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Insurance
Rating agency AM Best has upgraded the issuer credit rating and outlook for the Dubai Insurance Company (DIC) following the insurer’s strong operating results and risk-adjusted capitalisation. 16 May 2014
Insurance
Rating agency AM Best has downgraded the financial strength and issuer credit rating of The Mediterranean & Gulf Insurance & Reinsurance Company (Medgulf Bahrain) and The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company, a Saudi joint stock company, (Medgulf KSA), as a result of material underwriting losses at the Saudi subsidiary. 16 May 2014
Insurance
United Insurance Holdings has signed a non-binding letter of intent to acquire fellow Floridian property and casualty (P&C) insurer Sunshine State Insurance Company (SSIC). 16 May 2014
Insurance
Novae Group, the specialist Lloyd’s insurance group, enjoyed solid growth in the first three months of 2014 in what it described as a challenging rating environment as it targeted more speciality classes of business. 14 May 2014
Insurance
Catlin Group posted very healthy growth in the first quarter of 2014 driven by its reinsurance book and international operations. While its CEO warned on softening rates in catastrophe-exposed lines, he said some hardening was occurring elsewhere. 14 May 2014
Insurance
Troubled insurer Tower Group and its subsidiaries have been downgraded by AM Best following its recent disclosure of a new $63 million reserve charge in its delayed results covering the fourth quarter of 2013. 12 May 2014
News
The re-emergence of an active reinsurance market for variable annuity (VA) risk is a potential positive development for US life insurers that sell VAs. 9 May 2014
Insurance
ACE Group has appointed Adi Darmaputra as accident & health and bancassurance director for its general insurance operations in Indonesia. 7 May 2014
News
Swiss Re posted solid profits in the first quarter of 2014 and grew its property/casualty reinsurance book by almost 8 percent. But it also noted that it has been readjusting its portfolio towards casualty and away from increasingly competitive catastrophe business. 7 May 2014
Awards
The second stage of the Intelligent Insurer’s Global Research Survey 2014 is now live. Voting will close at the end of May and the full results will be published in the magazine’s annual industry research report later this year. 2 May 2014
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