Latest news with #IFRS17
Business Wire
23-07-2025
- Business
- Business Wire
Climate Issues, ‘New World' Challenges Lead Agenda at AM Best's Europe Insurance Market Briefing; London Event to Feature Swiss Re's Group Chief Economist and Head of Swiss Re Institute
LONDON--(BUSINESS WIRE)-- AM Best will host its annual Europe Insurance Market and Methodology Briefings on Thursday, 6 November 2025, from 8:30 a.m. to 4:30 p.m. (GMT) at Convene 200 Aldersgate, St. Paul's in London. Jérôme Jean Haegeli, Swiss Re's group chief economist and head of Swiss Re Institute, will deliver the keynote presentation, titled, 'Economic and Geopolitical Outlook.' The programme also will focus on climate challenges and opportunities for the (re)insurance industry, with a panel discussion that includes Alex Hindson, partner, head of sustainability, Crowe UK; Amy Barnes, head of energy and power, as well as head of climate and sustainability strategy, Marsh; and Jessica Botelho-Young, director, analytics, AM Best. Additionally, speakers will share their perspectives on how the (re)insurance sector has benefited from globalization and explore 'new world' protectionist strategies, The market briefing will also offer sessions exploring balance sheets and exposure management considerations and highlight the reinsurance market and AM Best's Credit Rating activity and outlooks for the EMEA region. The afternoon programme will examine AM Best's latest benchmarking analysis and criteria updates, as well as analysts' latest observations on IFRS 17, insurer impairments and the importance of ERM. Doors will open for the Insurance Market Briefing at 8:30 a.m. GMT, with sessions beginning at 9:00 a.m. A networking lunch will follow the first market briefing. The afternoon Methodology Briefing begins at 2:00 p.m. To register to attend any sessions of this conference, or for more information, along with details on innovation exhibitors, please visit
Yahoo
11-07-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Scotia Reinsurance Limited
OLDWICK, N.J., July 11, 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 Scotia Reinsurance Limited (Scotia Re) (Barbados). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Scotia Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Scotia Re transitioned to IFRS 17 reporting on Oct. 1, 2023. The company reported approximately USD 73.0 million of equity at fiscal year-end 2024, an increase from roughly USD 48.8 million for fiscal year-end 2023. This compared with previously reported equity of about USD 53.9 million at year-end 2023 on an IFRS 4 basis (i.e. pre-IFRS 17). The majority of Scotia Re's business is credit life, health and disability reinsurance business, which has been accounted for on the General Measurement Model under IFRS 17. The company holds a contractual service margin liability, which partly contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. In 2024, Scotia Re paused dividends to its parent company, BNS International (Bahamas) Limited, which is an intermediate holding company ultimately owned by The Bank of Nova Scotia (Scotiabank). AM Best expects Scotia Re to maintain its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The company's very favorable credit life reinsurance underwriting results over the long term have balanced overall operating results. Scotia Re's business purpose is to reinsure the insurance protection offered to customers of Scotiabank through its International Banking retail network, allowing the bank to undertake and manage insurance risk. Scotia Re's business is well-diversified across various international markets across the Caribbean and Central and South America. Scotia Re is owned ultimately by Scotiabank, which is among the leading banks in Canada, as measured by market capitalization. The parent bank is a strong organization with approximately CAD 84 billion of total equity at fiscal year-end October 2024 and CAD 1.4 trillion in assets. In addition, the bank earned approximately CAD 7.9 billion in net income on CAD 34 billion in revenue in fiscal-year 2024. AM Best notes that Scotiabank does not guarantee support but may at its discretion provide additional capital should Scotia Re need support to maintain its capital or liquidity targets. 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. View source version on Contacts Stratos Laskarides Senior Financial Analyst +1 908 882 1995 Edward Kohlberg Director +1 908 882 1979 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
11-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Scotia Reinsurance Limited
BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of Scotia Reinsurance Limited (Scotia Re) (Barbados). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Scotia Re's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Scotia Re transitioned to IFRS 17 reporting on Oct. 1, 2023. The company reported approximately USD 73.0 million of equity at fiscal year-end 2024, an increase from roughly USD 48.8 million for fiscal year-end 2023. This compared with previously reported equity of about USD 53.9 million at year-end 2023 on an IFRS 4 basis (i.e. pre-IFRS 17). The majority of Scotia Re's business is credit life, health and disability reinsurance business, which has been accounted for on the General Measurement Model under IFRS 17. The company holds a contractual service margin liability, which partly contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. In 2024, Scotia Re paused dividends to its parent company, BNS International (Bahamas) Limited, which is an intermediate holding company ultimately owned by The Bank of Nova Scotia (Scotiabank). AM Best expects Scotia Re to maintain its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The company's very favorable credit life reinsurance underwriting results over the long term have balanced overall operating results. Scotia Re's business purpose is to reinsure the insurance protection offered to customers of Scotiabank through its International Banking retail network, allowing the bank to undertake and manage insurance risk. Scotia Re's business is well-diversified across various international markets across the Caribbean and Central and South America. Scotia Re is owned ultimately by Scotiabank, which is among the leading banks in Canada, as measured by market capitalization. The parent bank is a strong organization with approximately CAD 84 billion of total equity at fiscal year-end October 2024 and CAD 1.4 trillion in assets. In addition, the bank earned approximately CAD 7.9 billion in net income on CAD 34 billion in revenue in fiscal-year 2024. AM Best notes that Scotiabank does not guarantee support but may at its discretion provide additional capital should Scotia Re need support to maintain its capital or liquidity targets. 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
11-07-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Scotia Insurance (Barbados) Limited
OLDWICK, N.J--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of Scotia Insurance (Barbados) Limited (SIB) (Barbados). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect SIB's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. SIB transitioned to IFRS 17 reporting on Oct. 1, 2023. The company reported approximately CAD 294.5 million of equity at fiscal year-end 2024, an increase from roughly CAD 285.3 million for fiscal year-end 2023. This compared with previously reported equity of about CAD 312.6 million at year-end 2023 on an IFRS 4 basis (i.e. pre-IFRS 17). The majority of SIB's business is creditor life, health and disability reinsurance business for which the Premium Allocation Approach has been utilized under IFRS 17. As a result, there was only minor impact to equity on transitioning from IFRS 4 to IFRS 17 for most of SIB's portfolio. For the company's non-creditor business, SIB holds a contractual service margin liability on its profitable reinsurance contracts, which partly contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. SIB's business purpose is to reinsure the insurance protection offered to Scotiabank customers through its Canadian retail banking network, allowing the bank to undertake and manage insurance risk. SIB reported profit of approximately CAD 379.6M on an IFRS 17 basis compared with about CAD 350.0 million year-on-year, primarily due to higher insurance revenue. The stable outlooks reflect SIB's very strong balance sheet strength assessment supported by consistently strong operating performance. The company's favorable operating return on equity on a longstanding basis provides significant support to the balance sheet and reflects SIB's appropriate underwriting practices in its core Canadian creditor life reinsurance product. 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.
Yahoo
11-07-2025
- Business
- Yahoo
Best's Review Ranks Top Global Brokers and Examines Insurance Accounting Sector
OLDWICK, N.J., July 11, 2025--(BUSINESS WIRE)--The July issue of Best's Review includes a ranking of the top global brokers and provides coverage of insurance accounting: "Top Global Insurance Brokers – 2025 Edition" provides a ranking of the top 20 global insurance brokers based on 2024 total revenue and recaps key developments from the past year. "Reporting Requirements Yet Another Challenge for Insurance Accountants" examines issues such as the ongoing remediation and implementation of IFRS 17. "Insurance Accounting Firms" provides a list of U.S. insurance accounting firms based on information from insurers' annual statement filings. Also included: "Life Insurance Industry Group Teams Up With Health Providers To Turn Health Data Into Meaningful Action" reports how a partnership between the Insurance Collaboration to Save Lives and a New Jersey health technology firm aims to address morbidity. "High Schooler Tackles Wildfire Risks in National Math Modeling Competition" features an interview with New Jersey student Pranav Yogeswaran and Nichole Semprit, senior program specialist for The Actual Foundation about the Modeling the Future Challenge. "Large Language Models Weigh In on Issues Facing Global Insurance Brokers" presents responses from three artificial intelligence-based, large language model programs about the biggest challenges brokers face. Best's Review is AM Best's monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. Access to the complete content of Best's Review is available here. For Best's Review advertising opportunities and a complete media kit, visit AM Best Advertising Services. 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 Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Patricia Vowinkel Executive Editor, Best's Review+1 908 882 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
