Best's Review - November 2022 Edition

< Previous58BEST’S REVIEW • NOVEMBER 2022 State Rate Filings Best’s Rankings Florida Homeowners Multi-Peril Filings by Rate Impact Greater Than 10% Based on a disposition date from Jan. 1 to Oct. 1, 2022. Company NameOverall % Rate ImpactDisposition DateEffective DateFiling Status Southern Farm Bureau Cas Group48.70%7/29/202210/1/2022Approved Florida Farm Bureau Casualty Ins Co48.70%7/29/202210/1/2022Approved Florida Farm Bureau General Insurance Co48.70%7/29/202210/1/2022Approved InSure Homes Group26.30%4/18/202212/22/2021Approved Cypress Property & Casualty Insurance Co26.30%4/18/202212/22/2021Approved Lighthouse Property Ins Corp21.90%2/7/20227/15/2021Approved Tower Hill Group15.60%2/24/20223/1/2022Approved Tower Hill Prime Insurance Company15.60%2/24/20223/1/2022Approved Clear Blue Insurance Group15.30%9/8/20223/21/2022Approved Clear Blue Insurance Company15.30%9/8/20223/21/2022Approved Spinnaker Insurance Group15.30%6/30/202210/15/2021Approved Spinnaker Insurance Company15.30%6/30/202210/15/2021Approved Tower Hill Group14.90%5/16/20223/1/2022Approved Tower Hill Signature Insurance Company14.90%5/16/20223/1/2022Approved Heritage Ins Holdings Group14.90%9/16/202210/1/2022Approved Heritage Property & Casualty Ins Company14.90%9/16/202210/1/2022Approved Kin Insurance Group14.90%4/25/20225/18/2021Approved Kin Interinsurance Network14.90%4/25/20225/18/2021Approved Clear Blue Insurance Group14.90%1/26/202211/5/2021Approved Clear Blue Insurance Company14.90%1/26/202211/5/2021Approved Southern Oak Insurance Co14.90%8/19/202212/21/2022Approved Allstate Insurance Group14.90%3/7/20228/7/2022Approved Castle Key Indemnity Company14.90%3/7/20228/7/2022Approved Markel Corporation Group14.90%1/25/20222/15/2021Approved National Specialty Insurance Company14.90%1/25/20222/15/2021Approved First Protective Insurance Co14.90%6/29/20228/26/2022Approved Allstate Insurance Group14.90%3/7/202211/28/2021Approved Castle Key Insurance Company14.90%3/7/202211/28/2021Approved (Continued on page 59) losses were estimated at more than $50 billion. “In nominal dollars, Ian will be the largest hurricane loss in Florida history,” catastrophe modeler Karen Clark & Co. said. “The total economic damage will be well over $100 billion, including uninsured properties, damage to infrastructure and other cleanup and recovery costs.” AM Best discussed the challenges in the Florida market in a Best’s Commentary released in early June. “The Florida property insurance market has been under immense pressure and faces multiple challenges entering the 2022 hurricane season,” according to the report. “The deterioration in performance has been a by-product of the greater frequency of secondary perils (severe thunderstorms, wind, hail), rising reinsurance costs, escalating levels of litigation, and building codes that have been exploited by parties looking to profit,” according to the report. At the time, AM Best said it believed that legislative reform passed in late May was a step in the right direction but did not provide significant immediate relief. The Florida Legislature created the Reinsurance to Assist Policyholders Program to provide $2 billion of coverage for hurricane losses in the state. Hurricane Ian will be the first test of this new program, according to a Best’s Commentary released in late September. The legislation also included additional resources to make homes more resilient, eliminated one-way attorney fees in AOB-related claims and allowed insurers to offer a separate roof deductible, the report said. “Hurricane Ian provides yet another opportunity for those soliciting claims to take advantage of the legal environment and not only will the event test the new RAP program, but also the restrictions on attorneys’ fees for AOB claims and lodestar fee presumption. The AOB-related reform has already been challenged in court,” said