Latest news with #Assessments
Irish Examiner
3 days ago
- General
- Irish Examiner
Illegal peat harvesting uncovered on 38 sites across seven counties
Large-scale commercial peat extraction is being carried out illegally across seven counties in Ireland. That's according to a report published by the Environmental Protection Agency (EPA), which revealed that large-scale commercial peat extraction is being carried out without any of the necessary authorisations from local authorities on 38 sites. The sites are located in Offaly, Kildare, Tipperary, Westmeath, Roscommon, Longford, and Sligo. According to the EPA, these illegal operations are contributing to an export trade of 300,000 tonnes of peat annually, valued at almost €40m. Between 2021 and 2024, the EPA allocated significant resources to carry out 170 enforcement inspections. It has also taken legal action in the District Court and High Court against operations exceeding 50 hectares. These legal actions have resulted in the halt of illegal peat extraction on several peatlands in recent years. A number of cases remain ongoing before the courts. Local authorities have the primary responsibility for regulating all commercial peat extraction, specifically ensuring compliance with environmental legislation, including the performance of Environmental Impact Assessments, Appropriate Assessments related to protected habitats, and the granting — or refusal — of necessary planning permissions for these activities. The EPA is directing local authorities to take appropriate enforcement actions against such operations within their jurisdictions. The report notes that proper regulation of peat harvesting can provide important environmental protections. Bord na Móna lawfully operated nine peatland complexes across 11 counties under EPA licence until operations ceased in 2020. Now, following licence conditions and with support from the Peatlands Climate Action Scheme, Bord na Móna is rehabilitating those peatlands. By the end of 2024, nearly 19,000 hectares will have been restored — bringing the land back to life and allowing nature to thrive again. Dr Tom Ryan, Director of the EPA Office of Environmental Enforcement, said: 'Operators engaged in unauthorised peat harvesting activities are in flagrant violation of environmental law. They are destroying our precious natural environments and this needs to stop. "The environmental damage caused by large-scale peat extraction operating outside regulatory control is catastrophic for the environment. It results in the destruction of vital ecosystems for biodiversity, the loss of important carbon sinks for our efforts on climate change and the decimation of an irreplaceable cultural and scientific amenity and resource." Read More Gardaí used decommissioned firearms in sting operations to trap illegal gun buyers
Business Wire
5 days ago
- Business
- Business Wire
AM Best Comments on Credit Ratings of Philadelphia Insurance Companies' Members; Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of Philadelphia Indemnity Insurance Company and its affiliate, Tokio Marine Specialty Insurance Company (both headquartered in Bala Cynwyd, PA), which operate under a pooling agreement, collectively referred to as Philadelphia Insurance Companies (Philadelphia); along with Tokio Marine America Group and First Insurance Company of Hawaii, Ltd.'s (FICOH) (Honolulu, HI) subsidiaries remain unchanged following the organization's announcement that it sustained an information security event, which has resulted in a widespread network outage impacting Philadelphia, Tokio Marine America Group and FICOH's systems. On June 9, 2025, the organization received an alert regarding suspicious activity on its IT network. The organization took immediate actions to respond to the situation and disconnected affected systems to contain the threat. AM Best notes that the organization notified law enforcement and is engaged in a comprehensive forensic analysis, which is currently ongoing to determine the full scope, nature and ultimate impact to the organization. Philadelphia, Tokio Marine America Group and FICOH have activated their business continuity plans, including interim solutions that enable employees to carry out essential functions, while system restoration efforts are underway. While the situation continues to evolve, AM Best will continue to monitor the cyber event for any signs that the incident may impair the company's operational capabilities, harm its reputation or market position, or prompt a reassessment of its enterprise risk management capabilities. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. 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.
