Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 106

Posts Tagged ‘insurance’

Jacobson and Aon Launch Semi-Annual U.S. Insurance Labor Outlook Study

Posted by fidest press agency su mercoledì, 8 gennaio 2020

The first-quarter 2020 iteration of the Semi-Annual U.S. Insurance Labor Outlook Study, conducted by The Jacobson Group and Aon plc, is now open until January 24, 2020. The study has provided valuable insights on insurance labor trends since 2009 and is regarded as an accurate predictor of the industry’s staffing outlook.“The insurance industry remains in a candidate-driven market, with a nearly non-existent unemployment rate,” says Gregory P. Jacobson, co-chief executive officer of Jacobson. “As talent needs shift and workplaces transform, insurers must rethink their staffing and recruiting strategies. The results from our study help company leaders understand the current insurance talent climate and make necessary adjustments to best compete in today’s market.”Carriers across all sectors of the insurance industry are invited to complete the survey. Participation is confidential, and detailed results will be distributed to all participants at no cost. To complete the survey, follow this link: https://jcbsn.gr/2020Q1LaborStudyMCD.The survey results and analysis will be discussed in a complimentary webinar on February 6, 2020. All members of the insurance community are welcome to attend.

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Exclusive Insurance Program for ASHI Members

Posted by fidest press agency su venerdì, 3 gennaio 2020

Today, the American Society of Home Inspectors (ASHI) and InspectorPro Insurance announced their insurance program for ASHI members: InspectorPro Insurance with the ASHI Advantage.With the ASHI Advantage, ASHI members can receive exclusive insurance benefits not otherwise available in the marketplace, including new inspector and member discounts, enhanced inland marine (equipment) coverage, and free extended reporting period (ERP) endorsements (“tail” coverage).“InspectorPro’s a fantastic company. We interviewed several companies and decided on InspectorPro simply because of their management system, their employees, and their product that they offer,” said Scott Patterson, Immediate Past President of ASHI.The program’s exclusive advantages enable ASHI home inspectors to better protect themselves and their businesses from insurance claims with comprehensive and cost-effective errors and omissions (E&O) and general liability (GL) coverage.“I highly recommend that ASHI members consider the ASHI insurance program because we partnered with InspectorPro, who has a history of being an innovator in the space. They’ve worked with home inspectors for years, and they know the needs of our members,” said James Thomas, Executive Director of ASHI.ASHI and InspectorPro hope that the discounts and coverage available through the ASHI Advantage will help more members gain access to better insurance protection.
“This program is first in class as far as home inspector’s insurance goes. So, if you’ve been on the fence, or if you’ve made the business decision not to have this type of insurance, you may want to reconsider after looking at all the benefits and the value that you get from this program,” said Mike Wagner, President of ASHI.

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Commercial Crime Insurance in Asia

Posted by fidest press agency su giovedì, 5 dicembre 2019

A new policy designed to help companies address the exposures of a changing fraud landscape.“Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets,” said Scotland Walsh-Riddle, Head of Executive & Professional Lines, BHSI Asia. “Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.” BHSI’s Commercial Crime Insurance Policy offers concise contract language for commercial organizations and includes coverage for both traditional employee crime and external crimes, including funds transfer fraud, credit card fraud, forgery, and impersonation coverage. Impersonation coverage responds to losses arising when a perpetrator impersonates an employee, executive or business associate of the insured for the purpose of defrauding the insured. “Impersonation fraud is quickly becoming a systemic issue around the world. We’ve recently seen a social engineering scheme utilize artificial intelligence-based software to impersonate an executive. These schemes are testing the boundaries of what companies can prepare for – and we are committed to helping our customers protect against this rising threat,” said Scotland.The Commercial Crime Insurance Policy also includes numerous extensions, including coverage for lost establishment fees an insured incurs to establish the existence and quantum of a loss. “The Commercial Crime Policy was crafted with BHSI’s clear and concise underwriting and is backed by our excellent claims handling,” said Scotland. “Through BHSI’s unparalleled financial strength and experience, our customers and brokers can have the confidence BHSI will be there when it matters most.”