Sridhar Manyem, director, industry research and analytics for AM Best. Insurance Information Institute spokesman Mark Friedlander said litigation, not a tight reinsurance market, could drive more homeowners writer insolvencies in the wake of Ian. Friedlander’s projection is based on a level of claims similar to Hurricane Irma in 2017. Primary carriers operating when Ian made landfall on Sept. 28 near Cayo Costa on the Gulf Coast had apparently secured adequate reinsurance, he said. But 27 “smaller, regional, undercapitalized” writers were on the state regulatory watch list in July. – Best’s Review Staff For the full list or to get more on this and other state rate filings, visit Best’s State Rate Filings.59BEST’S REVIEW • NOVEMBER 2022 Best’s Rankings Florida Homeowners Multi-Peril Filings by Rate Impact Greater Than 10% Based on a disposition date from Jan. 1 to Oct. 1, 2022. (Continued from page 58) Company NameOverall % Rate ImpactDisposition DateEffective DateFiling Status Security First Insurance Co14.90%2/7/20226/28/2021Approved Southern Oak Insurance Co14.90%7/1/20228/15/2022Approved Amer Integrity Ins Co of FL14.90%6/29/20228/21/2021Approved FedNat Insurance Group14.90%3/7/20228/15/2021Approved Maison Insurance Company14.90%3/7/20228/15/2021Approved Florida Family Group14.80%6/2/20225/15/2022Approved Florida Family Home Insurance Company14.80%6/2/20225/15/2022Approved FedNat Insurance Group14.80%1/26/20223/3/2021Approved Monarch National Insurance Company14.80%1/26/20223/3/2021Approved Nationwide Group14.80%5/17/20226/13/2022Approved Nationwide Mutual Insurance Company14.80%5/17/20226/13/2022Approved Tokio Marine US PC Group14.80%7/28/20229/17/2022Approved Privilege Underwriters Reciprocal Exch14.80%7/28/20229/17/2022Approved Heritage Ins Holdings Group14.80%4/5/20221/1/2022Approved Heritage Property & Casualty Ins Company14.80%4/5/20221/1/2022Approved Farmers Insurance Group14.80%8/29/202210/10/2022Approved Farmers Casualty Insurance Company14.80%8/29/202210/10/2022Approved Southern Oak Insurance Co14.80%7/25/20221/1/2023Approved Tower Hill Group14.80%5/16/20223/1/2022Approved Tower Hill Signature Insurance Company14.80%5/16/20223/1/2022Approved AU Holding Company Group14.80%9/9/20227/1/2022Approved Centauri Specialty Insurance Company14.80%9/9/20227/1/2022Approved AU Holding Company Group14.70%4/7/20224/15/2022Approved Centauri Specialty Insurance Company14.70%4/7/20224/15/2022Approved Lighthouse Property Ins Corp14.60%2/16/20223/15/2022Approved Southern Farm Bureau Cas Group14.50%4/18/20226/1/2022Approved Southern Farm Bureau Casualty Ins Co14.50%4/18/20226/1/2022Approved Family Security Ins Co, Inc.14.50%4/19/20226/1/2021Approved US Coastal Insurance Group14.50%4/19/20223/1/2022Approved US Coastal Property and Casualty Ins Co14.50%4/19/20223/1/2022Approved United Insurance Group14.50%1/31/20227/1/2021Approved United Property & Casualty Ins Co14.50%1/31/20227/1/2021Approved Amer Integrity Ins Co of FL14.50%5/9/20227/24/2021Approved Clear Blue Insurance Group14.40%1/26/20223/15/2021Approved Clear Blue Insurance Company14.40%1/26/20223/15/2021Approved American Family Ins Group14.30%6/22/202210/2/2022Approved Amer Family Connect Prop and Cas Ins Co14.30%6/22/202210/2/2022Approved Auto Club Group14.30%8/11/20229/1/2022Approved Auto Club Insurance Company of Florida14.30%8/11/20229/1/2022Approved Southern Oak Insurance Co13.90%9/23/20221/1/2023Approved Bankers Financial Group13.60%7/6/20229/28/2021Approved First Community Insurance Company13.60%7/6/20229/28/2021Approved Amica Mutual Group13.40%2/9/20227/1/2022Approved Amica Mutual Insurance Company13.40%2/9/20227/1/2022Approved Olympus Insurance Company13.10%3/18/20225/1/2022Approved Allstate Insurance Group12.90%7/6/20229/4/2022Approved Castle Key Indemnity Company12.90%7/6/20229/4/2022Approved Allstate Insurance Group12.90%3/7/202211/28/2021Approved Castle Key Indemnity