA Conference in May, White told
the audience that he will leave with “a heavy heart but
also huge pride at what we have built at BIBA,” according
to a statement from the association. He has served as
BEST’S REVIEW
•
JULY
7