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PickleSM: A New Breed of Home Insurance

Posted by fidest press agency su martedì, 26 novembre 2019

About 60% of homeowners in the U.S. are underinsured.1 Insurtech start-up brand Pickle believes in many cases this is because they simply don’t know what’s covered – or not – under their policy and are too afraid to ask. Noticing a trend of ‘set it and forget it,’ Pickle is looking to change that by bringing education, transparency and customization to Chicago area homeowners.The disruption doesn’t stop there. In an industry where one-size-fits-all is often the norm, Pickle’s policy selection process empowers consumers with the knowledge and support they need to make the right choice for their home. Pickle strives to work through every question – even the seemingly trivial ones, like “what’s a deductible?” – to help each customer understand their policy and what it covers, so they’re confident and prepared for any situation.“Your home is your most valuable asset – so why choose cheap and fast insurance coverage that you don’t understand?” said Paul O’Connor, Pickle creator. “We’ll take the time to walk customers through their options, and to make the right choices for their specific situation.” With Pickle, homeowners get “extras” as standard in their insurance policies, like coverage for water backup, changes in ordinance or law, and replacement of damaged items in the event of an accident.Pickle understands that all homeowners are different and believes their insurance coverage should be tailored accordingly. Through Pickle’s on-site policy design process, customers can increase coverage amounts for the things they care about most or remove coverage they don’t need. Pickle wants homeowners to feel like they’re in control of their policy, through understanding their needs and protecting their most valuable assets.“We’re launching in Chicago, because it’s a city that we know and love,” added O’Connor. “We want to be part of the community here – not just to help people take care of their homes but also to get their support and guidance in making Pickle work better for everyone.” To learn more about Pickle’s customized offering and see what coverage is recommended in neighborhoods across Illinois, try their Know Your ZIP tool at picklehome.com.

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AM Best Assigns Credit Ratings to National Insurance Company

Posted by fidest press agency su domenica, 20 ottobre 2019

AM Best has assigned a Financial Strength Rating of B- (Fair) and a Long-Term Issuer Credit Rating of “bb-” to National Insurance Company (NIC) (Jordan). The outlook assigned to these Credit Ratings (ratings) is positive.The ratings reflect NIC’s balance sheet strength, which AM Best categorises as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.The positive outlooks reflect AM Best’s expectation that NIC’s risk-adjusted capitalisation will improve from 2019 onward, benefiting from internal capital generation. In addition, AM Best views positively recent actions taken by the company’s management to improve the reserving adequacy of its motor book and reduce its asset risk exposure.The company’s balance sheet strength assessment is underpinned by very strong risk-adjusted capitalisation in 2018, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to return to the strongest level. Whilst the company’s asset base is exposed heavily to the high financial system risk in Jordan, its investment portfolio is weighted toward liquid asset classes such as bank deposits and fixed-income securities. In the medium term, the company plans further divestment of some of its real estate holdings, which in 2018, accounted for approximately 12% of its capital base. Offsetting factors in AM Best’s balance sheet strength assessment include the company’s small capital base and moderate dependence on reinsurance for large risks.NIC has generated positive operating earnings over recent years, with the five-year (2014-2018) weighted average combined ratio of 94.3% and return on equity of 8.8%. However, its underwriting results deteriorated markedly in 2018, due to the weak performance of its motor and medical segments, which contributed to the company reporting a combined ratio of 110.3% and a net operating loss of JD 0.9 million. NIC’s management has taken steps to reverse this trend by pruning its underwriting portfolio and strengthening its reserves, which AM Best expects to support technical profits going forward. At half-year 2019, the company reported improved performance with profit after tax of JD 0.4 million and a combined ratio of approximately 98%.AM Best’s assessment of NIC’s business profile as limited reflects its relatively small size and concentration to Jordan’s intensely competitive insurance market, where it maintains a 3.6% market share (based on total market premiums in 2018). NIC’s risk management framework is developing, and AM Best views its risk management capability to be marginal relative to its risk profile.

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Plymouth Rock Assurance® Acquires Rider Insurance Company

Posted by fidest press agency su domenica, 20 ottobre 2019

Plymouth Rock Assurance today finalized its acquisition of Rider Insurance Company. New Jersey-based Rider is the largest motorcycle insurance provider in the state, and the only carrier serving the motorcycle community exclusively. “We look forward to focusing on the motorcycle insurance segment of the business and expanding our current product offerings,” said Gerry Wilson, President and CEO of Plymouth Rock Management Company of New Jersey. “Plymouth Rock and Rider share a common history built on trust and reliability, and we’re excited to welcome a new group of customers and riding enthusiasts to Plymouth Rock.” Plymouth Rock, rated A- (“Excellent”) by A.M. Best and specializing in auto and home insurance across the Northeast, will now look to expand its motorcycle insurance business with the acquisition of Rider Insurance. The acquisition of Rider by Palisades Safety and Insurance Association, a Plymouth Rock company, was approved earlier this month by the New Jersey Department of Banking and Insurance.