Company12.90%3/7/202211/28/2021Approved Amer Integrity Ins Co of FL12.70%1/26/20225/8/2021Approved St. Johns Insurance Company12.20%2/28/20222/15/2022Approved Progressive Insurance Group11.90%8/2/20226/16/2021Approved ASI Assurance Corp.11.90%8/2/20226/16/2021Approved ASI Preferred Insurance Corp.11.90%8/2/20226/16/2021Approved American Strategic Insurance Corp.11.90%8/2/20226/16/2021Approved Safepoint Insurance Company11.70%5/2/20225/1/2022Approved Ocean Harbor Ins Companies11.20%8/29/20228/15/2022Approved Safe Harbor Insurance Company11.20%8/29/20228/15/2022Approved Family Security Ins Co, Inc.10.80%6/29/202212/1/2021Approved W. R. Berkley Insurance Group10.50%6/9/20228/21/2022Approved Berkley Insurance Company10.50%6/9/20228/21/2022Approved Source: Best’s State Rate Filings; data as of Oct. 6, 2022.60BEST’S REVIEW • NOVEMBER 2022 Book Store Risk Modeling: Practical Applications of Artificial Intelligence, Machine Learning, and Deep Learning Technologies driven by machine learning and AI have transformed industries and help evaluate and solve risk management problems. Now risk managers and business leaders are also relying on those tools to evaluate the financial impact of extreme events such as pandemics and changes in climate, said Terisa Roberts, global solution lead-risk modeling and decisioning, and Stephen Tonna, senior risk consultant and risk lead, at SAS. They are also authors of a new book, Risk Modeling: Practical Applications of Artificial Intelligence, Machine Learning, and Deep Learning. Following is an edited transcript of an interview with AM Best TV. How did the idea for the book come about? Roberts: While we see the use of AI and machine learning pervasive in many aspects of our society, at the same time the digital revolution is changing model paradigms and how we manage risk. Compared to the rapid adoption and growth of AI and machine learning in other areas of business, its uptake in financial risk management seems a bit slower. Risk practitioners are more cautious about its pertinence in regulated areas that also require transparency in decision making and are subject to high regulatory scrutiny. The aim of our book is to demystify the black box and highlight areas where it adds tangible benefit to the risk management function. How can machine learning and AI be used to forecast and evaluate the financial risks and impact of extreme events? Roberts: During the COVID-19 pandemic, machine learning proved very useful for short-term, high- frequency forecasting. These techniques can provide accuracy improvements and machine learning is very good at approximating complex risk calculations that might take hours to compute. Tonna: They can also be used to supply faster, easier and more accurate insurance claims outcomes by using models to identify key questions needed to improve or deny medical coverage. They are effective at modeling complex and granular relationships at scale. That is what is needed in terms of our quantitative climate impacts on financial organizations’ balance sheets. It is also important that risk models now make it to market in less than 12 months to help financial organizations respond to the market changes like those created by a pandemic and changing customer and regulatory expectations. BR —Lori Chordas Authors: Machine Learning, AI Offer New Opportunities in Risk Management Risk professionals turn to machine learning and artificial intelligence to forecast the financial risks of extreme events. Go to Amazon to ﬁnd these and other books. Send us your book recommendations at bestreviewcomment@ambest.com. AM Best Business Trilogy AM Best details the history of AM Best, the history of credit rating agencies, and the life of Alfred M. Best. The Company—A History of AM Best The Industry—A History of Credit Rating Agencies The Man—A Biography of Alfred M. Best T h e A M B e s t B u s i n e s s T r i