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Best’s Market Segment Report: Japan Non-Life Insurers Focus on Profitability

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HONG KONG–(BUSINESS WIRE)–Japan’s non-life insurers are facing pressure to rebuild catastrophe
reserves amid rising reinsurance costs that follow a catastrophe
loss-heavy year in 2018, according to a new AM Best market segment
report.

Last year marked a record for natural disasters in Japan as a series of
events resulted in significant insured losses, the costliest being
Typhoon Jebi. In the new Best’s Market Segment Report, titled,
“Japan Non-Life Insurers Focus on Profitability,” AM Best states that
because of the disasters, Japan’s non-life carriers released a sizeable
portion of their catastrophe reserves. The amount of catastrophe
reserves released by Japan’s three non-life insurance giants—Tokio
Marine & Nichido Fire Insurance Co. Ltd., MS&AD Insurance Group
Holdings, Inc., and Sompo Japan Nipponkoa Insurance Inc.— in the third
quarter of fiscal-year 2018 (October-December) totaled approximately
JPY340 billion (USD3.07 billion). These reserve releases represented a
13% net reduction of the insurers’ overall catastrophe reserves balance.
The vast majority of these reserve releases came from the fire and
allied line, and as a result, catastrophe reserves for this line
declined by nearly 40%.

Those total catastrophe reserve releases were comparable in scale to the
amounts released in fiscal-years 2011 and 2012, attributable
predominantly to the Tohoku earthquake, the costliest earthquake-related
insured loss in Japan’s history.

The report also states that some insurers’ lower wind/flood catastrophe
excess-of-loss layers were exhausted after typhoons Jebi and Trami in
2018. As a result, insurers needed to pay the reinstatement premium for
restoring the layer limit after the first loss event. Some also needed
to purchase back-up reinsurance cover after Typhoon Trami to reinforce
their lower-layer protection and cover any additional losses from
potential winter snowstorms. These extra reinsurance costs were
instrumental in a slight deterioration in the underwriting results of
Japan’s non-life insurers in 2018, after the release of catastrophe loss
reserves.

“In the wake of the 2018 catastrophe losses, this year’s 1 April renewal
season reflected some relatively steep price hikes, particularly in
catastrophe excess-of-loss covers for Japanese wind exposures,” said
Christie Lee, director of analytics. “Although specific rate increments
varied among insurers, depending on the level of loss, their reinsurance
portfolios, and their relationships with reinsurers, Japan’s domestic
non-life insurance companies generally faced higher reinsurance costs.”

Overall, AM Best views the capitalization of Japan’s major non-life
insurers as robust and resilient to underwriting or economic challenges.
AM Best expects Japan’s domestic insurance companies to remain focused
on operating profitability over the medium term — underpinned by primary
rate hikes in catastrophe loss-impacted lines of business, a stable book
of voluntary automobile insurance and robust investment returns. Due to
these factors, AM Best’s market segment outlook of Japan’s non-life
insurance industry remains stable. Over the last few years, Japan’s
major non-life players have embarked on global expansion at an
accelerated pace, seeking risk diversification. With regard to a change
in companies’ risk profiles, AM Best views adopting a holistic approach
to capital and catastrophe risk management remains crucial for the major
Japan non-life insurersin the event of unforeseen catastrophe losses or
amid challenging post-event market conditions.

To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=285676.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

Christie Lee
Director, Analytics
+852 2827
3413

christie.lee@ambest.com

Jason Shum
Associate Director, Analytics
+852
2827 3424

jason.shum@ambest.com

Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644

james.peavy@ambest.com

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Business Wire

John Warren Sells Stake in Lima One Capital

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GREENVILLE, S.C.–(BUSINESS WIRE)–John Warren, founder and chairman of Greenville-based Lima One Capital, has sold his majority ownership stake in the company to current minority partners. Warren founded Lima One in 2011 and has grown the company to more than 300 full and part-time employees around the country.

Under Warren’s leadership at Lima One, the company doubled in growth for four straight years and grew its headquarters in Greenville to more than 160 full-time employees.

“It has been a true honor to lead Lima One Capital. This company is filled with incredible men and women who work hard every day to serve our customers. While it is bittersweet to leave the company, I am proud of everything we have accomplished from right here in Greenville. Lima One has a very bright future ahead of it,” Warren said.

Lima One Capital’s headquarters and leadership team will remain in Greenville. All current jobs located in Greenville will remain in the city.

“Lima One has been a critical part of Greenville’s success over the past ten years. When leaders like John choose to build their headquarters right here in Greenville, it shows other business leaders the benefits of locating their companies in the Upstate,” said Knox White, mayor of Greenville.

Lima One’s CEO Jeff Tennyson, who joined the company in 2018 when Warren ran for governor of South Carolina, said, “While we will miss John day-to-day and the meaningful impact he has had on Lima One’s success, our management team remains fully in place, and we’re well positioned to continue our growth and success. The FixNFlip and rental investor markets continue to expand, and with our innovative products, strong customer experience and great people here in Greenville, Lima One has a terrific future ahead as a national lender.”

In 2014, Lima One was recognized as the Fastest Growing Company in South Carolina and was named as one of the Best Places to Work in South Carolina in 2016. Lima One has raised billions of dollars from institutional investors and is on pace to originate $1.25 billion in 2019.