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Travelers Receives Approval to Transfer European Business to Dublin

Posted by fidest press agency su venerdì, 27 settembre 2019

The Travelers Companies, Inc. (NYSE: TRV) today announced that Travelers Insurance Company Limited has received approval from the High Court of England and Wales to complete an insurance business transfer under Part VII of the Financial Services and Markets Act 2000. This will enable the company to transfer the portfolios of all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its newly established insurance subsidiary, Travelers Insurance Designated Activity Company (Travelers Insurance DAC). “Receiving court approval for our Part VII transfer is another milestone in our plan to ensure we will maintain high levels of service for our customers and brokers following the UK’s expected departure from the European Union,” said Matthew Wilson, CEO of Travelers Europe. “We are delighted to be able to provide certainty to our policyholders, no matter which part of our business they work with.” Travelers Insurance DAC is based in Dublin in the Republic of Ireland and was authorised by the Central Bank of Ireland in January 2019. Travelers Insurance DAC covers business insurance and bond and specialty risks in Ireland and throughout the European Economic Area.
Travelers has operated in Europe for decades in the general insurance market and through Lloyd’s. Travelers Insurance Company Limited offers business insurance, bond and specialty insurance and risk management services. Travelers’ Syndicate at Lloyd’s underwrites specialist and complex business classes, including marine, global property, power and utilities, accident and special risks, aviation and energy.

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DXC Technology Announces Competition for Startups to Drive Insurance Industry Innovation

Posted by fidest press agency su venerdì, 20 settembre 2019

Technology startups and scale-ups can pitch their innovation stories to insurance industry leaders and potentially showcase their solutions globally through the DXC Technology (NYSE: DXC) second annual DXC Invitational Americas. Competition finalists will have the opportunity to present before hundreds of insurance professionals at the DXC Insurance Conference 2019, Nov. 11-14 in Miami.
The DXC Invitational Americas is one in a series of global competitions that aims to yield joint solutions to key insurance business challenges by tapping into top talent in the startup community. Late-stage startup and scale-up enterprises worldwide that have existing, market-ready products or solutions relevant to the insurance industry are encouraged to apply by midnight Eastern time on Oct. 6 to compete in two categories:
Category 1: The Digital Insurance Ecosystem: A product or solution that can be integrated into the DXC Assure Digital Platform.
Category 2: Enriching the Insurance Experience: A standalone product or solution with the capability to on-sell as a DXC service.
Competition finalists and winners will be selected by a panel of DXC insurance industry clients, other industry experts, and DXC leadership. DXC will continue to explore collaborative opportunities with winners, including partnership possibilities and engagement with its global client base, which represents 85 percent of the Global Fortune 500 insurance companies.Winners and finalists will be invited to attend the DXC Insurance Conference, where they will present their innovations to several hundred DXC clients, partners and employees. The winners, including a “People’s Choice” winner, will be formally announced at the conference.
In addition to the inaugural global DXC Invitational in 2018, the company has conducted regional invitationals in Australia, North and Central Europe, and India.

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RGI annuncia la nuova release di PASS_Insurance 4.0

