Latest news with #N.J.
Yahoo
5 days ago
- Business
- Yahoo
Best's Market Segment Report: Reinsurers' Disciplined Capital Deployment and Underwriting Remain Key Foundations
OLDWICK, N.J., August 14, 2025--(BUSINESS WIRE)--A recalibration of the global reinsurance market since the January 2023 renewal period has led to a more-durable market structure characterized by reduced earnings volatility and stronger margins, supporting AM Best's continued positive outlook on the industry. The Best's Market Segment Report, "Reinsurers' Disciplined Capital Deployment and Underwriting Remain Key Foundations," starts off AM Best's look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reports, including AM Best's ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd's, life/annuity, health and regional reinsurance markets, will be available during August and September. According to this report, the shift since the January 2023 renewal in how risk is priced, shared and retained across the reinsurance industry has carried forward and translated into a second-straight year of solid results in 2024. The European "Big Four" reinsurers posted a discounted combined ratio of 86.4% under IFRS 17; the discounting on average lowers the combined ratio by approximately eight percentage points. The U.S. and Bermuda composite reported an undiscounted combined ratio of 89.5% under U.S. GAAP. These results confirm that underwriting profitability has not only rebounded but is being sustained in the current reinsurance cycle. "Reinsurers' risk-adjusted capitalization levels remain robust, reflecting retained earnings and disciplined capital management, and the strong underwriting profitability is being augmented by a surge in investment income given elevated interest rates," said Michael Lagomarsino, senior director, AM Best. "The absence of material new global reinsurance entrants also is ensuring that structural market discipline is maintained, distinguishing the current environment from previous market cycles." According to the report, most global reinsurers have maintained their strong performance through the first half of 2025, despite global weather-related insured losses that will likely top USD 100 billion. These losses are primarily driven by the California wildfires, which many reinsurers are marking in the range of USD 30-50 billion. "Assuming no further material weather events in the second half of 2025, the combination of disciplined underwriting, rate adequacy and robust investment income should deliver full-year operating results exceeding the cost of capital," said Dan Hofmeister, associate director, AM Best. Global reinsurers also face headwinds other than climate change, including social inflation, growing geopolitical tensions and trade disputes, and these challenges underscore the importance of the market's improved structural foundations and explain why AM Best's outlook, though positive, remains closely scrutinized. "The question now facing the industry is whether the improvements in terms and conditions represent a durable shift," said Steven Chirico, director, AM Best. "The lessons of past cycles suggest caution, but reinsurer sentiment has ensured tighter exposure management and market disciple in the current cycle." To access the full copy of this market segment report, please visit For global reinsurance reports ahead of Rendez-Vous de Septembre, as well as video coverage of the event, please visit AM Best's Reinsurance Information center. Lastly, AM Best will host its annual reinsurance market briefing at Rendez-Vous de Septembre on Sept. 7, 2025, at 10:15 a.m. (CEST) in Monte Carlo. For more information, please visit the event website. 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 Dan Hofmeister, CFA, FRM, CAIA, CPC Associate Director +1 908 882 1893 Steven M. Chirico, CPA Director +1 908 882 1694 Michael Lagomarsino, CFA, FRM Senior Director +1 908 882 1993 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Washington Post
25-07-2025
- Sport
- Washington Post
Jets quarterback Justin Fields returns a day after dislocating toe, but doesn't practice
FLORHAM PARK, N.J. — Justin Fields returned to the practice field Friday but didn't participate in drills a day after dislocating a toe on his right foot. Fields, who was carted from the field Thursday early in practice, is being evaluated by the Jets on a daily basis. Fields wore his helmet as he spent most of practice on the sideline and with the rest of the offense while appearing to walk without a noticeable limp. Veteran backup Tyrod Taylor led the offense during practice, with Adrian Martinez and rookie Brady Cook also receiving snaps.