“It is hard to overstate the positive impact Lima One has had on Greenville and the Upstate. Over the past ten years, Lima One has brought high-quality, high-paying jobs to the city and improved our entire city’s quality of life,” said John Uprichard, founder and CEO of Find Great People, an executive search firm and staffing company based in Greenville. “Lima One and John Warren have been great for our city and our region.”

For the opportunity to interview John Warren, contact Jeff Dezen at jeffd@jdpr.com or phone 864.233.3776, ext. 11.

About John Warren

Born and raised in Greenville, South Carolina, John Warren is a successful entrepreneur, businessman, and community leader. Warren is the founder and former chairman and CEO of Lima One Capital, a specialty mortgage finance company that is one of the largest lenders for residential real estate investors and homebuilders in the country. Prior to founding Lima One, Warren served in the Marine Corps as an infantry officer and deployed twice. Warren and his wife Courtney live with their three children in Greenville. Full biography attached.

About Lima One

Headquartered in Greenville, S.C., Lima One Capital is a specialty mortgage finance company, founded by Marines, that specializes in providing customized real estate loans to real estate investors across the nation. Lima One’s core loan products are Rental30, a 30-year, fixed-rate, fully-amortizing loan for purchasing or refinancing residential rental properties; FixNFlip, a 13-month bridge loan for investors who are buying, renovating, and selling properties; and a Multifamily bridge program for the purchase or refinance of 5+ unit multifamily properties. For more information, visit limaone.com or contact Robert Neely, Director of Marketing, at 864-248-6066.

JOHN WARREN BIOGRAPHY

Born and raised in Greenville, South Carolina, John Warren is a successful entrepreneur, businessman, and community leader. Warren is the founder and former chairman and CEO of Lima One Capital, a specialty mortgage finance company that is one of the largest lenders for residential real estate investors and homebuilders in the country. Lima One has been recognized as the Fastest Growing Company, one of the Best Places to Work, and the Most Ethical Company in South Carolina. While at Lima One, Warren was also a principal in the largest bulk sale of single-family homes in the country, selling over 1,400 rental properties in Atlanta to Blackstone Group LP (BX) for more than $100M.

Prior to founding Lima One, John served four years on active duty as an infantry officer in the United States Marine Corps. In March of 2006, he deployed with 3rd Battalion, 8th Marines to Ramadi, Iraq where he spent seven months conducting combat operations against insurgent forces. While deployed, he was decorated for “valor” and “heroic achievement” as he “led a counter attack against insurgents attacking Observation Post Virginia.” In total, he led over 300 combat missions and left the Marine Corps with the rank of captain. He speaks regularly on foreign policy, leadership, and entrepreneurship.

In 2018, Warren ran for governor of South Carolina, reaching the runoff in the Republican primary. He ran a positive, solutions-oriented campaign that focused on limited government, reforming broken government systems, and empowering taxpayers.

Warren graduated from Washington and Lee University and later earned a Master of Business Administration from New York University’s Stern School of Business. Warren’s civic involvement includes active membership in Young President’s Organization (YPO). He lives in Greenville with his wife Courtney and three children and is a member of Downtown Presbyterian Church.

Contacts

Jeff Dezen
jeffd@jdpr.com
864.233.3776, ext. 11

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Business Wire

AM Best’s Zurich Market Briefing to Focus on State of Global Reinsurance Industry

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LONDON–(BUSINESS WIRE)–AM Best will host a Reinsurance Market Briefing on Wednesday, 18 September 2019, at the FIFA World Football Museum in Zurich from 10:30 a.m. to 1 p.m. (CEST).

The event will provide a platform for leading AM Best rating analysts to discuss the global reinsurance sector, as well as offer opinions on the drivers of future rating movements among reinsurers. The analysts also will explore the top issues primary companies in Switzerland and across Europe are facing that could have an impact on the reinsurance market. Nick Charteris-Black, managing director, market development – EMEA, Carlos Wong-Fupuy, senior director, and Catherine Thomas, senior director, analytics, will offer their insights at the event. Question and answer sessions are planned, and lunch will be provided. The briefing also will serve as a networking opportunity for attendees.

For more information, and to register for the complimentary event, please visit http://www.ambest.com/events/rmbzurich2019/index.html.

AM Best publishes ratings on thousands of insurers and reinsurers in more than 90 countries worldwide. More information about Best’s Credit Ratings and the rating process can be found at www.ambest.com/ratings. AM Best also recently published its special report on the global reinsurance sector. To access a copy of this special report, please visit: http://www3.ambest.com/bestweek/purchase.asp?record_code=289149.

AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Best’s Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Edem Kuenyehia
Director, Market Development
& Communications
+44 20 7397 0280
edem.kuenyehia@ambest.com

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Business Wire

Federman & Sherwood Announces Filing of Securities Class Action Lawsuit Against ViewRay, Inc.

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OKLAHOMA CITY–(BUSINESS WIRE)–#ClassAction–Federman & Sherwood announces that on September 13, 2019, a class action lawsuit was filed in the United States District Court for the Northern District of Ohio against ViewRay, Inc. (NASDAQ: VRAY). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 15, 2019 through August 8, 2019.

To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-viewray-inc/

Plaintiff seeks to recover damages on behalf of all ViewRay, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, November 12, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:

Robin Hester

FEDERMAN & SHERWOOD

10205 North Pennsylvania Avenue

Oklahoma City, OK 73120

Email to: rkh@federmanlaw.com
Or, visit the firm’s website at www.federmanlaw.com

Contacts

Robin Hester

rkh@federmanlaw.com

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