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 affirmed the B++ financial strength rating and the "bbb+" long-term issuer credit rating of United Heritage Life Insurance Co.
The rating agency also affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of United Heritage Property & Casualty Co. and the B++ financial strength rating and the "bbb" long-term issuer credit rating of Sublimity Insurance Co.
The outlooks were revised to positive from stable, reflecting substantial improvements made to the organization's enterprise risk management program in recent years.
United Heritage Life Insurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.
The ratings for United Heritage Property & Casualty reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
Sublimity Insurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
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A.M. Best affirmed the B++ financial strength rating and the "bbb" long-term issuer credit rating of Crusader Insurance Co. and the "bb" long-term issuer credit rating of its parent, Unico American Corp.
The outlooks were revised to negative from stable, based on A.M. Best's concerns over Crusader Insurance's declining underwriting performance, its overall capitalization and the execution risk associated with implementing strategic operating changes to address these conditions.
Crusader Insurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The affirmations are supported by the company's historically supportive risk-adjusted capitalization, its regional market presence and the financial flexibility of Unico American.
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A.M. Best downgraded the financial strength rating to C from C+ and the long-term issuer credit rating to "ccc" from "b-" of Echelon Property & Casualty Insurance Co. and withdrew the ratings as the company has requested to no longer participate in the interactive rating process. The outlook of the credit ratings is negative.
The ratings of Echelon reflect its balance sheet strength, which A.M. Best categorizes as very weak, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The ratings action follows the sale of all outstanding shares of Echelon's stock to Lockhart Cos. Inc. in December 2020.
The downgrade results from the removal of one notch of lift previously afforded to Echelon as a wholly owned subsidiary of Guardian Insurance Co. Inc.
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Kroll Bond Rating Agency affirmed the A insurance financial strength rating of Prospero Re Ltd. a wholly owned subsidiary of ILS Capital Management Ltd.
The outlook for the rating is stable.
Europe
A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of France-based Société Hospitalière d'Assurances Mutuelles. The outlook of the credit ratings is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the "bbb-" long-term issuer credit rating of LIA Holdings Ltd. and affirmed the A- financial strength rating and the "a-" long-term issuer credit ratings of Lombard International Life Assurance Co.Assurance Co., Lombard International Life Assurance Co. of New York, Lombard International Assurance SA, Lombard International Life Assurance Co. (Bermuda) Ltd. and Lombard International Life Ltd.
The outlook of the credit ratings is stable.
The ratings reflect LIA Holdings' very strong balance sheet strength, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The subsidiaries' ratings factor in their strategic importance to LIA Holdings, and their integration within the group.
Asia-Pacific
Fitch Ratings affirmed Hong Kong-based Fwd General Insurance Co. Ltd.'s insurer financial strength rating at BBB+. The outlook is stable.
The rating reflects FWD General Insurance's strong capitalization and financial performance, balanced by its moderate business profile.
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Fitch affirmed the A insurer financial strength rating of FWD Life Insurance Co. (Bermuda) Ltd. and the BBB+ long-term issuer default rating of parent, FWD Ltd.
The entities' ratings were removed from Rating Watch Evolving, based on the rating agency's view that there will be no significant change in FWD Ltd.'s credit profile following the company's acquisitions of MetLife Hong Kong and Vietcombank-Cardif Life Insurance Co. Ltd.
The outlook is stable.
The companies' ratings reflect the group's very strong capitalization and leverage, good financial performance and moderate business profile.
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Moody's affirmed CNPC Captive Insurance Co. Ltd.'s insurance financial strength rating at A2.
The affirmation considers CNPC Captive Insurance's strong capitalization, good level of profitability, offset by the higher product risk and intrinsic volatilities of its underwriting profitability because of its business concentration related to the parent's oil and gas business.
The outlook is stable, indicating the rating agency's expectation that the insurer will maintain its capital position and improve its underwriting profitability as its business grows, and it will continue to receive support from parent China National Petroleum Corp.
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S&P Global Ratings withdrew the A- local currency long-term issuer credit and financial strength ratings on Ping An Property & Casualty Insurance Co. of China Ltd. at the issuer's request.
The ratings outlook was negative at the time of the withdrawal.
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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