Yahoo
18-06-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of ERIKA Försäkringsaktiebolag (publ)
AMSTERDAM, June 18, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of ERIKA Försäkringsaktiebolag (publ) (Erika) (Sweden). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Erika's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. Erika's strongest level of risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), along with its conservative and liquid investment portfolio and prudent reserving, collectively contribute to an overall balance sheet strength assessment of very strong by AM Best. The company has a track record of strong operating performance, evidenced by a five year (2020-2024) weighted average return-on-equity ratio of 13.5%. Erika's results have been underpinned by robust and stable underwriting margins, with the company recording a technical surplus in each of the past 19 years (2006-2024). Erika is the primary provider of travel insurance to people travelling worldwide on the various international education programmes offered by Education First (EF). All business is sourced solely from EF tour operators, which limits Erika's control over distribution and growth. Erika's limited business profile assessment also reflects its relatively small portfolio, concentrated within one line of business. However, the risks associated with this concentration are mitigated partially by the company's relatively low product risk and geographic diversification. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising 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 Juan A. Villaescusa Prades Financial Analyst +31 208081162 Dr. Mathilde Jakobsen Senior Director, Analytics +31 20 808 3118 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
16-06-2025
- Business
- Business Wire
AM Best Downgrades Credit Ratings of Oregon Mutual Group Members
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has downgraded the Financial Strength Rating to B- (Fair) from B++ (Good) and the Long-Term Issuer Credit Ratings to 'bb-' (Fair) from 'bbb' (Good) of Oregon Mutual Insurance Company and Western Protectors Insurance Company, which are domiciled in McMinnville, OR and collectively referred to as Oregon Mutual Group. The outlooks of these Credit Ratings (ratings) have been revised to negative from stable. The ratings reflect Oregon Mutual Group's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The rating actions reflect the continued deterioration in Oregon Mutual Group's balance sheet metrics, which has been primarily driven by continued surplus erosion in three consecutive years that continued into first-quarter 2025. The surplus decline in 2025, was a result of continued adverse loss reserve development from several large claims, impacted by economic and social inflation, in addition to smoke related claims attributed to the California wildfires. Through first-quarter 2025, the group's surplus position declined by $6.5 million (12.8%) which led the overall risk-adjusted capitalization to decline to adequate levels. Despite Oregon Mutual Group's undertaking initiatives to improve profitability, efforts have not gained meaningful traction and have not effectively insulated the group's condition, which led to its ERM assessment being lowered to marginal. Oregon Mutual Group's operating performance is assessed as marginal due to volatile underwriting results in recent years, which have been driven by economic and social inflations. While the group has undertaken initiatives to improve profitability, recent results have trailed its peer composite. Oregon Mutual Group's underwriting and operating ratios, as well as its return-on-revenue and return-on-equity measures, compare unfavorably to the composite averages. The group's business profile is assessed as limited, reflecting its focus on commercial lines, with over half its book in California on a direct written premium basis. California has historically had a challenging regulatory environment that has impacted the group's results in recent years. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Business Wire
05-06-2025
- Business
- Business Wire
AM Best Revises Outlooks to Negative for Machinery Insurance, Inc., An Assessable Mutual Insurer
BUSINESS WIRE)-- AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of 'bbb' (Good) of Machinery Insurance, Inc., An Assessable Mutual Insurer (Machinery) (Jacksonville, FL). The Credit Ratings (ratings) reflect Machinery's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, very limited business profile and appropriate enterprise risk management (ERM). The negative outlooks reflect the deterioration in Machinery's net underwriting income and pre-tax operating income over the most recent five-year period, driven by a significant decline in premiums over most of that period. The decline in premiums was attributable to the intentional graduation of policies to larger surety writers by its agency, which was accelerated by inflationary trends, as well as increased competition by larger surety writers in the company's own small account market niche. Consequently, Machinery's operating performance metrics have fallen out of line in recent years with the median of 'strong' assessed rating units within its fidelity and surety composite. A continuation of this trend could result in a reduction of the company's 'strong' operating performance assessment. However, Machinery has continued to grow surplus organically in each of the last five years through net investment income, net underwriting income and capital gains on its equity portfolio. Despite the deterioration in operating performance, Machinery maintains a strong overall balance sheet, support by risk-adjusted capitalization at the strongest level. Machinery's business profile is assessed as 'very limited' due to its geographic and product concentration, as well as its intention to remain a tax-exempt organization under federal law, which limits its revenue to less than $600,000 annually. Machinery's ERM is considered appropriate for its risk profile, commensurate with the complexity and scale of the company. Machinery's small size allows for management to remain actively involved in all risk assessments and continuing to develop its risk appetite through strict underwriting practices. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
