BestWeek: A.M. Best Statistical Study Shows Positive Trend for L/H Companies in 1Q

In the first quarter of 2010, the total U.S. life/health industry continued the progress made during fourth quarter 2009 in its recovery from the financial crisis of late 2008, according to an A.M. Best Co. statistical study in this week's BestWeek U.S./Canada.

The report, which looks at first-quarter 2010 financial results for the top 25 life writers, noted an increase in admitted assets, solid improvement in absolute and risk adjusted capital levels, organic earnings growth and some moderation of the pace of credit impairments as the industry rebounded from the difficult capital market and equity disruption during the crisis. A second statistical study said the U.S. life/health industry's admitted assets increased 6.5% for 2009 for a total of $4.94 trillion.

The June 14 edition is available at www.bestweek.com.

In BestWeek Europe, the creation by Chubb Insurance Co. of Europe SE of a new Lloyd's syndicate and managing agency reflects a growing sense by the group of the attractiveness of the Lloyd's market, according to Rob Cage, the syndicate's active underwriter.

And in BestWeek U.S./Canada, despite $16 million in campaign spending by Mercury General, a controversial automobile insurance ballot question lost at the ballot box. The Mercury-founded and funded Californians for Fair Auto Insurance Rates sought to convince voters that under Proposition 17 some 80% of them would save money on their car insurance by becoming eligible for longevity discounts even if they switch insurers. Faced with a more than 15:1 spending disadvantage, foes including the Campaign for Consumer Rights adopted the slogan, "When was the last time an insurance company spent millions to save you money?"

BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, visit http://www.ambest.com/sales/BestWeek.

Founded in 1899, A.M. Best Co. is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

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