Insurance ratings actions: A.M. Best acts on Hallmark Financial, Etiqa General

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 positive from stable and affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of Lewer Life Insurance Co.

The credit ratings reflect the balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, very limited business profile and marginal enterprise risk management.

The revised outlooks reflect Lewer Life's recently strengthened enterprise risk management program as manifested by its implemented enterprise risk management initiatives and enterprise risk management's growing role in business strategy and decisions.

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A.M. Best removed from under review with developing implications and affirmed the "bbb-" long-term issuer credit rating of Hallmark Financial Services Inc.

Concurrently, the rating agency removed from under review with developing implications and affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of Hallmark Insurance Group members American Hallmark Insurance Co. of Texas, Hallmark Insurance Co., Hallmark Specialty Insurance Co., Hallmark County Mutual Insurance Co. and Hallmark National Insurance Co.

The outlook assigned to the credit ratings is negative, reflecting the volatility in the group's operating performance.

The ratings were placed under review with developing implications in April after Hallmark Financial announced that it was planning to pursue an initial public offering of its specialty commercial business. The ratings were removed from under review as A.M. Best has determined the IPO would have no immediate rating implications.

The ratings reflect the group's balance sheet strength, which A.M. Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

Asia-Pacific

A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Etiqa General Insurance Bhd. The outlook assigned to the credit ratings is stable.

The ratings reflect Etiqa General Insurance's balance sheet strength, which A.M. Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company's ultimate majority ownership by Malayan Banking Bhd.

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