Posted by fidest press agency su martedì, 17 settembre 2019

RGI, leader in Europa nella trasformazione digitale del mercato assicurativo europeo, annuncia oggi la nuova release di PASS_Insurance 4.0, Policy Administration System per le Compagnie assicurative Vita e Danni.Rispetto alla precedente, rilasciata a luglio 2018, la nuova versione della piattaforma più utilizzata dalle Assicurazioni in Europa si basa su una tecnologia innovativa, che fa del cloud e della scomposizione dei servizi offerti alle Compagnie in microservizi il proprio pilastro evolutivo.“Sia la nostra customer base che gli analisti indipendenti del settore concordano su una forte crescita della domanda di soluzioni in cloud per il mercato assicurativo, dichiara Ugo Di Iorio, Research and Development Vice President di RGI, Le caratteristiche chiave di questa tecnologia, che garantisce minori costi, scalabilità infrastrutturale ed agilità architetturale per l’implementazione di nuovi requisiti di business, sono sempre più essenziali per un mercato che vede il go-to-market di nuovi prodotti e servizi come leve competitive differenzianti. La roadmap evolutiva di PASS_Insurance va in questa direzione e la nuova release si compone infatti di nuovi moduli cloud-native che capitalizzano le best practice di settore e che integrano quelli esistenti, disponibili sia in modalità tradizionale che cloud” Una delle novità principali della piattaforma è infatti il nuovo modulo PASS_Doc Evolution, primo frutto importante della collaborazione tra RGI e Doxee, azienda leader in Europa nelle soluzioni di Customer Communications Management e Digital Customer Experience.

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KBW Insurance Conference

Posted by fidest press agency su sabato, 24 agosto 2019

Horace Mann Educators Corporation (NYSE:HMN) today announced that members of its executive leadership team will present at the KBW Insurance Conference in New York City on Thursday, September 5, 2019, at 10:50 a.m. ET. Representing Horace Mann will be Marita Zuraitis, President and Chief Executive Officer; Bret Conklin, Executive Vice President and Chief Financial Officer; and Wade Rugenstein, Executive Vice President, Supplemental and Chief Information Officer.
A link to the live audio webcast of the presentation will be available on the Events page of investors.horacemann.com. A webcast replay of the presentation will be available later that day at the same location.Horace Mann is the largest financial services company focused on providing America’s educators and school employees with insurance and retirement solutions. Founded by Educators for Educators® in 1945, the company is headquartered in Springfield, Ill. For more information, visit horacemann.com.

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New Partnerships with City Government Agencies to Enroll More New Yorkers in Health Insurance

Posted by fidest press agency su sabato, 24 agosto 2019

MetroPlus Health Plan today announced new partnerships with the Fire Department of the City of New York (FDNY), NYC Housing Authority (NYCHA) and the New York City Taxi and Limousine Commission (TLC) to provide New Yorkers who interact with these three critical agencies information about the City’s public option health plan and encourage them to enroll in affordable health insurance. The three large city government agencies interact with more than 700,000 New Yorkers annually. The collaboration between MetroPlus, the health insurance plan of NYC Health + Hospitals, and the city agencies supports the City’s commitment to guarantee health care for all New Yorkers and Executive Order 40 signed by Mayor Bill de Blasio in January requiring city agencies to help enroll people in health insurance anywhere where New Yorkers are directly served. These partnerships with City agencies were facilitated in part by the Mayor’s Public Engagement Unit, which oversees implementation of the executive order.

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Insurance Labor Outlook Study Results to be Revealed During Webinar

Posted by fidest press agency su mercoledì, 14 agosto 2019

The Jacobson Group and Aon will reveal the results of the Semi-Annual U.S. Insurance Labor Outlook Study in a complimentary webinar presentation on August 16, 2019, at 1:00 p.m. CDT.
The study, which ran from July 16 through August 7, 2019, attracted participation from insurance carriers across the industry. The results highlight current trends in the labor market and industry staffing expectations.The webinar will be presented by Jacobson and Jeff Rieder, partner and head of Ward benchmarking at Aon. All members of the insurance industry are invited to the presentation. To register for the webinar, follow this link: https://jcbsn.gr/2019Q3LaborStudyWebinar.
The Jacobson Group is the leading provider of talent to the insurance industry. For nearly 50 years, Jacobson has been connecting organizations with insurance professionals at all levels across all industry verticals. We provide an array of services including executive search, professional recruiting, temporary staffing and subject matter experts. Regardless of the need or situation, Jacobson is the insurance talent solution. Further information is available at jacobsononline.com.
Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

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SSM Health Brings New Individual Health Insurance Offering to St. Louis Area

