credit ratings

Moody’s Ratings has now finalised and published its awaited new methodology for rating insurance-linked securities (ILS) such as catastrophe bonds.

Following its recent publication of a discussion paper on rating insurance-linked securities (ILS), with a focus on catastrophe bonds, Moody’s Ratings has moved forward and now proposes a new methodology for rating cat bonds and other ILS, seeking final feedback before its implementation.

Moody’s Ratings has published a discussion paper on insurance-linked securities (ILS), with a focus on catastrophe bonds, and is seeking feedback from market participants to help clarify its understanding of ILS market dynamics and associated credit risks.

According to Joseph Petrelli, President and Co-Founder of rating agency Demotech, the company has taken a decision that could see it declining to rate additional or new carriers in the beleaguered Florida property insurance market.

Lawmakers in Florida are pushing for a new rating agency, or alternative of some description, to come into the state and measure insurance carrier financial adequacy, with a proposal to hire a consultant to evaluate alternative options for providing ratings to insurers.

Weston Property & Casualty Company has now had a receiver confirmed for an insolvency process and liquidation of the company, and it’s been claimed that the insurers assets were insufficient to meet its liabilities, while it had also failed to place its mid-year reinsurance renewal.

Florida’s property insurance crisis continues to get increasingly political, with candidates for the Governor role in the state now blasting each other’s proposals for improving the insurance marketplace and its access to reinsurance.

We’ve learned from sources that Florida focused P&C insurer Weston Insurance never actually completed its debut catastrophe bond deal, the what was supposed to have been $45 million Marlin Re Ltd. (Series 2022-1) cat bond deal.

United Insurance Holdings Corp. has highlighted how it continues to face significant uncertainty after the downgrade by Demotech of its United Property & Casualty Insurance Company (UPC) carrier, despite having been deemed eligible for support via the Citizens guarantee arrangement.

Having had its rating withdrawn recently, Florida focused property insurance carrier Weston Property & Casualty Company is now heading for insolvency, after the regulator initiated delinquency proceedings against it.