USA Focus

News

Allianz GI barred from US after "massive fraudulent" Structured Alpha scheme

Asset manager transfers $120bn assets to Voya IM, pays $6bn in fraud case

Manulife warns of 10% earnings hit from IFRS transition in 2022

CSM adoption will lead to a 20% decrease in equity, Canadian insurer says

Bermudian insurers remain deficient in climate modelling

Majority of insurers not using vendor cat models for climate projections, the BMA finds

S&P winds back on some insurance capital rating proposals

Agency responds to concerns on new rating model

US insurers slam S&P's "excessively conservative" capital model review

ACLI submits 41-page document to outline concerns

US lawmakers urge insurers to stop fossil fuels business

Letter from Democrats sent to insurers including Chubb, Berkshire Hathaway and AIG

Russia is largest source of cyber-attacks, says Greenberg

Chubb says no increase in cyber-attacks through war as it limits exposure to conflict

S&P to release new capital rules by late Q3

Agency may make changes as it faces heavy criticism

Abir slams "disruptive" and "anti-competitive" S&P rating proposals

Bermudian insurance body calls out S&P for overuse of power on debt capital rules

NYDFS issues warning on insurance acquisitions

Minority holdings of less than 10% still subject to "control" oversight rules

Tesla insurance turning claims process into a "dream", says Musk

Car manufacturer plans to expand telematics-based insurance beyond US

US insurers applaud litigation disclosure requirement

APCIA says litigation transparency needed as social inflation threat grows

Insurers cannot "simply deny" coverage for fossil fuels, Chubb's CEO says

Greenberg says move out of fossil fuels dependent on development of alternatives

NAIC gives states until September to adopt reciprocal reinsurance laws

Ten US states still to adopt covered agreement for collateral relief

Travelers reports nearly 50% jump in revenues in Q1

Bellwether for US insurance market benefits from lower catastrophe losses

Analysis

Sarah Williams cultivates new risk strategy at Guardian Life

Sarah Williams found a new job and a new hobby during the pandemic. Now chief risk officer at Guardian Life - and a keen gardener - she is planning to make both flourish, as she explains Ronan McCaughey

The US climate split

The knives are out on what US insurers need reveal about their climate-related exposures. Sarfraz Thind reports

LDTI takes a bite from insurer balance sheets

US insurers have begun disclosing the impact of 2023's new accounting standard, proving beyond doubt it will be one of the biggest shifts in accounting rules in years. Sarfraz Thind reports

S&P's capital model review: this could hurt

The rating agency's review of its capital methodology could leave insurers facing the prospect of rating changes and possible capital raising pressure, as Sarfraz Thind reports