Posted by fidest press agency su venerdì, 2 agosto 2019

SSM Health will introduce a new, local option for individual health insurance to the St. Louis region this fall. WellFirst Health will offer individuals and their families access to coverage – with local providers and a health insurance plan working together to help each member achieve optimal health and wellness. Members will enjoy convenient, coordinated access to SSM Health’s comprehensive network of physicians, hospitals, outpatient and virtual care services in addition to other high-quality providers in the region.WellFirst Health plans to offer individual and family insurance for sale both on and off the federally facilitated marketplace (also known as the ACA Marketplace). The coverage is projected to be available to residents in St. Louis City, St. Louis County and St. Charles County during the ACA Marketplace open enrollment period of November 1 to December 15, 2019. Coverage would be effective January 1, 2020.“At SSM Health, we believe all people deserve access to high-quality health care services that are affordable and sustainable – and this is an important step in that journey,” said Laura Kaiser, President and Chief Executive Officer of SSM Health. “While SSM Health is already known for delivering high-quality patient-centered care, we’re pleased to be able to combine that with quality, community-based health insurance for individuals and families that enables more people to get the care they need.”
While this will be the health system’s first health insurance offering in St. Louis, SSM Health already owns and operates a health insurance organization in Wisconsin. Dean Health Plan has more than 35 years of experience in the Wisconsin health insurance market and serves more than 400,000 members. SSM Health will use this experience and expertise in integrating primary, acute and post-acute care services and pharmacy benefits with health insurance solutions to reduce costs, improve quality, and deliver a better, fully coordinated and personalized member and patient experience.“We have all the pieces of health care in place at SSM Health to make improvements in the health care issues facing this country,” said David Fields, President of Dean Health Plan and WellFirst Health. “We can look at the entire process from care delivery to payment and drive positive change and cost savings in ways most other health systems can’t. We see this as a special opportunity to collaborate with members and patients in the St. Louis area.”

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AM Best Affirms Credit Ratings of New York Life Insurance Company and Its Subsidiaries

Posted by fidest press agency su sabato, 27 luglio 2019

AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of New York Life Insurance Company and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (collectively referred to as New York Life). Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the funding agreement-backed securities (FABS) programs, the outstanding notes issued thereunder and the Long-Term IRs on the existing surplus notes of New York Life Insurance Company. The outlook of the Credit Ratings (rating) is stable. All companies are headquartered in New York, NY. (See below for a detailed listing of the Long- and Short-Term IRs.) The ratings reflect New York Life’s balance sheet strength, which AM Best categorizes as strongest, as well as its very strong operating performance, very favorable business profile and very strong overall enterprise risk management.The ratings also reflect New York Life’s risk-adjusted capitalization, which has been sustained at the very strong level, with consistently growing absolute levels of capital, ample financial flexibility and abundant liquidity, even under extreme stress scenarios. Currently, the company’s reserve profile still remains slightly weighted toward annuity products, which are exposed to the continued low interest rate environment. However, this reserve profile is driven partially by the reserving dynamics between life insurance and annuity products, which generate higher reserves for the annuity products in the earlier years. While AM Best believes that New York Life’s investment management capabilities remain strong, the potential still exists for higher-than-normal credit losses, albeit manageable, within New York Life’s general account investment portfolio. The organization’s investment portfolio is considered well-diversified with allocations that follow a consistent, long-term approach, as well as a material allocation to highly rated corporate fixed-income securities. AM Best notes that New York Life has a sizeable allocation to non-traditional assets, namely investments in private equity and hedge funds that together represent approximately 21% of total capital.New York Life’s current adjusted GAAP financial leverage, excluding accumulated other comprehensive income, together with secured and non-recourse debt, continues to be well within AM Best’s guidelines for the company’s current ratings. In addition, GAAP interest coverage is very strong. AM Best also holds a favorable view of New York Life’s proactive management approach to interest-rate risk through ongoing hedging, product design, dynamic asset rebalancing and disciplined sales. Finally, AM Best notes that New York Life has an added measure of financial flexibility in support of its very strong risk-adjusted capital position through the management of its policyholder dividend scale.The consistent and very strong operating performance is attributed to sales growth generated from its traditional ordinary life insurance business, providing long-term cash flows as the foundation. The majority of new annuity sales include market-value adjustment features that reduce interest-rate risk; however, some vulnerability to spread compression exists should the low interest rate environment persist. Overall earnings are derived from diverse sources and have increased primarily because of favorable mortality experience with overall positive business growth. New York Life’s investment operations provide further earnings diversification, reflective of the organization’s strong spread revenue and asset-based fees that are generated from the $572 billion of assets under management as of year-end 2018.

