Insurance ratings actions: A.M. Best upgrades CNO Financial, subsidiaries

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 assigned the A- financial strength rating and the "a-" long-term issuer credit rating to Universal Fire & Casualty Insurance Co. and its wholly owned subsidiary, Shield Indemnity Inc. The outlook assigned to the credit ratings is stable.

The ratings reflect the execution of an intercompany pooling agreement between Universal Fire & Casualty Insurance and Shield Indemnity.

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

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A.M. Best upgraded the long-term issuer credit rating to bbb from bbb- of CNO Financial Group Inc.

The rating agency also upgraded the financial strength ratings to A from A- and the long-term issuer credit ratings to "a" from "a-" of CNO Financial's life and health subsidiaries, Bankers Life & Casualty Co., Colonial Penn Life Insurance Co., Bankers Conseco Life Insurance Co. and Washington National Insurance Co.

The ratings reflect the group'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 upgrades recognize the group's improved earnings profile.

Europe

S&P Global Ratings assigned its BBB- long-term financial strength rating to Abarca Companhia de Seguros SA The outlook is stable.

The rating recognizes Abarca's success in creating a sustainable and profitable business model since 2016, according to the rating agency.

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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