Merced P&C downgraded to ‘F’ after California wildfire hit
AM Best has changed the Financial Strength Rating (FSR) to a Non-Rating Designation of F (In Liquidation) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “f” from “a-” of California-based Merced Property & Casualty Company.
Alaska insured earthquake losses limited
Insured losses from the magnitude 7.0 earthquake that struck Alaska on Nov. 30, 2018 are likely to be limited by a low earthquake insurance take-up rate (about 9-12 percent for homeowners and higher for businesses) and high deductibles (10-20 percent of policy limit), according to Morgan Stanley Research.
AM Best picks Amsterdam for new Europe unit post-Brexit
Rating agency AM Best has unveiled its new subsidiary AM Best (EU) Rating Services, based in Amsterdam, the Netherlands.
Verisk reveals $87m Rulebook acquisition for expansion
Verisk Analytics, a provider of property/casualty (P&C) insurance risk information, has acquired London-based Rulebook for $87 million in cash.
The Hartford snaps up MGU Y-Risk; hires team
US-based The Hartford has purchased Y-Risk, a managing general underwriter (MGU) specialising in the sharing and on-demand economy, from Allstar Financial Group.
NSM acquires KBK Insurance for North America expansion
NSM Insurance Group has acquired the assets of US-based KBK Insurance Group, a provider of commercial auto insurance products and services.
Marriott sued for $12.5bn in data breach case
A class-action lawsuit seeking $12.5 billion, or $25 for each customer whose privacy may have been jeopardized, has been filed against Marriott after the hotel chain revealed a data breach affecting 500 million customers of its Starwood hotels, according to a Dec. 1, 2018 report by The Oregonian.
US insurers retain coal support
While most of the leading European insurers have by now taken action on coal, none of the nine US insurers assessed have taken any steps, according to the Unfriend Coal campaign.
Gallagher expands in Indonesia, Singapore with IBS stakes
Broker Arthur J Gallagher has acquired a 40 percent equity stake in Indonesian insurance broker and risk management services provider PT IBS Insurance Broking Service, as well as 100 percent of reinsurance broker IBS Re Singapore.
California Woolsey fire insured losses exceed $2.5bn: AIR
Industry insured losses from the Woolsey fire in Southern California will be at least $2.5 billion, according to estimates by catastrophe risk modelling firm AIR Worldwide.