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Mutual Insurance Announce Second Annual Contest Winners

Posted by fidest press agency su venerdì, 26 luglio 2019

Seattle Department of Transportation (SDOT) and PEMCO Mutual Insurance have announced the winner of the 2019 Seattle’s Safest Driver contest and presented Scott Hogan, a professional semi-truck driver from Seattle, with a $5,000 cash grand prize for exemplary safe driving. During the last four weeks of the competition, which was the competition’s grand prize eligibility period, Hogan logged more than 1,800 miles and maintained a perfect score.
More than 2,100 people downloaded the Seattle’s Safest Driver app which encouraged people to drive safely, gives feedback on risky driving habits, and provides the opportunity to be rewarded for taking transit or biking.Throughout the competition, risky driving behavior decreased by an average of 25% across all users, which is expected to persist, as data from previous years show that safe driving habits learned during the contest have a lasting effect months after the competition ends. The resulting positive behavior change builds on Seattle’s strong safety record and supports the City’s Vision Zero initiative to end traffic deaths and serious injuries on city streets by 2030. The contest, which uses award-winning technology developed by Cambridge Mobile Telematics (CMT), ran from May 13 through July 7, 2019.The Seattle’s Safest Driver app ranked participants behind the wheel on five key factors: rapid acceleration, harsh braking, sharp turns, speeding and phone distraction. Participants saw the greatest change in the speeding category: among the top 25% of users, speeding decreased 55% and held steady for a majority of the contest.
Across the board, there was a 45% reduction in speeding, and distracted driving due to phone use improved by nearly 9%, while risk due to sharp turns improved by 11%. Speeding and distracted driving remain two of the top causes of crashes in Seattle, making these improvements notable.

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AM Best Revises Outlooks to Stable for Gulf Insurance Limited

Posted by fidest press agency su lunedì, 15 luglio 2019

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” of Gulf Insurance Limited (Gulf) (Trinidad & Tobago).These Credit Ratings (ratings) reflect Gulf’s balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).The rating actions are mainly due to diminished liquidity pressure at the ultimate parent, Assuria N.V. (Assuria) (Suriname) and the potential adverse impact on Gulf and its balance sheet.The strong level of balance sheet strength is derived from very strong risk-adjusted capitalization, adequate liquidity and loss reserves, and supported by generally positive earnings. However, the assessment of the balance sheet is limited by the company’s small size. In addition, Gulf is highly dependent upon quality third party reinsurers to protect shareholder equity from catastrophic loss.Gulf’s business profile is considered limited due to its significant concentration of property and motor risks in its domestic Trinidad and Tobago market. This market is considered to be very mature and highly competitive providing the company with limited opportunities for organic growth. Gulf is a long-standing insurer, having operated in this market for over 30 years and has achieved a high level of brand recognition. As such, its risk management capabilities are deemed to be appropriate, although a formal ERM program continues to evolve.While concerns remain, the stable outlooks reflect Gulf’s ability to maintain its balance sheet strength, operating performance and business profile under current market conditions, as well as positive developments in Suriname and favorable actions being taken by Assuria to reduce its economic and financial risk.

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Best’s Market Segment Report: Positive Momentum for Russia’s Insurance Market

Posted by fidest press agency su mercoledì, 3 luglio 2019

Following a period of challenge, Russia’s insurance market appears to have reached a turning point with more diversified premium growth and better profitability reported in 2018, according to a new AM Best report. Nevertheless, in AM Best’s view, the recovery is fragile, and threats remain that could adversely impact market development and performance in the medium term.The Best’s Market Segment Report, titled “Positive Momentum for Russia’s Insurance Market, but Threats Remain,” states that development of Russia’s insurance market has been tempered in recent years by geopolitical instability, economic stagnation and the weak performance of the compulsory motor third-party liability segment. At the same time, more stringent oversight from the country’s insurance regulator, the Central Bank of Russia (CBR), has led to a reduction in the number of market participants, as smaller (re)insurers have been unable to withstand the increase in regulatory scrutiny.In 2018, the market’s total insurance premiums rose by approximately 16%, to RUB 1.48 trillion (USD 23 billion), according to the CBR. Notably, the uptick in gross written premiums was supported not just by growth in the life insurance business, but by higher income from non-life products as well. In terms of profitability, Russian insurers benefited from solid investment returns and improved combined ratios.The report also notes that at year-end 2018, 199 insurers were operating in Russia, down from over 700 companies 10 years earlier. The number of participants has declined each year, as a result of higher regulatory capital requirements, more stringent regulatory oversight and the voluntary exit of some companies. As a result of tougher conditions and a number of mergers and acquisitions, the market has also become more concentrated.