l o g y The Industry The Company The Man Industry Theeee A History of the Credit Rating Agencies AM B est T h e A M B e s t B u s i n e ss T r i l o g y The Industry The Company The Man AM B est A History of AM Best Company Theee T h e A M B e s t B u s i n e ss T r i l o g y The Industry The Company The Man AM B est A Biography of Alfred M. Best Man Theee Terisa Roberts • Stephen J. Tonna Practical Applications of Artificial Intelligence, Machine Learning, and Deep Learning Risk Modeling AM Best TV Visit www.bestreview.com to watch the interview with Terisa Roberts and Stephen Tonna. Lori Chordas is a senior associate editor. She can be reached at lori.chordas@ambest.com. Terisa Roberts Stephen Tonna61BEST’S REVIEW • NOVEMBER 2022 App Store Insurance Accessibility App Inflation and the lack of affordable housing for renters and homebuyers have made it difficult for a family to survive on a single income and purchase insurance, the industry says. Insurers are using technology to help people find and access the coverage they need at an affordable price. Omar Kaywan, head of growth and co-founder of Goose Insurance, said his company is using technology to remove those barriers so that more Americans can merely “swipe right” on their phones and access more coverage. Following is an edited transcript of an interview with Kaywan. What was the inspiration for the app? The inspiration for the app came from the fact that we wanted to make insurance affordable and accessible. What better way to do that is to build an app for Americans to access insurance. Really, if you can order food, hail a ride, shop on your mobile phone through a mobile app, why can’t you buy insurance? That’s really where the idea for this came from. How does this app automate and streamline the process of purchasing insurance? We build a list of all insurance policies, working hand-in- hand with carriers and underwriters across the U.S., and making sure that we have the best-of-breed products available for each category. It’s been said that the cost and lack of education about insurance, particularly life insurance, are the two main factors preventing people from purchasing it. How does this app help in that regard? As indicated by numerous reports is the fact that insurance is not accessible. Most consumers, most Americans, don’t know where to go and it typically falls on the shoulders of a broker or agent who doesn’t frankly want to deal with these low-premium policies. They’re focused on driving larger sales because that’s how they get compensated. Accessibility has always been an issue. On top of that, obviously, education. We’ve made Goose Insurance accessible to everybody by downloading the app. How has Goose eliminated the pain points that are aligned with the purchase of insurance with today’s expectations? We’ve made the process of not necessarily just buying insurance easy, but also what is that post- policy experience because insurance is only good when it delivers when you need it, and how do we make that process seamless and friendly and timely and urgent. That’s what we have done within the Goose app. BR —Tom Davis App Uses Technology to Help Remove Barriers in Purchasing Insurance Goose Insurance says insurance shopping shouldn’t always fall on the shoulders of brokers and agents. BEST’S CREDIT RATINGS MOBILE APP Instant Access to Best’s Financial Strength Ratings 22.MK132D Our Insight, Your Advantage ™ Learn More: www.ambest.com/mobileapp www.ambest.com • (908) 439-2200 AM Best TV Visit www.bestreview.com to watch the interview with Omar Kaywan. Tom Davis is managing editor. He can be reached at tom.davis@ ambest.com.62BEST’S REVIEW • NOVEMBER 2022 Trending: Best’s News Trending: Best’s Review 1. 