AM Best has withdrawn the credit ratings of United India Insurance Company Limited at that company’s request after downgrading the insurer’s financial strength rating (FSR) and long-term issuer credit rating (ICR).
The ratings firm downgraded United India’s to C+ (marginal) from C++ (marginal), and its long-term ICR to “b-” from “b+.” The outlook of the FSR has been also been revised to “negative” from “stable” while the outlook of the Long-Term ICR is “negative.”
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Hot on the heels of Willis Towers Watson reporting its Q2 results, it’s now time for its mega-merger partner Aon to do the same.
According to the Q2 release from Aon, the brokerage giant’s total revenue fell by 4% to US$2.5 billion (around SG$3.4 billion) while organic revenue declined by 1%. However, net income from continuing operations attributable to Aon shareholders came in at US$397 million (around SG$544.4 million), or US$1.70 per share, versus US$277 million (around SG$379.8 million), or US$1.14 per share, in the same period last year.
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The full financial impact of the COVID-19 pandemic has become clearer this week as top insurers across the globe release their interim 2020 results and now it is the turn of reinsurance giant, Swiss Re. With claims and reserves related to the pandemic standing at US$2.5 billion (approx. SG$3.43 billion) across the group, this has resulted in a net loss of US$1.1 billion (approx. SG$1.51 billion) in the first half of 2020.
Despite these loss reserves, however, Swiss Re has maintained its industry-leading capital position in the first half of 2020, with a Group Swiss Solvency Test (SST) ratio above … Read More