Rating Agencies
U.S. P/C Industry Underwriting Loss $20B+ Higher in 2022; Reserve Releases Fall
According to data compiled by AM Best, the U.S. property/casualty industry recorded a $26.5 billion net underwriting loss in 2022, $21.5 billion more than the $5 billion underwriting loss the rating ...
AM Best Downgrades SCOR Ratings
AM Best announced Thursday that it has downgraded the financial strength rating to "A" (excellent) from "A+" (superior) and the long-term issuer credit ratings to "a+" (Excellent) from "aa-" ...
2022 In Review: It Was Bad
The year 2022 is in the books for most U.S. property/casualty insurers as the days tick down to statutory filing deadlines. Putting the numbers together, AM Best revealed just how bad the aggregate ...
Fitch Ups AIG P/C Ratings to A+; Multiyear Transformation Prompts Action
A 2022 combined ratio of 92 for the property/casualty operations of American International Group is evidence of the success of the carrier's multiyear turnaround that factored into an upgrade from ...
AM Best Downgrades California Earthquake Authority Credit Ratings
AM Best downgraded the Financial Strength Rating of California Earthquake Authority to "B++" (Good) from "A-" (Excellent) and the Long-Term Issuer Credit Rating to "bbb+" (Good) from "a-" ...
What to Expect: 2022 Combined Ratio Near 102; Stable or Better 2023
In a report published in early December, Fitch Ratings said a modestly improving earnings picture in coming months points to a "neutral" sector outlook for U.S. property/casualty insurers—and over ...
Florida Relief Not Immediate: AM Best
Insurance reforms passed in Florida's most-recent legislative special session will lead to much-needed relief to the state's homeowners market, but the impact won't be immediate, AM Best analysts ...
Without Reforms, More Florida Insurers Will Go Kaput: AM Best
Late last week, AM Best published a commentary ahead of this week's special legislative session in Florida predicting that "without immediate and substantive long-term legislative reforms," further ...