Latest news with #Best'sPerformanceAssessment
Business Wire
23-07-2025
- Business
- Business Wire
AM Best to Sponsor and Participate at Vietnam Insurance Summit
SINGAPORE--(BUSINESS WIRE)-- AM Best will participate and be a sponsor at the Vietnam Insurance Summit, to be held 1 August 2025 in Quy Nhon, Vietnam. AM Best Senior Financial Analyst Ken Lau will discuss the credit rating agency's 2025 outlook on Vietnam's non-life insurance segment. Lau, who joined AM Best in 2020, is responsible for the credit ratings of insurance and reinsurance companies in the Asia Pacific region and is particularly knowledgeable with Vietnam's insurance market. The presentation, which will include topics such as insurance demand, regulatory refinements and market competition, is scheduled for 2:15 p.m. ICT. Additionally, Rob Curtis, managing director and chief executive officer, Asia Pacific, and Johnathan Wong, market development analyst, Asia Pacific, will be in attendance and available for meetings. To arrange a meeting with either Curtis or Wong to learn more about AM Best, its role in the insurance industry and the resources it offers to insurance professionals, including Best's Credit Ratings, please email or Under the theme 'Insurance Development Strategy in the AI Revolution,' the summit will focus on artificial intelligence (AI) applications, data-sharing systems, digital ecosystem development and customer experience optimization through a plenary session and two in-depth conference tracks. AM Best is a diamond sponsor of the event, which will take place at the Hotel Anya Premier. To learn more about the summit, visit here. Visitors to the AM Best booth can learn about the rating agency's Best's Credit Ratings, insurance data and analysis resources and financial data products and Best's Performance Assessment for Delegated Underwriting Authority Enterprises (DUAEs).
Associated Press
04-06-2025
- Business
- Associated Press
Best's Market Segment Report: MGA Premiums Showed Double-Digit Growth for Fourth-Straight Year in 2024
OLDWICK, N.J.--(BUSINESS WIRE)--Jun 4, 2025-- Year-over-year premium generated through managing general agents (MGAs) and other delegated underwriting authority enterprises (DUAEs) grew by 15% to $89.9 billion in 2024, a fourth consecutive year of double-digit percentage increases, according to a new AM Best report. The Best's Market Segment Report, 'MGA Premiums Show Double-Digit Growth for a Fourth Consecutive Year,' notes that National Association of Insurance Commissioners (NAIC) reporting regulations require that companies disclose individual MGA premium data only for those MGAs whose premium constitutes more than 5% of the risk-bearing entity's policyholder surplus. The number of unique MGAs that met the threshold for their premium to be reported and considered for this report exceeded 700 – about 100 more than the previous year. However, market research indicates that the total number of MGAs operating in the U.S. market exceeds 1,000. The growth in the number of MGAs can be partly attributed to new market entrants with expertise in niche markets, which is to insurers with capacity and appetite for specialty risks. 'The premium momentum by MGAs writing specialty commercial lines of coverage shows no sign of slowing down despite average account pricing moderating or even declining in certain lines such as workers' compensation, professional liability — particularly directors and officers and employment practices liability — and cyber liability,' said David Blades, associate director, Industry Research and Analytics, AM Best. 'With certain market segments experiencing moderated pricing, future growth rates could be impacted.' According to the report, the number of MGAs that produced $500 million or more in direct premiums written increased to 19 in 2024 from 12 in the previous year, with six of those carriers surpassing the $1 billion DPW mark, doubling the total of three from 2023. The industry also has pivoted toward non-exclusive MGA relationships, growing to an estimated 57% of U.S. property/casualty direct premiums written in 2024 from 33% in 2017, an indication that insurers increasingly value diversified distribution and are leaning on broader networks to expand market reach and hedge underwriting risk concentrations. 