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 3 Belarusian insurers
Fitch withdrew the CCC insurer financial strength ratings of Belarusian National Reinsurance Organization, Belarusian Republican Unitary Insurance Co. Belgosstrakh and Export-Import Insurance Co. of the Republic of Belarus.
The rating agency withdrew ratings as it no longer has access to sufficient information to maintain the insurers' ratings.
Fitch said it would no longer provide ratings or analytical coverage for the three insurers.
U.S. and Canada
Moody's downgraded the insurance financial strength rating to Baa2 from Baa1 of Rivoli Reinsurance Co. and revised the outlook to stable from negative.
The ratings actions were prompted by the recent downgrade and outlook revision of América Móvil SAB de CV's senior unsecured ratings following the downgrade of the Mexican sovereign bond rating.
The rating action alignment reflects Rivoli Re's status as a captive reinsurance subsidiary of América Móvil and its integration with the risk management functions of and oversight by the parent company.
Rivoli Re has a very limited financial profile on a stand-alone basis, given its narrow product focus and lack of diversification. The company's rating benefits from implicit and explicit support from its parent, including a guarantee that irrevocably and unconditionally undertakes to pay Rivoli Re's obligations related to its reinsurance operations.
Europe
A.M. Best assigned the B financial strength rating and the "bb" long-term issuer credit rating to Romania-based ONIX Asigurari SA. The outlook is stable.
ONIX Asigurari's ratings reflect its balance sheet strength, which A.M. Best assesses as adequate, and its strong operating performance, limited business profile and marginal enterprise risk management.
The rating agency assessed the company's risk-adjusted capitalization at the strongest level as of year-end 2021, underpinned by good internal capital growth during the year. However, ONIX Asigurari's small capital base and lack of reinsurance protection increase the potential for volatility in risk-adjusted capitalization, considering its exposure to large surety risks.
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Fitch assigned the B+ insurer financial strength rating to Gross Insurance Co. JSC. The outlook is stable.
Gross Insurance's ratings reflect the company's favorable business profile, weak capitalization, good financial performance record and investment risk supportive of the rating.
The rating agency expects the company's market share to decrease further, following a decline in market share to 11.5% in 2021 from 13.4% in 2020, amid intensifying competition from small and medium-sized insurers in Uzbekistan.
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