News
News
Istmo Compañía de Reaseguros (Istmo Re), the Panama reinsurer which backs Probitas Syndicate 1492 at Lloyd’s, has been downgraded to ‘E’ from ‘B’ by AM Best following the intervention of its regulator in Panama. 15 December 2016
Insurance
Ratings agencies see the operating environment for reinsurers deteriorating in 2017 which could lead to negative ratings actions particularly for smaller players. 15 December 2016
Insurance
Pressure on the reinsurance business has been significant in 2016 due to a low interest rate environment and a soft market, but 2017 is likely to be even tougher and could lead to negative ratings actions, according to major rating agencies. 14 December 2016
Insurance
John Nelson and Inga Beale, the chairman and chief executive of Lloyd’s respectively, have confirmed that the market’s 2017 subscription will reduce by 10 percent in a joint year-end statement. 13 December 2016
News
Continued market challenges will hinder the potential for positive rating actions and may translate into negative rating pressures in 2017, AM Best said as it is maintaining its negative outlook for the global reinsurance market. 13 December 2016
Insurance
A low interest rate environment in China continues to place pressure on the profitability of the country’s life insurers, which rely on interest spreads for profits, according to a Fitch Ratings report. 9 December 2016
Insurance
Novae Group, the specialist Lloyd’s insurance group, has warned that its combined ratio for the whole of 2016 will be high than anticipated because of the continued prevalence of larger individual risk and catastrophe losses. 8 December 2016
Insurance
The formation of a new state-backed reinsurer in Russia will hit the long-term growth potential of global reinsurers in the country, which will be forced to cede a percent of premium to the new entity even on existing long-term treaties. 7 December 2016
Insurance
United Insurance Holdings (UPC), a property/casualty insurance holding company, has raised $30 million through an offering of senior notes to private investors. 6 December 2016
Insurance
The rating agencies have started to react to the news that Liberty Mutual will acquire Ironshore – just over a year after Fosun International, China’s biggest conglomerate, acquired the remaining 80 percent stake in the Bermuda-based property/casualty insurer. 6 December 2016
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