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.
US and Canada
A.M. Best revised the outlooks to stable from positive and affirmed the A financial strength ratings and the "a+" long-term issuer credit rating of Health Care Service Corp. and its subsidiaries, Dearborn National Life Insurance Co. of New York, Dearborn National Life Insurance Co., GHS Health Maintenance Organization Inc., GHS Insurance Co. and HCSC Insurance Services Co.
The outlook revision reflects a tempering of earnings following a period of strong earnings.
The credit ratings reflect the companies' balance sheet strength, which A.M. Best assesses as strongest, as well as their adequate operating performance, neutral business profiles and appropriate enterprise risk management.
The affirmations of the companies reflect the strongest balance sheet strength assessment.
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A.M. Best revised the outlooks to negative from stable and affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of Ategrity Specialty Insurance Co. and its affiliate, Sequentis Reinsurance Co. Ltd.
Concurrently, the rating agency revised the outlook to negative from stable and affirmed the long-term issuer credit rating of "bbb-" of the holding company, Ategrity Specialty Holdings LLC.
The credit ratings reflect Ategrity Specialty Holdings' balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The change in outlooks reflects A.M. Best's concern over recent underwriting volatility, which has resulted in pressure on operating performance and enterprise risk management fundamentals.
Europe
A.M. Best revised the outlooks to positive from stable and affirmed the A financial strength ratings and the "a+" long-term issuer credit ratings of Haftpflichtverband der Deutschen Industrie VAG and its insurance subsidiaries, Talanx AG, HDI Global Seguros S.A., HDI Global SE, HDI Global Specialty SE, HDI Global Network AG, HDI Global Insurance Co., HDI Lebensversicherung AG, HDI Specialty Insurance Co. and HDI Reinsurance (Ireland) SE.
The outlooks revision reflects A.M. Best's expectation that Haftpflichtverband der Deutschen Industrie's prudent risk culture and strong and stable operating performance, supported by improved profitability of its primary business segment, will further enhance the resilience of its balance sheet.
The ratings reflect Haftpflichtverband der Deutschen Industrie's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
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A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Sigurd Rück AG.
The credit ratings reflect Sigurd's balance sheet strength, which A.M. Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the company's association with its parent company, Saipem SpA.
The outlook revision reflects a deterioration in the creditworthiness of Saipem and the potential for this to have a negative impact on Sigurd.
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Fitch Ratings placed Kafolat Insurance Co. JSC's BB- insurer financial strength rating on Rating Watch Negative due to the expected changes in the ownership.
The ratings action reflects the rating agency's expectation that the insurer is likely to become a privately owned company after the Uzbek state closes the announced sale of its majority stake.
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S&P Global Ratings withdrew its A- long-term issuer credit ratings on Aviva Vie SA and Aviva Assurances SA at the companies' request. The outlook was stable at the time of withdrawal.
The action follows the sale of Aviva Group's French operations to Aema Groupe.
Middle East and Africa
A.M. Best downgraded the financial strength rating to B+ from B++ and the long-term issuer credit rating to "bbb-" from "bbb" of Saudi Arabian Insurance Co. BSC. The rating agency also placed the credit ratings under review with negative implications.
The ratings reflect Saudi Arabian Insurance's balance sheet strength, which A.M. Best assesses as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The downgrades reflect the rating agency's revised assessment of the company's enterprise risk management capabilities and governance framework.
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Fitch assigned the A- insurer financial strength rating and the AA+(sau) national insurer financial strength rating to Co. for Cooperative Insurance. The outlooks are stable.
The company's insurer financial strength rating reflects its strong capitalization and leverage, business profile and financial performance, countered by good reserve adequacy.
The national insurer financial strength rating reflects the company's leading position in the Saudi Arabian market and most favorable business profile compared with other insurers in the country. The ratings action also reflects the 37% ownership by the state through a government-owned entity.
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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