30 Years After Hurricane Andrew, Bermuda Reinsurers, Florida ‘Joined at the Hip’ 2. Top Global Insurance Brokers — 2022 Edition 3. Expansion Spurs Growth for US P/C Mutuals Moving Up the Charts 4. Mortality Trends Raise Underwriting Questions for Life Insurers 5. Largest 30 India Insurers — 2022 Edition Trending: BestWire $ 1. Insurtech Hippo Lays Off 70 Employees 2. Three Insurers Win Ruling That WTC Disaster Was One Event 3. California Commissioner Withholds Auto Insurance Rate Approvals, Rattles Market 4. Lemonade Lays Off 20% of Workforce as It Completes $145 Million All-Stock Metromile Acquisition 5. Bankers to Exit Florida Homeowners, Faults Legislative Action in Floundering Market Trending: AM Best Webinars 1. How Insurers Are Countering Climate Change by Building Resiliency 2. How Layered Protection Supports Insurance Identity Fraud Management Trending: AM Best TV - News Coverage 1. Insurers Are Customizing Work Life to Meet Employees ‘Where They’re At’ 2. PwC’s Friedman: Private Equity-Backed Buyers Will Increase Insurance Dealmaking 3. WSIA Emerging Risk Panel: Inflation, Secondary Perils, Social Inflation Among Emerging Risks 4. Next Gen Insurance Leaders to Meet in Denver 5. LexisNexis’ Rush: Data Key to Understanding Risks, Coverage Needs Climate Change Hurricane Andrew’s 30-Year Impact, Best’s Rankings Lead the List of Best’s Review Articles Other trending content includes the expansion and growth of P/C mutuals and mortality trends that are raising underwriting questions for life insurers. These were the top trending items from July 23-Sept. 19, 2022. Features, news articles and videos were based on page views. Webinars were based on webinar attendance. The above content can be viewed on demand at www.bestreview.com, or by visiting AM Best’s home page at www.ambest.com. $ Payment or subscription required. Visit www.ambest.com/advertising to learn more about how to advertise in Best’s Review, BestWire, AM Best Webinars and AM Best TV. Florida Layoffs Work Life63BEST’S REVIEW • NOVEMBER 2022 Trending: Best’s Research Trending: Best’s Special Reports 1. First Look: Six-Month 2022 US Property/Casualty Financial Results $ 2. US L/H Ratings Activity in 2022 Mixed as Insurers Navigate Headwinds $ 3. First Look: Six-Month 2022 US Life/Annuity Financial Results $ 4. US P/C Rating Actions Varied as Insurers Face Pressure From Loss Trends $ 5. Updated Net Capital Charge Tables for ACIS/CIRT Reinsurance Transactions $ Trending: Best’s Market Segment Reports 1. Global Reinsurance: More Stable and Improved Results Following Shift From Property Catastrophe Risks 2. Technology and Talent Drive MGA Growth $ 3. Record-High Direct Premiums Written for the US Surplus Lines Segment in 2021 $ 4. Dedicated Reinsurance Capital Growth of 2021 May Not Continue 5. Market Segment Outlook: US Personal Auto Trending: Best’s Commentary 1. Adverse Economic Environment Driving Significant Unrealized Losses in Insurers’ Investment Portfolios 2. Inflation Reduction Act Will Benefit US Health Insurers 3. Reinsurer Losses Related to Florida Specialists Continue to Climb Despite No Significant Storms 4. US Insurers Have Minimal Investments in ILS and Cat Bonds 5. Hurricane Fiona Insured Losses Depend on Recovery and Resilience Trending: AM Best TV - Research Coverage 1. AM Best’s Briefing - Captives: Stepping in Amidst Capacity and Pricing Challenges 2. AM Best: The Monte Carlo Rendez-Vous Returns as an In-Person Event 3. AM Best Reinsurance Market Briefing - Rendez-Vous de Septembre 4. AM Best: Surplus Lines Segment Saw Record-High Direct Premiums Written in 2021 5. AM Best’s Newman: Building a Career in Insurance Begins With Getting Involved Trending Research Includes Reports on Six-Month 2022 US P/C and US Life/Annuity Financial Results Other trending research includes reports on global reinsurance, U.S. surplus lines and U.S. personal auto. These were the top trending research and commentary reports from July 23-Sept. 23, 2022. $ Payment or subscription required. Best’s News & Research Service subscribers can