Yahoo
13-07-2025
- Sport
- Yahoo
Chelsea's Cole Palmer wins Golden Ball as top player at Club World Cup
EAST RUTHERFORD, N.J. (AP) — Chelsea midfielder Cole Palmer earned the Golden Ball as the top player at the Club World Cup after scoring three goals, including two in the 3-0 win over Paris Saint-Germain in the final on Sunday. Palmer, a 23-year-old who joined the Blues from Manchester City two years ago, scored the game's first two goals and assisted on Chelsea's third goal by João Pedro. Palmer also scored in the 2-1 quarterfinal victory over Palmeiras. Advertisement Chelsea's Robert Sánchez was awarded the Golden Glove as top goalkeeper and PSG 20-year-old forward Désiré Doué received the Best Young Player award. Real Madrid's Gonzalo García won the Golden Boot for most goals with four. He was tied with Benfica's Ángel Di María, Borussia Dortmund's Serhou Guirassy and Al Hilal's Marcos Leonardo, and García won the award on a tiebreaker with one assist. ___ AP soccer: The Associated Press
Associated Press
13-07-2025
- Sport
- Associated Press
Chelsea's Cole Palmer wins Golden Ball as top player at Club World Cup
EAST RUTHERFORD, N.J. (AP) — Chelsea midfielder Cole Palmer earned the Golden Ball as the top player at the Club World Cup after scoring three goals, including two in the 3-0 win over Paris Saint-Germain in the final on Sunday. Palmer, a 23-year-old who joined the Blues from Manchester City two years ago, scored the game's first two goals and assisted on Chelsea's third goal by João Pedro. Palmer also scored in the 2-1 quarterfinal victory over Palmeiras. Chelsea's Robert Sánchez was awarded the Golden Glove as top goalkeeper and PSG 20-year-old forward Désiré Doué received the Best Young Player award. Real Madrid's Gonzalo García won the Golden Boot for most goals with four. He was tied with Benfica's Ángel Di María, Borussia Dortmund's Serhou Guirassy and Al Hilal's Marcos Leonardo, and García won the award on a tiebreaker with one assist. ___ AP soccer:
Yahoo
12-07-2025
- Business
- Yahoo
Trump announces 30% tariffs against EU, Mexico to begin Aug. 1, rattling major US trading partners
BRIDGEWATER, N.J. (AP) — President Donald Trump on Saturday announced he's levying tariffs of 30% against the European Union and Mexico starting Aug. 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners. Trump detailed the planned tariffs in letters posted to his social media account. They are part of an announcement blitz by Trump of new tariffs aimed at allies and foes alike, a bedrock of his 2024 campaign that he said would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades. In his letter to Mexico's leader, President Claudia Sheinbaum, Trump acknowledged that the country has been helpful in stemming the flow of undocumented migrants and fentanyl into the United States. But he said the country has not done enough to stop North America from turning into a 'Narco-Trafficking Playground.' 'Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough,' Trump added. Trump in his letter to the European Union said the U.S. trade deficit was a national security threat. 'We have had years to discuss our Trading Relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, Trade Deficits, engendered by your Tariff, and Non-Tariff, Policies, and Trade Barriers,' Trump wrote in the letter to the EU. 'Our relationship has been, unfortunately, far from Reciprocal.' The letters come in the midst of an on-and-off Trump threat to impose tariffs on countries and right an imbalance in trade. Trump in April imposed tariffs on dozens of countries, before pausing them for 90 days to negotiate individual deals. As the three-month grace period ended this week, Trump began sending his tariff letters to leaders but again has pushed back the implementation day for what he says will be just a few more weeks. If he moves forward with the tariffs, it could have ramifications for nearly every aspect of the global economy. EU members and Mexico respond European Union Commission President Ursula von der Leyen responded by noting the bloc's 'commitment to dialogue, stability, and a constructive transatlantic partnership.' 'At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,' von der Leyen said in a statement. Von der Leyen added that the EU remains committed to continuing negotiations with the U.S. and coming to an agreement before Aug. 1. Trade ministers from EU countries are scheduled to meet Monday to discuss trade relations with the U.S., as well as with China. European leaders joined von der Leyen in urging Trump to give negotiations more time and warnings of possible new tariffs on Washington. 