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Importance of the Terrorism Risk Insurance Program Reauthorization Act

Posted by fidest press agency su giovedì, 20 giugno 2019

Importance of the Terrorism Risk Insurance Program Reauthorization Act. “Terrorism remains an evolving, expanding, and ever-present risk in the U.S., which underscores the importance of the Terrorism Risk Insurance Program and its role in ensuring the continued stability and health of the terrorism insurance markets,” said Mr. Nageer. “We cannot afford to be complacent with regards to the program’s reauthorization.”
“The breadth of clients purchasing terrorism insurance in the U.S. is considerable and comprised of companies across every sector of the economy, of all sizes, in big and small cities alike,” said John Doyle, President and CEO, Marsh. “These organizations depend on the program to thrive and protect their workforce. We strongly support the reauthorization of TRIPRA.”Marsh’s recently released 2019 Terrorism Risk Insurance Report notes that education entities were the most frequent buyers of terrorism insurance in 2018. Hospitality, gaming, health care, life sciences, and nonprofits are in the top ten sectors buying coverage.The report also notes that should Congress allow TRIPRA to expire without a replacement, it could create capacity shortfalls, especially for businesses with significant workers’ compensation accumulations.
Marsh & McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The company’s 75,000 colleagues advise clients in over 130 countries. With annualized revenue approaching $17 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. Marsh advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients.

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AM Best Revises Outlooks to Stable for Mountain Life Insurance Company

Posted by fidest press agency su domenica, 14 aprile 2019

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Mountain Life Insurance Company (Mountain Life) (Lexington, KY).The Credit Ratings (ratings) reflect Mountain Life’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.The revised outlooks to stable from negative reflect the continued progress regarding the integration of Mountain Life into the Kentucky National Insurance Group (Kentucky National). At this time, AM Best’s concern over execution risk leading to a deterioration in Mountain Life’s ratings has been reduced based on discussions with the new management team and Mountain Life’s results since the time of the transaction close in early 2018. AM Best has held discussions with the new management team related to business plans, strategy, and the integration of Mountain Life into the Kentucky National organization. Mountain Life’s ratings continue to be supported by solid risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), and its strong liquidity afforded by the company’s conservative investment portfolio. Offsetting factors include Mountain Life’s modest overall earnings and declining premium trends, and its concentrated business profile in the credit insurance arena. AM Best will continue to monitor Kentucky National’s business plan for Mountain Life and the company’s ability to carry out its stated plans and projections.

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AM Best Affirms Credit Ratings of Tugu Insurance Company Limited

Posted by fidest press agency su lunedì, 4 marzo 2019

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Tugu Insurance Company Limited (TIC) (Hong Kong). The outlook of these Credit Ratings (ratings) is negative.The ratings reflect TIC’s balance sheet strength, which AM Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The company’s strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is supported by its low underwriting leverage. Offsetting factors are the company’s high asset concentration and low on-balance-sheet liquidity. These factors resulted from the company’s high asset concentration in a small number of invested properties, which accounted for half of total assets at the end of 2018. TIC is a small non-life insurer in Hong Kong. Premium volume has declined sharply over the past five years as the company discontinued some unprofitable business in Hong Kong and increased its reinsurance cession. As a result of having a small net premium base, the high expense ratios increased over the same period. In 2018, TIC reported an underwriting profit mainly contributed by a reserve release. AM Best believes that a similar scale of reserve release is unlikely to repeat year-over-year, so the operating profitability will remain dependent on investment income.The company applies basic tools in risk management, such as investment and underwriting guidelines. Nevertheless, capabilities are lacking in areas such as underwriting, strategy and reserving, the last of which has a track record of volatility. The negative outlooks are based primarily on uncertainty regarding TIC’s capitalization and business profile. It also reflects the company’s low liquidity buffers.
Positive rating actions are unlikely in the near term. Negative rating actions could occur if there is a material decline in the company’s risk-adjusted capitalization and liquidity position, or if the company’s business volume shrinks materially.

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