S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5 p.m. ET. Actions after 5 p.m. ET will be included in the following day's roundup.
U.S. and Canada
A.M. Best revised the outlooks to negative from stable and affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Western Pacific Mutual Insurance Co., a RRG.
The ratings reflect the insurer's balance sheet strength, which A.M. Best assesses as strongest, its adequate operating performance, limited business profile and appropriate enterprise risk management.
A.M. Best attributed the revised outlooks to recent volatility in Western Pacific Mutual's underwriting performance as a result of growth in the insurer's deductible builder program that has led to an increase in claims activity in its warranty business.
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Fitch Ratings revised its ratings outlook on W. R. Berkley Corp. and its property/casualty operating subsidiaries to positive from stable.
The rating agency also affirmed the A- long-term issuer default rating of W. R. Berkley and the A+ insurer financial strength ratings of its subsidiaries, Continental Western Insurance Co., Tri-State Insurance Co. of Minnesota, Carolina Casualty Insurance Co., Clermont Insurance Co., Union Insurance Co., Nautilus Insurance Co., StarNet Insurance Co., Admiral Indemnity Co., Berkley Regional Insurance Co., Union Standard Lloyds, Admiral Insurance Co., Berkley Assurance Co., Gemini Insurance Co., Preferred Employers Insurance Co., Acadia Insurance Co., Midwest Employers Casualty Co., Firemen's Insurance Co. of Washington D.C., Key Risk Insurance Co., Berkley Specialty Insurance Co., Berkley Casualty Co., Riverport Insurance Co., Berkley National Insurance Co., Berkley Insurance Co., Great Divide Insurance Co. and Intrepid Insurance Co.
The change in outlook reflects business profile improvement to favorable from moderate and improving capitalization with a downward trend in financial leverage, improving debt service and consistently strong financial performance with limited long-term volatility compared to peers. These positive factors are partially offset by financial leverage that continues to be higher than peers and reserve risk stemming from long-tail casualty lines.
Europe
S&P Global Ratings put its A ratings on United Kingdom Mutual Steamship Assurance Association Ltd., United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd. and UK P&I Club NV on CreditWatch with negative implications.
Heightened pool activity continues to constrain operating performance across the protection and indemnity sector, including the UK P&I Club, the rating agency noted.
S&P Global Ratings expects to resolve the CreditWatch placement within 90 days, after further discussions with the club on how it plans to boost its operating performance.
Asia-Pacific
A.M. Best changed the outlooks to stable from negative and affirmed the B++ financial strength rating and the "bbb" long-term issuer credit rating of Tune Protect Re Ltd.
The ratings reflect Tune Protect Re's balance sheet strength, which the rating agency assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The outlook revision follows reduced pressure on Tune Protect Re's business profile resulting from expansion into targeted markets to compensate for the decline in travel business in Southeast Asia in 2020.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
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