In industry news:

A new report from A.M. Best indicates that credit rating activity in 2016 turned positive as upgrades outpaced downgrades for the U.S. property/casualty industry, despite insurers having to face pressure on underwriting results and a low investment yield environment. The number of Long-Term Issuer Credit Rating upgrades, as a percentage of all rating actions on P/C carriers, increased to 7.3 percent in 2016, compared with 5.2 percent in the previous year. Conversely, the number of Long-Term ICR downgrades fell to 4.6 percent compared with 6.7 percent in 2015 of total actions on rating units.

More details via Insurance Journal here.

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