Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to a new AM Best report. According to the …
After two years of challenges for personal auto insurers, rating agency AM Best delivered a positive assessment: U.S. personal auto insurers are the furthest ahead when it comes to innovation. Personal auto insurers’ innovative processes include automated claims management and …
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Ohio Indemnity Company (OIC) (Columbus, OH). The Credit Ratings (ratings) reflect …
AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” (Excellent) from “a” (Excellent) of Farm Bureau County Mutual Å˽ðÁ«´«Ã½Ó³» Company of Texas and Texas …
AM Best placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of GeoVera Å˽ðÁ«´«Ã½Ó³» Group in Fairfield, California. Coastal Select Å˽ðÁ«´«Ã½Ó³» …
Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …
Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to …
The U.S. property/casualty insurance industry recorded a slight underwriting improvement in 2023, but losses persisted, according to a new AM Best report. Preliminary data from the global credit rating agency shows that the industry posted a $21.2 billion net underwriting …
AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the year. Additional downgrades of 15 commercial insurers …
Å˽ðÁ«´«Ã½Ó³» industry rating agency AM Best on Friday put the financial strength rating of Pie Å˽ðÁ«´«Ã½Ó³» Group under review with negative implications. Pie Å˽ðÁ«´«Ã½Ó³» Company of Columbus and Pie Casualty Å˽ðÁ«´«Ã½Ó³» Company of Chicago currently have a financial strength rating …
