Insurance ratings actions: Fitch upgrades Co-operative Insurance

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 a financial strength rating of B++ and a long-term issuer credit rating of "bbb+" to Black Gold Re Ltd., the captive reinsurance subsidiary of Ecopetrol SA. The outlook assigned to the credit ratings is stable.

The ratings reflect Black Gold Re's balance sheet strength, which A.M. Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also recognize the importance of the company within Ecopetrol's strategy.

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A.M. Best revised the outlooks to negative from stable and affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of SafePort Insurance Co.

The credit ratings reflect SafePort Insurance's 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 negative outlooks reflect the deterioration of the company's operating performance in recent years, as well as the potential for pressure on the balance sheet strength assessment given new premium growth and the related statutory strain it creates.

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A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the B++ financial strength rating of Genesee Patrons Cooperative Insurance Co. The outlook of the financial strength rating is stable.

The outlook of the long-term issuer credit rating was revised to stable from positive. The change reflects sustained improvement to the company's balance sheet strength.

The credit ratings recognize Genesee Patron'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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A.M. Best assigned a financial strength rating of A and a long-term issuer credit rating of "a" to Benchmark Specialty Insurance Co., a wholly owned subsidiary of Benchmark Insurance Co. The outlook assigned to the credit ratings is stable.

Benchmark Specialty Insurance's ratings reflect its 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.

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Demotech assigned the A, Exceptional, financial stability rating to Gateway Insurance Co.

The rating is assigned to insurers that showcase exceptional financial stability related to maintaining positive surplus with regard to policyholders, invested asset liquidity, acceptable financial leverage level, reasonable loss and loss adjustment expense reserves, and realistic pricing.

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Demotech upgraded PrimeOne Insurance Co.'s financial stability rating to A', Unsurpassed.

The rating is assigned to insurers with 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.

Middle East and Africa

Fitch Ratings revised the outlook on Oman Reinsurance Co. SAOC's insurer financial strength rating to stable from negative and affirmed the rating at BB+.

The ratings actions follow the outlook revision on Oman's long-term local-currency issuer default rating to stable and subsequent similar actions on several major Omani banks.

Reflected in the rating is Oman Reinsurance's significant exposure to Omani assets.

Asia-Pacific

Fitch upgraded Co-operative Insurance Co. Ltd.'s national insurer financial strength rating to A-(lka) from BBB+(lka). The outlook is stable.

The upgrade reflects Co-operative Insurance's improved capital position following the completion of its IPO. The rating takes into account the insurer's satisfactory financial performance and moderate company profile.

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S&P Global Ratings revised its outlook on Genworth Financial Mortgage Insurance Pty. Ltd. and Genworth Financial Mortgage Insurance Pty. Ltd. (NZ Branch) to stable from negative.

The rating agency also affirmed the A insurer financial strength and issuer credit ratings of Genworth Financial Mortgage and the A insurer financial strength rating of Genworth Financial (NZ Branch).

The stable outlook reflects the rating agency's expectation that Genworth Financial Mortgage Insurance Pty. Ltd. will maintain its strong competitive position, solid earnings and robust capital adequacy.

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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