download PDF copies of all Best’s Special Reports, Best’s Commentaries and Best’s Market Segment Reports along with supporting spreadsheet data at www.ambest.com. Captives Unrealized Losses Reinsurers Financial Results64 BEST’S REVIEW • NOVEMBER 2022 AM Best Webinars Visit http://www.ambest.com/conferences/webinars.asp for details or to register for webinars. Streaming Live AM Best’s Brieﬁng - The Workers’ Comp Market: What to Expect in the Year Ahead Senior AM Best analytical staff and leading industry experts will explore the state of the workers’ compensation market and emerging trends in underwriting, reserving and claims. Topics of discussion will include the effects of inﬂation on the current claims environment and reserves; the impact of economic and unemployment challenges on the workers’ compensation market; pricing; and the use of machine learning and artiﬁcial intelligence in pricing, claims and reserving. Moderator Sridhar Manyem, director, AM Best, will be joined by panelists Richard Ives, vice president, Travelers; Brijesh Kumar, founder & CEO, 4aiSoft; and Gordon McLean, senior ﬁnancial analyst, AM Best. Monday, Nov. 7, 1 p.m. ET. Generational Effects on Juries and Litigation Outcomes J uries are expected to increasingly reﬂect the perspective of post-baby boomers, many of whom don’t share their parents’ views on corporate conduct, social responsibility and appropriate redress. This panel discussion will focus on how insurers are preparing for these attitudinal shifts, including changes in how they present, manage cases and communicate. Participants will include Peri Alkas, insurance and reinsurance partner, Phelps Dunbar LLP; Michon Spinelli, partner, Ropers Majeski; and Lorie Sicafuse, Ph.D., litigation consultant, Courtroom Sciences Inc. This complimentary AM Best Webinar is hosted by Best’s Insurance Professional Resources. Wednesday, Nov. 9, 2 p.m. ET. How Insurers Can Optimize the Cost of Underwriting and Risk Selection While Improving the Customer Experience N ow, more than ever, insurance is about providing a positive experience to brokers, employees and, above all else, the customer. A panel of insurance and technology experts will dissect Capgemini’s new World Insurance Report that explores how insurers can provide a superior customer experience across both commercial and personal lines through a digital reach. This complimentary AM Best Webinar is sponsored by Capgemini. Thursday, Nov. 17, 2 p.m. ET. On Demand How Insurers Are Improving Auto Claims Experiences by Focusing on Customer Satisfaction C arriers are laser-focused on customer satisfaction, and each claims experience yields a different result. A panel of insurance industry experts, data scientists and technologists uncovers trends, relationships— and even some surprises—as we marry insights with compelling consumer data. We show where we excel as an industry, where we fall short and which strategic areas to focus your CSAT efforts. Panelists include Tanner Sheehan, VP and GM, Claims, LexisNexis Risk Solutions; Jeff Gagnon, VP, Department of Service Center Operations, Amica Mutual Insurance; and Carey Geaglone, senior principal, Aite-Novarica Group. This complimentary AM Best Webinar was sponsored by LexisNexis Risk Solutions . BR Panel to Discuss the State of the Workers’ Compensation Market Professionals also examine a new report that explores how insurers can provide superior customer experience across personal and commercial lines. To Read the Magazine Online Visit www.bestreview.com. On Social Media Visit @AMBestCo on Twitter, follow AM Best Information Services on LinkedIn and on YouTube. Visit www.ambest.com/socialmedia for information about how to follow AM Best on social media. Best’s Review delivers a comprehensive package of property/casualty and life/health insurance industry news, trends and analysis monthly. Find us on the internet at