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.
Moody's changes QBE Insurance outlook
Moody's revised the outlook to stable from negative and affirmed the A3 issuer rating of QBE Insurance Group Ltd.
The rating agency concurrently revised the outlook to stable from negative and affirmed the A1 insurance financial strength ratings of QBE Insurance's main operating subsidiaries, QBE UK Ltd., QBE Insurance (Australia) Ltd. and Equator Reinsurances Ltd.
Moody's said the outlook revision reflects its expectation that QBE Insurance will sustain its improved underwriting performance in 2021 in the next 12 to 18 months.
The affirmations reflect the group's broad product and geographical diversification, strong capitalization, low financial leverage levels and strong asset risk profile.
US 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 NLC Insurance Cos. pool members New London County Mutual Insurance Co., Hingham Mutual Fire Insurance Co., Thames Insurance Co. Inc. and Danbury Insurance Co. Inc.
The outlook of the financial strength rating was revised to stable from negative, while the outlook of the long-term issuer credit ratings is negative.
The ratings reflect NLC Insurance's balance sheet strength, which A.M. Best assesses as strong, its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The downgrades are based on deteriorating trends in NLC Insurance's operating performance in recent years.
The negative outlook reflects the ongoing deterioration in the group's operating performance.
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A.M. Best removed from under review with negative implications and affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of Lombard International Life 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 rating agency concurrently removed from under review with negative implications and affirmed the "bbb-" long-term issuer credit rating of LIA Holdings Ltd. The outlook is negative.
The ratings reflect Lombard International's consolidated balance sheet strength, which A.M. Best assesses as very strong, the group's adequate operating performance, neutral business profile and appropriate enterprise risk management.
The group's ratings were removed from under review with negative implications after A.M. Best gained clarity regarding the effect on the group's balance sheet strength of the Italian tax authorities' review of the Italian business written by Lombard International Assurance.
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S&P Global Ratings assigned its A- local-currency long-term issuer credit and financial strength ratings on Eagle Life Insurance Co.
The outlook is stable, reflecting the outlook on Eagle Life's parent, American Equity Investment Life Holding Co. The outlook also reflects S&P Global Ratings' expectation that Eagle Life will maintain its group status over the next two years.
The ratings are in line with the "a-" group credit profile and reflect the rating agency's view of the integral role of Eagle Life in supporting American Equity's overall strategy.
Middle East and Africa
A.M. Best removed from under review with negative implications and affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of Saudi Arabian Insurance Co. BSC. The outlook is negative.
Saudi Arabian Insurance's ratings reflect its balance sheet strength, which A.M. Best assesses as very strong, its marginal operating performance, limited business profile and marginal enterprise risk management.
The ratings were placed under review with negative implications on Nov. 15, 2021, reflecting uncertainties around liquidity and risk-adjusted capitalization and the delayed release of the company's audited financial statements for 2020.
The negative outlooks reflect the persisting challenges faced by Saudi Arabian Insurance in the execution of its business plan and the ability to achieve consistent underwriting and operating profitability over the medium term.
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Moody's assigned the Baa3 insurance financial strength rating to United Fidelity Insurance Co. (PSC). The outlook is stable.
The rating reflects United Fidelity's midtier market position and growing brand, good reserve adequacy and moderate reserving risk, and improving capital adequacy following its recent capital raise.
The stable outlook reflects the rating agency's expectation that United Fidelity will maintain adequate capital levels and balance business growth with the challenges of maintaining underwriting discipline.
Asia-Pacific
S&P Global Ratings revised its outlook to stable from negative and affirmed its A insurer financial strength and issuer credit ratings on Arch Lenders Mortgage Indemnity Ltd.
The outlook revision follows the revised outlook on Arch Lenders' parent, Arch Capital Group Ltd. The outlook revision on Arch Capital reflects the insurance segment's improved underwriting in 2021 and through the first quarter of 2022.
Arch Lenders' ratings reflect its position as a highly strategic subsidiary to Arch Capital and the rating agency's view that it would maintain that distinction for the next two years.
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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