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.
A.M. Best, Fitch act on Russian insurers
A.M. Best lowered the long-term issuer credit rating to "bb" from "bb+" and affirmed the financial strength rating of B of Ingosstrakh Insurance Co. PJSC.
The rating agency also downgraded the financial strength rating to B from B+ and the long-term issuer credit rating to "bb+" from "bbb-" of GIC Perestrakhovanie LLC.
The rating agency maintained the under review with negative implications status on the ratings.
Concurrently, A.M. Best has withdrawn the ratings for commercial reasons that include, but are not limited to, the sanctions recently imposed by the EU that will ban the provision of ratings to legal persons, entities or bodies established in Russia.
The downgrades reflect deterioration in the companies' balance sheet strength due to further increases in geopolitical, economic and financial system risks in Russia.
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Fitch Ratings has withdrawn the CC insurer financial strength ratings of Insurance Joint Stock Co. VSK, JSC IC Allianz, AlfaStrakhovanie PLC and Russian Insurance Co. EUROINS Ltd. for sanction-related reasons. The rating agency has also withdrawn the CC long-term issuer default rating of Insurance Joint Stock Co. VSK.
Additionally, the rating agency affirmed the CC insurer financial strength ratings of Russian National Reinsurance Co. Joint-Stock Co. and SOGLASIE Insurance Co. Ltd. Concurrently, the ratings have been withdrawn for commercial reasons.
U.S. and Canada
A.M. Best downgraded the financial strength ratings to B++ from A- and the long-term issuer credit ratings to "bbb+" from "a-" of Florida Farm Bureau Casualty Insurance Co. and its fully reinsured subsidiary, Florida Farm Bureau General Insurance Co.
The outlook of the financial strength rating has been revised to stable from negative, while the outlook of the long-term issuer credit ratings is negative.
The ratings reflect the companies' balance sheet strength, which the rating agency assesses as very strong, as well as their marginal operating performance, limited business profiles and appropriate enterprise risk management.
The stable outlook on the financial strength rating reflects the companies' strongest level of risk-adjusted capitalization as measured by A.M. Best's capital adequacy ratio as well as the rating agency's expectation that the very strong balance sheet strength assessment will be maintained in the near term.
Asia-Pacific
A.M. Best revised the outlooks to stable from negative and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Ansvar Insurance Ltd.
The ratings reflect the balance sheet strength of Ansvar, which the rating agency assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. Ansvar's ratings also factor in rating enhancement to reflect its ownership, integration and support from Ecclesiastical Insurance Office PLC.
The revision of the outlooks to stable follows increased financial and reinsurance support provided to Ansvar by Ecclesiastical Insurance. A.M. Best views the increased support as an effective response to counteract recent pressure on Ansvar's operating performance and balance sheet strength fundamentals.
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