www.bestreview.com. The latest edition of Best’s Guide to Understanding the Insurance Industry is available on Amazon.65BEST’S REVIEW • NOVEMBER 2022 AM Best TV & Audio Scor’s Conoscente: ESG Path Going Forward Is Very Clear The industry can play a role in helping the energy transition by offering new products and combining others into an offer that is appealing to banks, construction companies and energy providers, said Scor Global P&C CEO Jean-Paul Conoscente, who spoke with AM Best TV at the Rendez-Vous de Septembre. Africa Re CEO: Opportunities for Growth in Africa’s Reinsurance Market Opportunities in the life sector, growing demand and low penetration rates have left the continent to face liquidity challenges in U.S. dollars and hard currency, said Corneille Karekezi, group managing director/CEO, Africa Re. Karekezi spoke with AM Best TV at the Rendez-Vous de Septembre. Axa XL Reinsurance CEO: Courage Is One Key to Tackling Hard Market Companies must ﬁrst recognize the hardening market, then have the courage to take action by setting portfolios to accurately reﬂect what is happening in the market, said Nancy Bewlay, CEO, reinsurance, Axa XL. Bewlay spoke with AM Best TV at the Rendez-Vous de Septembre in Monte Carlo. Westﬁeld Specialty President: International Market Remains Robust A hard market remains in the international market. Growth will come from different product lines, such as E&S and on the retail side, said Westﬁeld Specialty President Jack Kuhn. He spoke with AM Best TV at the 2022 WSIA Annual Marketplace in San Diego. Insurance Industry Can Help Others in Their ESG Journey, Scor Executive Says Also, industry professionals discuss growth in Africa’s reinsurance market and explore the robust international specialty market. On Demand Jean-Paul Conoscente Corneille Karekezi Nancy Bewlay Insurers Use Data and Analytics to Mitigate Cargo Ship Fire Risk Also, AM Best Audio explores how declining car sales are negatively affecting auto insurance shopping. Insurers Turn to Data, Analytics to Mitigate Cargo Ship Fires Sean Dalton, Munich Re’s head of marine underwriting in North America, discusses the prevalence of cargo ship ﬁres and how insurers and shippers are working together using data and analytics to reduce risk and make the high seas safer. Falling Car Sales Drive Down Auto Insurance Shopping Adam Pichon, vice president and general manager, personal lines insurance, LexisNexis Risk Solutions, discusses the company’s most recent Insurance Demand Meter that shows auto-buying headwinds with insurance sales facing similar hurdles. BR Jack Kuhn Visit www.ambest.com/ambtv to see new and archived video from AM Best TV. Visit www.ambest.com/ambaudio to listen to new and archived audio from AM Best Audio.FORECAST THE IMPACT OF CHANGING CONDITIONS ON FINANCIAL STRENGTH In today’s rapidly changing market conditions, Best’s Capital Adequacy Ratio Model – P/C, US delivers the tools you need to assess an insurer’s risk-adjusted capitalization through customizable risk scenarios, using a model consistent with AM Best’s rating methodology. NOTE: The results or output created by use of the Best’s Capital Adequacy Ratio (BCAR) Model (“Output”) is for informational and internal purposes only, and such Output may not match or be consistent with the oﬃcial BCAR scores that AM Best publishes for the same rating unit. The Output is not guaranteed or warranted in any respect by AM Best. The BCAR Model is a non-rating services product, and its purchase is not required as part of the rating process. 22.BCAR017A Our Insight, Your Advantage ™ Learn More: sales@ambest.com 333Ȑ)!