Insurance ratings actions: A.M. Best upgrades Briar Creek Mutual

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 upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Briar Creek Mutual Insurance Co. The outlook of the credit ratings was revised to stable from positive.

The ratings reflect Briar Creek Mutual Insurance's balance sheet strength, which A.M. Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

The ratings actions reflect the company's increased balance sheet strength, driven by risk-adjusted capitalization at the strongest level, significant growth in policyholders' surplus over the past five years, stable loss reserving trends, a comprehensive reinsurance program with strong partners, and a high-quality investment portfolio.

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A.M. Best raised the financial strength rating to B from B- and the long-term issuer credit rating to "bb" from "bb-" of First Chicago Insurance Co.

Concurrently, A.M. Best upgraded the financial strength rating to C++ from C+ and the long-term issuer credit rating to "b" from "b-" of United Security Health & Casualty Insurance Co., a wholly owned subsidiary of First Chicago Insurance.

The outlook of the credit ratings is stable.

The ratings of First Chicago Insurance reflect its balance sheet strength, which A.M. Best assesses as adequate, as well as its adequate operating performance, limited business profile and marginal enterprise risk management. The upgrades reflect the company's ability to maintain risk-adjusted capitalization at the very strong level, while organically growing surplus through underwriting, investment and other income.

The ratings of United Security Health reflect its balance sheet strength, which the rating agency assesses as weak, as well as its marginal operating performance, very limited business profile and marginal enterprise risk management. The upgrades reflect improvement in operating results in recent years, driven by expansion of the auto program.

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A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Sagicor Reinsurance Bermuda Ltd., a unit of Sagicor Financial Co. Ltd. The outlook assigned to the credit ratings is stable.

The ratings action reflects Sagicor Reinsurance Bermuda's balance sheet strength, which A.M. Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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