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A.M. Best became a Supporting Member of ICMIF in 2009 following the decision by the ICMIF Board to open a new category of membership for key industry players wanting to support the work of ICMIF.
Founded in 1899 A.M. Best Company is a global full credit rating organisation dedicated to serving the financial and healthcare service industries, including insurance companies, banks, hospitals and healthcare system providers. For further information visit www.ambest.com.
A. M. Best Company received the Best Global Rating Agency award at the Reactions Global Awards 2009 - New York.
A.M. Best Special Report: Mutuals Maintain Momentum, But Challenges Mount
May, 2010
Mutual insurance companies generally entered and emerged from the economic downturn in a strong position, but any advantage over conventional insurers may be short-lived as economies around the world continue to recover. Limited financial flexibility, impending implementation of Solvency II rules in Europe, growing regulatory requirements and imperatives to cut expenses will place pressure on the mutual sector, resulting in further partnerships and affiliations.
Initial coverage of the report:
A.M. Best Special Report: Mutuals Under the Microscope as Market Share Grows
October, 2009
Mutuals form a fundamental part of the insurance market, representing more than a quarter of the global insurance industry.
New figures show they are gaining market share, with the trade body the International Cooperative and Mutual Insurance Federation (ICMIF) estimating they make up 26.5% of the world’s insurance premiums. Yet despite the increasingly important role they play in the market, mutuals are not well understood.
Unlike stock companies, little is written about the mutual sector. However, A.M. Best’s in-depth analysis of mutuals within the Group of Seven (G7) countries and in a number of other key countries shows that while they have proven to be quite resilient during the economic downturn, they still face a wide range of diverse challenges.
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- Mutuals Maintain Momentum, But Challenges Mount: Yvette Essen, head of market analysis, discusses the A.M. Best special report showing how mutual insurance companies generally entered and emerged from the economic downturn in a strong position, but any advantage over conventional insurers may be short-lived as economies around the world continue to recover. John Weber hosts (May 13, 2010).
- CUNA Mutual looks to U. K. Building societies for growth: CUNA Mutual Group Europe's Paul Walsh on UK Building Society Market (May 10, 2010).
- Mutuals Not Immune to Financial Turmoil: Sandra Parrillo, president and chief executive officer of Providence Mutual Fire Insurance, discusses the impact the global financial crisis has had on the business as clients make changes to their coverages. Chad Hemenway hosts (February 9, 2010).
- Providence Mutual Fire Insurance Co.'s Sandra Parrillo: Sandra Parrillo, president and chief executive officer of Providence Mutual Fire Insurance Co., discusses the benefits of being a mutual, effects of the economy, regulation and the public perception of insurance companies. Chad Hemenway hosts (February 5, 2010).
- Mutual Companies Use Affiliation Agreements: Senior Associate Editor Al Slavin discusses a Best's Review cover story explaining how rising reinsurance costs and the quest for product diversification are driving some mutuals to affiliation agreements. John Weber hosts (February 5, 2010).
- Mutuals Thrive Amid Financial Turmoil: Senior Associate Editor Fran Lysiak asks Mike Fanning, executive vice president for the U.S. Insurance Group at MassMutual, about what's driving sales at this and other mutual companies. John Weber hosts (February 3, 2010).
- MassMutual's Mike Fanning: Mike Fanning, executive vice president of the U.S. insurance group at MassMutual Financial, discusses the growth in the mutual life insurer's career agent force, the various proposals at the federal level for financial services reform and the company's approach to investing in commercial real estate. Fran Lysiak hosts (February 2, 2010).
- Mutuals Under the Microscope as Market Share Grows: Yvette Essen (October 8, 2009).
A.M. Best News Stories
- BestWeek: October 2, 2009, Mutuals Upbeat on Prospects as Larger Competitors Flounder (David Pilla)
- Global Reinsurance: October 5, 2009, Mutuals diversify reinsurance buying (David Sandham)
- Business Insurance: October 5, 2009, Mutual insurers resilient, gain market share: Best (Judy Greenwald)
- Canadian Underwriter: October 5, 2009, North American P&C mutuals take hit during recession, but still able to grow earnings (A.M. Best)
- Bloomberg: October 5, 2009, AIG, Hartford Losses Mean Customers Look to Mutuals (Jamie McGee)
- National Underwriter: October 5, 2009, A.M. Best: Mutuals See Gains, Face Challenges
- Thompson's Daily Insurance: October 6, 2009, Mutuals well placed to continue to grow market share but smaller regional players may be unable to survive (A.M. Best) - PDF available upon request
- Insurance Journal: October 6, 2009, Mutual Insurers Positioned for Growth But Some May Need Partners
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