/0Ȑ+)ˏȼˏȬȏȅȎȭˏȊȈȏȥȇȇȅȅBest’s Credit Rating Actions 67BEST’S REVIEW • NOVEMBER 2022 T his edition lists all Credit Rating actions that occurred between Sept. 1 and Sept. 30, 2022. For the Credit Rating of any company rated by AM Best and basic company information, visit the AM Best website at www.ambest.com/ratings/access.html or download the ratings app at www.ambest.com/sales/ambmobileapp . Operating Companies Rating Action Business Type Company Name/ Ultimate ParentAMB# CurrentPrevious Domicile FSR ICR Outlook/ Implications FSR ICR Outlook/ Implications AMERICAS LIFE/HEALTH Outlook Change L American Family Life Insurance Company American Family Ins Mutual Holding Co 006052 AStableAStable Wisconsin, USA a+Negativea+Stable Initial Rating L CL Life and Annuity Insurance Company Crestline Management, L.P. 062559 B++StableNR Texas, USA bbb+Stablenr UpgradeH Delta Dental of Iowa Delta Dental of Iowa 060205 AStableA-Stable Iowa, USA aStablea-Stable Rating Withdrawal H Delta Dental Plan of Arkansas, Inc.* Renaissance Health Service Corporation 064699 NRA-Stable Arkansas, USA nra-Stable DowngradeL Grange Life Insurance Company Kansas City Life Insurance Company 007332 B++NegativeB++Stable Ohio, USA bbbNegativebbb+Negative Initial Rating L La Capitale Civil Service Insurer Inc. Beneva Inc. 094126 AStable Quebec, CAN aStable Initial Rating L Life Alliance Reassurance Corporation AAA Northeast Holding, Inc. 060709 AStable Hawaii, USA aStable Under Review L Lombard International Life Assurance Co BTO LIA Holdings (Cayman), L.P. 007142 A- uNegativeA-Negative Pennsylvania, USA a- uNegativea-Negative Under Review L Lombard International Life Ltd. BTO LIA Holdings (Cayman), L.P. 094344 A- uNegativeA-Negative Bermuda a- uNegativea-Negative Under Review L Lombard Intl Life Assur Co (Bermuda) Ltd BTO LIA Holdings (Cayman), L.P. 094345 A- uNegativeA-Negative Bermuda a- uNegativea-Negative Under Review L Lombard Intl Life Assur Co of New York BTO LIA Holdings (Cayman), L.P. 068237 A- uNegativeA-Negative New York, USA a- uNegativea-Negative Outlook Change L Merit Life Insurance Co. 777 Partners LLC 006703 A-NegativeA-Stable Texas, USA a- Negativea-Stable Initial Rating L Pillar Life Insurance Company Pillar Insurance LLC 062521 B+StableNR Pennsylvania, USA bbb-Stablenr Under Review L Sagicor Life Insurance Company Sagicor Financial Company Ltd. 006057 A- uDevelopingA-Stable Texas, USA a- uDevelopinga-Stable Under Review L Sagicor Reinsurance Bermuda Ltd. Sagicor Financial Company Ltd. 071395 A- uDevelopingA-Stable Bermuda a- uDevelopinga-Stable Outlook Change L SCOR Global Life Americas Reinsurance Co SCOR SE 006555 A+NegativeA+Stable Delaware, USA aa-Negativeaa-Stable Outlook Change L SCOR Global Life Reins Co of Delaware SCOR SE 060212 A+NegativeA+Stable Delaware, USA aa-Negativeaa-Stable Outlook Change L SCOR Global Life USA Reinsurance Company SCOR SE 009189 A+NegativeA+Stable Delaware, USA aa-Negativeaa-Stable Outlook Change H Union Labor Life Insurance Company Ullico Inc. 007152 A-PositiveA-Stable Maryland, USA a-Positivea-Stable AMERICAS PROPERTY/CASUALTY DowngradePAlaska Timber Insurance, Inc.001773 B++StableA-Stable Alaska, USA bbb+Negativea-Stable UpgradeP AlleghenyPoint Insurance Company Encova Mutual Insurance Group, Inc. 013871 AStableA-Positive West Virginia, USA aStablea-Positive Outlook Change P Amer Family Connect Prop and Cas Ins Co American Family Ins Mutual Holding Co 003563 AStableAStable Wisconsin, USA a+Negativea+Stable Outlook Change P American Family Connect Insurance Co American Family Ins Mutual Holding Co 013104 AStableAStable Wisconsin, USA a+Negativea+Stable Outlook Change P American Family Insurance Company American Family Ins Mutual Holding Co 011789 AStableAStable Wisconsin, USA a+Negativea+Stable * The ratings were affirmed at a-/A- on Sept. 21, 2022, and subsequently withdrawn. Outlook: Positive, Negative, Stable. Implications: Positive, Negative, Developing. Business Type: P = Property/Casualty (Nonlife); L = Life; H = Health; T = Title; C = Composite. Opinion Modifiers: u = Under Review; sf = Structured Finance; i = Indicative Credit Rating Modifier; s = Syndicate Credit Rating ModifierNext >