Latest news with #JessicaBotelho-Young
Zawya
26-04-2025
- Business
- Zawya
Best's Market Segment Report: AM Best maintains its stable outlook for the insurance markets of the GCC
LONDON--(BUSINESS WIRE/AETOSWire)-- AM Best is maintaining its outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable. In its new Best's Market Segment Report, 'Market Segment Outlook: Gulf Cooperation Council Insurance,' AM Best notes current economic conditions remain resilient to regional geopolitical tensions; albeit should there be an escalation, the GCC could be adversely impacted by second order effects. At the same time, opportunities for insurance sector growth remain plentiful as new products and increased insurable risks remain an important feature of the market. Moderating factors identified by AM Best's analysts include the highly saturated nature of the GCC markets, with intense competition driving pricing pressure and threatening technical margins. Furthermore, elevated oil price fluctuation brings potential economic uncertainty, particularly for those GCC countries with higher dependence on the hydrocarbon sector, as well as those with higher breakeven oil prices. To access a complimentary copy of this special report, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 *Source: AETOSWire Contacts Emily Thompson Senior Financial Analyst Jessica Botelho-Young, CA Director, Analytics Richard Banks Director, Industry Research – EMEA Edem Kuenyehia Director, Market Development & Communications
Yahoo
24-04-2025
- Business
- Yahoo
Best's Market Segment Report: AM Best Maintains its Stable Outlook for the Insurance Markets of the Gulf Cooperation Council
LONDON, April 24, 2025--(BUSINESS WIRE)--AM Best is maintaining its outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable. In its new Best's Market Segment Report, "Market Segment Outlook: Gulf Cooperation Council Insurance," AM Best notes current economic conditions remain resilient to regional geopolitical tensions; albeit should there be an escalation, the GCC could be adversely impacted by second order effects. At the same time, opportunities for insurance sector growth remain plentiful as new products and increased insurable risks remain an important feature of the market. Moderating factors identified by AM Best's analysts include the highly saturated nature of the GCC markets, with intense competition driving pricing pressure and threatening technical margins. Furthermore, elevated oil price fluctuation brings potential economic uncertainty, particularly for those GCC countries with higher dependence on the hydrocarbon sector, as well as those with higher breakeven oil prices. To access a complimentary copy of this special report, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 Emily Thompson Senior Financial Analyst +44 20 7397 0291 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Richard Banks Director, Industry Research – EMEA +44 20 7397 0322 Edem Kuenyehia Director, Market Development & Communications +44 20 7397 0280
Yahoo
23-04-2025
- Business
- Yahoo
Best's Market Segment Report: Operating Performance of UAE Insurers Remains Resilient Despite Unprecedented Rains
LONDON, April 23, 2025--(BUSINESS WIRE)--Insurers in the United Arab Emirates—and their international reinsurance partners—are waking up to the natural catastrophe exposures in the region after severe rains at the beginning of last year impacted full-year earnings, according to a new report from AM Best. In its Best's Market Segment Report, "Operating Performance of UAE Insurers Remains Resilient Despite Unprecedented Rains," AM Best notes in the face of changes in the nature and frequency of weather-related events in the region, insurers will likely need to develop expertise in modelling other potential loss exposures. Notwithstanding the insured rain losses, the report points to early evidence—based on year-end 2024 results—suggesting that there has been a positive reversal in the underwriting performance of listed insurers, with insurance service results having shown considerable improvement. The results of the top five insurers account for over 85% of the market's total earnings, further exacerbating the divide between the largest and smallest players. Overall, insurance service results in 2024 showed a 14% increase compared with the previous year, aligning with AM Best's general expectations given the corrective measures taken by the industry in terms of risk management and improvement in technical pricing. To access a complimentary copy of this special report, please visit AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 Saad Abbasi Financial Analyst +44 20 7397 0316 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Richard Banks Director, Industry Research – EMEA +44 20 7397 0322 Edem Kuenyehia Director, Market Development & Communications +44 20 7397 0280 Sign in to access your portfolio
Associated Press
14-02-2025
- Business
- Associated Press
AM Best Places Credit Ratings of Banner Life Insurance Company and William Penn Life Insurance Company of New York Under Review With Developing Implications
AM Best has placed under review with developing implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of 'aa-' (Superior) of Banner Life Insurance Company (BLIC) (Frederick, MD) and William Penn Life Insurance Company of New York (William Penn-NY) (New York). On Feb. 7, 2025, Legal & General Group Plc (L&G) agreed to the sale of its U.S. protection business to Meiji Yasuda Life Insurance Company (Meiji) and to establish a strategic partnership with Meiji to grow the U.S. pension risk transfer (PRT) business with Meiji taking a 20% interest in L&G's U.S. PRT business, for a value of $2.3 billion. The deal is expected to close prior to year-end 2025 and includes rated subsidiaries, BLIC and William Penn-NY. These two subsidiaries primarily offer term life insurance and complete PRT transactions. The announcement of the transaction included the formation of a strategic partnership between L&G and Meiji. In this partnership, L&G will retain 80% of new and existing U.S. PRT business through reinsurance agreements and serve in an asset managerial role. The transaction and partnership are expected to help grow Meiji's presence in the U.S. life insurance space, as part of a broader international growth strategy. The role of BLIC and William Penn-NY within the Meiji organization will develop as the deal progresses and completes. The pending transaction and level of strategic importance to Meiji will be monitored and assessed in the months to come by AM Best. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view. Financial Analyst +1 908 882 2077 Jessica Botelho-Young Director, Analytics +44 20 7397 0310 [email protected] Ghislain Le Cam Senior Director, Analytics +44 20 7397 0268 [email protected] Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Al Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] SOURCE: AM Best Copyright Business Wire 2025. PUB: 02/14/2025 01:36 PM/DISC: 02/14/2025 01:36 PM
Yahoo
14-02-2025
- Business
- Yahoo
AM Best Places Credit Ratings of Banner Life Insurance Company and William Penn Life Insurance Company of New York Under Review With Developing Implications
OLDWICK, N.J., February 14, 2025--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" (Superior) of Banner Life Insurance Company (BLIC) (Frederick, MD) and William Penn Life Insurance Company of New York (William Penn-NY) (New York). On Feb. 7, 2025, Legal & General Group Plc (L&G) agreed to the sale of its U.S. protection business to Meiji Yasuda Life Insurance Company (Meiji) and to establish a strategic partnership with Meiji to grow the U.S. pension risk transfer (PRT) business with Meiji taking a 20% interest in L&G's U.S. PRT business, for a value of $2.3 billion. The deal is expected to close prior to year-end 2025 and includes rated subsidiaries, BLIC and William Penn-NY. These two subsidiaries primarily offer term life insurance and complete PRT transactions. The announcement of the transaction included the formation of a strategic partnership between L&G and Meiji. In this partnership, L&G will retain 80% of new and existing U.S. PRT business through reinsurance agreements and serve in an asset managerial role. The transaction and partnership are expected to help grow Meiji's presence in the U.S. life insurance space, as part of a broader international growth strategy. The role of BLIC and William Penn-NY within the Meiji organization will develop as the deal progresses and completes. The pending transaction and level of strategic importance to Meiji will be monitored and assessed in the months to come by AM Best. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. 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 Michael Lynch Financial Analyst +1 908 882 2077 Jessica Botelho-Young Director, Analytics +44 20 7397 0310 Ghislain Le Cam Senior Director, Analytics +44 20 7397 0268 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
