Insurance ratings actions: Moody's withdraws BOCOM MSIG Life rating

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 removed the under review with negative implications and affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Blue Cross Life Insurance Co. of Canada. The outlook assigned to the credit ratings is negative.

The ratings reflect Blue Cross Life Insurance'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.

The removal of the under review with negative implications status reflects the company's risk-adjusted capitalization, which has been impacted from write-downs on its private loan holdings, related to one of its asset managers, and a higher risk charge amount to support larger blocks of business from higher sales.

______________________

A.M. Best revised the outlook to stable from negative for the long-term issuer credit rating and affirmed the B financial strength rating and the "bb+" long-term issuer credit rating of Order Of United Commercial Travelers Of America. The outlook of the financial strength rating is stable.

The credit ratings reflect Order of United Commercial Travelers' balance sheet strength, which A.M. Best assesses as strong, as well as its weak operating performance, limited business profile and marginal enterprise risk management. The ratings also reflect the company's favorable level of risk-adjusted capitalization in support of its insurance and investment risks due to a conservative investment portfolio and the extensive use of reinsurance.

The stable long-term issuer credit rating recognizes Order of United Commercial Travelers' strongest risk-adjusted capitalization.

______________________

A.M. Best revised the outlook to positive from stable for the long-term issuer credit ratings and affirmed the A financial strength ratings and the "a" long-term issuer credit ratings of Capitol Indemnity Corp. and its two subsidiaries, Platte River Insurance Co. and Capitol Specialty Insurance Corp. The outlook of the group's financial strength rating is stable.

The positive outlook reflects the rating agency's expectation that ongoing strategic initiatives focused on improving operational efficiencies will continue to drive improvement in CapSpecialty expense structure.

The rating agency also affirmed the "a-" long-term issuer credit ratings of Alleghany Corp. and Transatlantic Holdings Inc., as well as the A+ financial strength ratings and the "aa-" long-term issuer credit ratings of Transatlantic Reinsurance Co. and its subsidiaries, TransRe Europe SA, TransRe London Ltd., Fair American Insurance & Reinsurance Co., Fair American Select Insurance Co. and Calpe Insurance Co. Ltd. The outlook of the credit ratings is stable.

Concurrently, A.M. Best affirmed the A+ financial strength ratings and the "aa-" long-term issuer credit ratings of RSUI Indemnity Co. Inc. and its reinsured subsidiaries, Landmark American Insurance Co. and Covington Specialty Insurance Co. The outlook of the ratings is stable.

The ratings of Transatlantic Reinsurance and its subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their adequate operating performance, very favorable business profiles and appropriate enterprise risk management.

The ratings of RSUI Indemnity and subsidiaries reflect the group's balance sheet strength, which the rating agency categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of CapSpecialty reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.

______________________

Demotech assigned a financial stability rating of A', Unsurpassed, to Thames Insurance Co. Inc. and New London County Mutual Insurance Co.

The rating is assigned to insurers that possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing.

Asia-Pacific

Moody's withdrew the A3 insurance financial strength rating of BOCOM MSIG Life Insurance Co. Ltd. The outlook was stable prior to the withdrawal.

The rating agency decided to withdraw the ratings for its own business reasons.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.