Ratings actions
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The ratings agency said Munich Re demonstrated its ability to optimise its market-leading position.
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Scor guided to a EUR400mn insurance result loss earlier this month.
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The ratings agency has upgraded the carrier’s financial strength rating from B to A-.
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Since 1 January, the market’s potential descent into freefall has been closely watched.
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The ratings agency flagged the “increasingly favourable” underwriting results.
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The ratings agency said the upgrade reflected MS Re's “very strong” balance-sheet.
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The ratings agency said momentum in US E&S would create opportunities for the London market.
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The firm received a long-term ICR of a- and the outlook for both ratings is stable.
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The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
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The ratings agency said the reinsurer had a “very weak” balance sheet.
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Operating entity Lancashire Insurance Company Limited, based in Bermuda and the US, has a long-term ICR of a+ while parent company Lancashire Holdings Limited has a long-term ICR of bbb+.
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The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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