'Non-exclusive MGA arrangements give carriers greater flexibility to adjust their portfolios in response to loss trends, pricing cycles, or changes in reinsurance availability, allowing for easier exits by underperforming segments of their portfolio,' said Dawn Walker, associate director, Industry Relation (DUAE). In response to the DUAE segment's growth, AM Best introduced its Best's Performance Assessment in 2022, providing an industry-first tool providing an objective, independent opinion of a DUAE's ability to perform services on behalf of its insurance partners. AM Best maintains a positive outlook on the DUAE market segment, owing to the resilience of these organizations as they have effectively used strategic investments in technology and talent to expand premiums in the specialty commercial market. To access the full copy of this special report, please visit AM Best will host an online market briefing to discuss the DUAE segment on Thursday, June 5, 2025, at 10:00 a.m. EDT. To register, or for more information, please go to the event and registration © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Dawn Walker Associate Director, Industry Relations (DUAE) +1 908 882 2422 [email protected] Blades Associate Director, Industry Research and Analytics +1 908 882 2071 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES SOURCE: AM Best Copyright Business Wire 2025. PUB: 06/04/2025 09:10 AM/DISC: 06/04/2025 09:09 AM
Yahoo
04-06-2025
- Business
- Yahoo
Best's Market Segment Report: MGA Premiums Showed Double-Digit Growth for Fourth-Straight Year in 2024
OLDWICK, N.J., June 04, 2025--(BUSINESS WIRE)--Year-over-year premium generated through managing general agents (MGAs) and other delegated underwriting authority enterprises (DUAEs) grew by 15% to $89.9 billion in 2024, a fourth consecutive year of double-digit percentage increases, according to a new AM Best report. The Best's Market Segment Report, "MGA Premiums Show Double-Digit Growth for a Fourth Consecutive Year," notes that National Association of Insurance Commissioners (NAIC) reporting regulations require that companies disclose individual MGA premium data only for those MGAs whose premium constitutes more than 5% of the risk-bearing entity's policyholder surplus. The number of unique MGAs that met the threshold for their premium to be reported and considered for this report exceeded 700 – about 100 more than the previous year. However, market research indicates that the total number of MGAs operating in the U.S. market exceeds 1,000. The growth in the number of MGAs can be partly attributed to new market entrants with expertise in niche markets, which is to insurers with capacity and appetite for specialty risks. "The premium momentum by MGAs writing specialty commercial lines of coverage shows no sign of slowing down despite average account pricing moderating or even declining in certain lines such as workers' compensation, professional liability — particularly directors and officers and employment practices liability — and cyber liability," said David Blades, associate director, Industry Research and Analytics, AM Best. "With certain market segments experiencing moderated pricing, future growth rates could be impacted." According to the report, the number of MGAs that produced $500 million or more in direct premiums written increased to 19 in 2024 from 12 in the previous year, with six of those carriers surpassing the $1 billion DPW mark, doubling the total of three from 2023. The industry also has pivoted toward non-exclusive MGA relationships, growing to an estimated 57% of U.S. property/casualty direct premiums written in 2024 from 33% in 2017, an indication that insurers increasingly value diversified distribution and are leaning on broader networks to expand market reach and hedge underwriting risk concentrations. "Non-exclusive MGA arrangements give carriers greater flexibility to adjust their portfolios in response to loss trends, pricing cycles, or changes in reinsurance availability, allowing for easier exits by underperforming segments of their portfolio," said Dawn Walker, associate director, Industry Relation (DUAE). In response to the DUAE segment's growth, AM Best introduced its Best's Performance Assessment in 2022, providing an industry-first tool providing an objective, independent opinion of a DUAE's ability to perform services on behalf of its insurance partners. AM Best maintains a positive outlook on the DUAE market segment, owing to the resilience of these organizations as they have effectively used strategic investments in technology and talent to expand premiums in the specialty commercial market. To access the full copy of this special report, please visit AM Best will host an online market briefing to discuss the DUAE segment on Thursday, June 5, 2025, at 10:00 a.m. EDT. To register, or for more information, please go to the event and registration page. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Dawn Walker Associate Director, Industry Relations (DUAE) +1 908 882 2422 David Blades Associate Director, Industry Research and Analytics +1 908 882 2071 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
