Hannover Re returned to profit in 2009 as premiums surged and the effects of the global financial crisis faded.
In the final quarter of 2009, a renamed insurance company subsidiary of American International Group Inc. became the No. 1 seller of fixed annuities overall in the United States, according to Beacon Research, a research firm that tracks the data.
Risk retention groups would be allowed to write commercial property coverage in a new bill introduced in the U.S. House of Representatives. The legislation is sponsored by Reps. Dennis Moore, D-Kan., and John Campbell, R-Calif., though it's uncertain there will be the time and energy in this busy congressional session to push it through.
Asia/Pacific
Allianz to Boost Investment in Asia-Pacific and Middle East-North Africa Regions: Germany-based insurance group Allianz S.E. [085014] said it will continue to invest in sales and distribution in Asia, the Middle East and North Africa in 2010, as well as to safeguard the solvency of its companies in those regions.
Malaysia's Regulator Consults on Third-Party Motor Insurance Changes: Bank Negara Malaysia, the financial regulator of Malaysia, has set up consultation sessions to work with relevant stakeholders in formulating a new scheme for providing basic motor insurance coverage for third-party bodily injury and death.
Auto
Safety Motorcycle Rate Settlement With Massachusetts Affects Profitable 4Q: Safety Insurance Group Inc. said an agreement it made with the Massachusetts Attorney General to change how the company calculated motorcycle insurance rates impacted its fourth-quarter net income by $3.8 million and nearly $5 million for 2009.
Update: American Capital Completes Acquisition of GMAC Subsidiaries: (This version corrects ACAC’s description and headquarters location.)
Commercial Coverage
Update: Hiscox Cover Targets Threats on Houses of Worship: (This clarifies the headline from a previous version.)
Health
AHIP Launches TV Ad: Insurers Are Small Slice of Health Care Costs: America's Health Insurance Plans, from a Washington conference that saw hundreds of marching protesters outside its doors, announced the launch of a new national advertisement. The television ad contends that the cost of health insurance is a very small portion of people's health care costs.
Nebraska's Nelson: 'I Already Have a Plan' if Health Care Fails: U.S. Sen. Ben Nelson, D-Neb., said he will propose incremental fixes including small business tax breaks if national health care reform does not pass this year.
Life Insurance
A.M. Best Presents at 3rd Life Settlements & Longevity Summit: Emmanuel Modu, managing director and global head of insurance-linked securities, of A.M. Best Co. is participating in the International Quality & Productivity Center’s (IQPC) 3RD Life Settlements & Longevity Summit being held on March 24 – 25 at the Sentry Conference Center, New York City, New York. Mr. Modu is participating in the panel, “Securitization of Life Settlements: Poison or Panacea for the Industry” on Thursday, March 25th at 11:15 am.
Minnesota Fines American Equity $275,000 in Cross-Border Annuity Sales Case: The Minnesota Department of Commerce fined an Iowa-based life insurer $275,000 for allegedly selling annuity contracts that state didn't approve. People who bought these annuities from American Equity Investment Life Insurance Co. faced higher surrender charges and less favorable terms, the department said.
Ratings
A.M. Best Affirms Ratings of General Insurance Corporation of India: A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of General Insurance Corporation of India (GIC) (India). The outlook for both ratings is stable.
A.M. Best Affirms Ratings of Old Mutual plc and Its Subsidiary: A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb+” and the existing debt ratings of Old Mutual plc (Old Mutual) (United Kingdom). Concurrently, A.M. Best has affirmed the financial strength rating of A (Excellent), the ICR of “a” and the debt rating of Old Mutual’s subsidiary, Old Mutual Life Assurance Company (South Africa) Ltd. The outlook for all ratings is stable. (See below for a detailed listing of the companies and ratings.)
A.M. Best Affirms Ratings of RenaissanceRe Holdings Ltd. and Its Subsidiaries: A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of Renaissance Reinsurance Ltd. (RenRe) and Renaissance Reinsurance of Europe (Dublin, Ireland). A.M. Best also has affirmed the ICR of “a-” and all debt ratings of RenaissanceRe Holdings Ltd. (RenaissanceRe) [NYSE: RNR].
A.M. Best Affirms Ratings of Top Layer Reinsurance Ltd.: A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit rating (ICR) of “aa-” of Top Layer Reinsurance Ltd. (Top Layer) (Hamilton, Bermuda). The outlook for both ratings is stable.
A.M. Best Places Ratings of OM Financial Life Insurance Company and Its Subsidiary Under Review With Developing Implications: A.M. Best Co. has placed under review with developing implications and affirmed the financial strength rating of A- (Excellent) and issuer credit ratings of “a-” of OM Financial Life Insurance Company (Baltimore, MD) and its wholly owned subsidiary, OM Financial Life Insurance Company of New York (Purchase, NY) (together known as OM Financial Life). OM Financial Life represents the U.S. life insurance and annuity operations of its ultimate parent, Old Mutual plc (Old Mutual), a leading international long-term savings group based in South Africa and the United Kingdom.
State Regulation
South Dakota Governor Gets Industry-Opposed Subrogation Bill: The South Dakota House of Representatives approved subrogation legislation opposed by insurers, who fear new obstacles to winning funds to reimburse benefits paid to policyholders.
Washington
Senate's Financial Reform Bill Coming March 15; So Far Lacks Bipartisan Support: Sen. Chris Dodd, chairman of the Senate committee that is working on reforming the U.S. financial system, has worked for months to produce a bipartisan reform bill, but now said he'll be unveiling a bill that doesn't have full bipartisan support -- even though it contains a number of points negotiated across the aisle.
US Senate Extends Cobra, Medicare Doctor Payments: In a bipartisan show of support, the U.S. Senate passed a bill that pays for a number of extensions for federal programs -- including COBRA and Medicare payments for doctors, which had been set to drop significantly by the end of the month.
A.M. Best Reports
A.M. Best Posts Video, Transcript of Webinar on U.S. Hospitals/Health-Care Systems – Financial Review: A.M. Best Co. has posted video playback and a transcript of a one-hour webinar held on March 4. The webinar included analysts and industry experts who reviewed the financial performance of U.S. not-for-profit hospitals and health care systems.
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