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.
Fitch acts on Willis Towers Watson, subsidiaries
Fitch Ratings revised the outlook to positive from stable and affirmed the BBB long-term issuer default rating of Willis Towers Watson PLC and its subsidiaries, Willis North America Inc. and Trinity Acquisition PLC.
Willis Towers Watson's ratings reflect its strong competitive position as one of the global leaders in insurance brokerage and human resources and employee benefits consulting, as well as its moderate financial leverage, good financial flexibility, strong cash flow generation profile, and historically strong profits and margins.
The outlook revision reflects improved cash flow generation and Fitch-defined gross leverage that could remain below 2.5x in the coming years.
US and Canada
A.M. Best placed under review with developing implications the B+ financial strength rating and the "bbb-" long-term issuer credit rating of Western Health Advantage.
The ratings action follows several consecutive quarters of reported operating losses and related capitalization declines in fiscal-year 2022.
Western Health's operating losses were driven largely by COVID-19-related cost and risk-adjustment transfer payments related to its Covered CA exchange business.
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Demotech assigned the A'', Unsurpassed, financial stability rating to Prime Insurance Co.
The rating is assigned to insurers with unsurpassed financial stability, invested asset liquidity, acceptable financial leverage level, reasonable loss and loss adjustment expense reserves and realistic pricing.
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Demotech assigned the A, Exceptional, financial stability rating to Prime Property & Casualty Insurance Inc.
The rating is assigned to insurers with exceptional financial stability, invested asset availability and liquidity, acceptable financial leverage level, reasonable loss and loss adjustment expense reserves and realistic pricing.
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Demotech assigned the A, Exceptional, financial stability rating to Connecticut Foundation Solutions Indemnity Co. Inc.
The rating is assigned to insurers with exceptional financial stability, invested asset availability and liquidity to honor claims, acceptable financial leverage level and reasonable loss and loss adjustment expense reserves based on their commitments.
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