S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 12 a.m. ET the previous day. Actions after 12 a.m. ET will be included in the following day's roundup.
A.M. Best cuts Tuscarora Wayne and its affiliate
A.M. Best downgraded the financial strength ratings to A from A+ and the long-term issuer credit ratings to "a+" from "aa-" of Tuscarora Wayne Insurance Co. and its affiliate, Keystone National Insurance Co.
Concurrently, the rating agency affirmed the B++ financial strength rating and the "bbb+" long-term issuer credit rating of Lebanon Valley Insurance Co.
The outlook of the credit ratings is stable.
The ratings of Tuscarora Wayne Insurance and Keystone National Insurance reflect their balance sheet strength, which A.M. Best assesses as strongest, as well as their strong operating performance, neutral business profiles and appropriate enterprise risk management.
The downgrades recognize a change in their operating performance assessment to strong from very strong, reflective of the deterioration in underwriting and operating performance metrics in recent years as a result of weather-related events and increased severity in fire losses.
U.S. and Canada
A.M. Best upgraded the financial strength rating to A- from B++ and the long-term issuer credit rating to "a-" from "bbb+" of Sunset Life Insurance Co. of America and removed the ratings from under review with developing implications. The outlook is stable.
The ratings reflect Sunset Life's balance sheet strength, which A.M. Best assesses as very strong, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best assigned the A financial strength rating and the "a" long-term issuer credit rating to Federated Specialty Insurance Co. The outlook is stable.
The rating agency also affirmed the A+ financial strength and the "aa-" long-term issuer credit ratings of Federated Mutual Insurance Co. and its main subsidiaries, Federated Service Insurance Co., Federated Reserve Insurance Co. and Granite Re Inc.
A.M. Best concurrently affirmed the A+ financial strength rating and the "aa-" long-term issuer credit rating of Federated Life Insurance Co. The outlooks of the affirmed ratings are stable.
The ratings of Federated Specialty reflect its balance sheet strength, which A.M. Best assesses as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
Federated Mutual and its main subsidiaries' ratings reflect their balance sheet strength, which A.M. Best assesses as strongest, and their adequate operating performance, favorable business profiles and appropriate enterprise risk management.
The ratings of Federated Life reflect its balance sheet strength, which A.M. Best assesses as strongest, and its strong operating performance, favorable business profile and appropriate enterprise risk management.
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DBRS Morningstar upgraded to AA from AA (low) the financial strength and issuer ratings of Canada Guaranty Mortgage Insurance Co. The trends are stable.
The ratings actions recognize the company's continued strong financial performance and considerable market share gains over the recent period, according to DBRS Morningstar.
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Kroll Bond Rating Agency removed from Watch Developing and affirmed the A- insurance financial strength rating of Kingstone Insurance Co.
The rating agency also removed from Watch Developing and affirmed the BBB- issuer rating of Kingstone Cos. Inc.
The outlooks are stable.
The ratings reflect Kingstone Insurance's solid investment income, favorable distribution network, sound capitalization and adequate reinsurance program.
The affirmation takes into account Kingstone Insurance's increased surplus and improved risk-adjusted capitalization at year-end 2021 due to its strategic actions, including new reinsurance treaties.
Europe
A.M. Best assigned the A financial strength rating and the "a+" long-term issuer credit rating to RSA Insurance Group Ltd.'s wholly owned subsidiaries, RSA Insurance Ireland DAC, RSA Luxembourg SA, Royal & Sun Alliance Reinsurance Ltd. and The Marine Insurance Co. Ltd. The outlook is stable.
The ratings reflect RSA Insurance Group's consolidated balance sheet strength, which A.M. Best assesses as very strong, as well as the group's adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also consider the support of RSA Insurance Group's parent company, Intact Financial Corp.
Asia-Pacific
A.M. Best affirmed the C financial strength rating and the "ccc+" long-term issuer credit rating of PT Asuransi Jasa Indonesia. The outlook of the financial strength rating is stable, while the outlook of the long-term issuer credit rating is negative.
The ratings were concurrently withdrawn following the company's request to no longer participate in A.M. Best's interactive rating process.
The ratings reflect Asuransi Jasa Indonesia's balance sheet strength, which A.M. Best assesses as weak, and its marginal operating performance, neutral business profile and marginal enterprise risk management.
The negative outlook reflects the expected continued pressure on the company's balance sheet strength, operating performance and enterprise risk management fundamentals over the intermediate term, according to the rating agency.
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