AM Best downgraded the financial strength rating of Sirius International to A- from A yesterday following a maneuver by CMIG to block a rights issuance by the Bermudian carrier that has called Sirius’ independence and financial stability into question.
PartnerRe's union with Covea gave it access to primary risk, leaving the reinsurer better placed, but the two must still address cultural challenges and the issues PartnerRe has faced in recent years.
In its call with analysts, Universal revealed a $150mn rise in the company’s Irma gross loss estimate, to $1.4bn, representing a total increase of $400mn in the second half of 2019.
Sirius parent CMIG blocked a rights issuance by the subsidiary that would have diluted CMIG’s ownership stake, calling Sirius' independence and financial stability into question.