'With European unity, it is more than ever up to the Commission to assert the Union's determination to resolutely defend European interests,' French President Emmanuel Macron said in a statement posted on X. Italian Premier Giorgia Meloni's office said "it would make no sense to trigger a trade war between the two sides of the Atlantic." Danish Foreign Minister Lars Løkke Rasmussen told broadcaster DR that Trump was taking a 'pointless and a very shortsighted approach." Swedish Prime Minister Ulf Kristersson warned in an interview with SVT that 'everyone loses out from an escalated trade conflict, and it will be U.S. consumers who pay the highest price.' Trump, as he has in previous letters, warned that his administration would further raise tariffs if the EU attempts to hike its own tariffs on the United States. The Mexican government said it was informed during high-level talks with U.S. State Department officials Friday that the Trump letter was coming. The delegation told Trump officials at the meeting it disagreed with the decision and considered it 'unfair treatment,' according to a Mexican government statement. Sheinbaum, who has sought to avoid directly criticizing Trump in the early going of her presidency, expressed a measure of confidence during a public appearance on Saturday that the U.S. and Mexico will reach 'better terms.' 'I've always said that in these cases, you need a cool head to face any problem,' Sheinbaum said. With the reciprocal tariffs, Trump is effectively blowing up the rules governing world trade. For decades, the United States and most other countries abided by tariff rates set through a series of complex negotiations known as the Uruguay round. Countries could set their own tariffs, but under the 'most favored nation'' approach, they couldn't charge one country more than they charged another. The Mexico tariff, if it goes into effect, could replace the 25% tariffs on Mexican goods that do not comply with the existing U.S.-Mexico-Canada free trade agreement. Trump's letter did not address if USMCA-compliant goods would still be exempt from the Mexico tariffs after Aug. 1, as the White House said would be the case with Canada. Trump sent a letter to Canada earlier this week threatening a 35% tariff hike. Higher tariffs had been suspended With Saturday's letters, Trump has now issued tariff conditions on 24 countries and the 27-member European Union. So far, the tally of trade deals struck by Trump stands at two — one with the United Kingdom and one with Vietnam. Trump has also announced the framework for a deal with China, the details of which remain fuzzy. Treasury Secretary Scott Bessent on Saturday said the U.K. 'smartly' acted early. 'Let this be a lesson to other countries - earnest, good faith negotiations can produce powerful results that benefit both sides of the table, while correcting the imbalances that plague global trade,' Bessent said in a posting on X. Douglas Holtz-Eakin, a former Congressional Budget Office director and president of the center-right American Action Forum, said the letters were evidence that serious trade talks were not taking place over the past three months. He stressed that nations were instead talking amongst themselves about how to minimize their own exposure to the U.S. economy and Trump. 'They're spending time talking to each other about what the future is going to look like, and we're left out,' Holtz-Eakin said. Potential impact is vast If the tariffs do indeed take effect, the potential impact on Europe could be vast. The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. Europe's biggest exports to the U.S. were pharmaceuticals, cars, aircraft, chemicals, medical instruments and wine and spirits. Lamberto Frescobaldi, president of the Union of Italian Wines trade association, said Trump's move could lead to 'a virtual embargo' of his country's wine. 'A single letter was enough to write the darkest chapter in relations between two historic Western allies,' Frescobaldi said. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more goods from European businesses than the other way around. However, American companies fill some of the gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. The U.S. services surplus took the nation's trade deficit with the EU down to 50 billion euros ($59 billion), which represents less than 3% of overall U.S.-EU trade. ___ Associated Press writers Josh Boak in Washington, Angela Charlton in Paris, Regina Garcia Cano in Caracas, Venezuela, Kirsten Grieshaber in Berlin, Dave McHugh in Frankfurt, Germany, and Giada Zampano in Rome contributed to this report. Aamer Madhani, The Associated Press
