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.
U.S. and Canada
A.M. Best affirmed the "bbb" long-term issuer credit rating of ACMAT Corp. and the A financial strength rating and the "a" long-term issuer credit rating of its ACSTAR Insurance Co. subsidiary. The outlook of the credit ratings is stable.
ACSTAR Insurance's ratings reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider the company's strongest level of risk-adjusted capitalization, management's niche specialty orientation in the surety sector and disciplined underwriting philosophy.
The stable outlooks are based on the rating agency's expectation that ACSTAR Insurance's risk-adjusted capitalization will remain supportive and that its operating results will remain profitable in the near term.
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A.M. Best placed under review with developing implications the A- financial strength rating and the "a-" long-term issuer credit rating of Monitor Life Insurance Co. of New York
The ratings action follows United States Fire Insurance Co. Inc.'s acquisition of Monitor Life from AmFirst Holdings Inc.
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A.M. Best affirmed the B++ financial strength ratings and the "bbb" long-term issuer credit ratings of Conifer Insurance Co. and White Pine Insurance Co. and revised the outlooks to stable from negative.
The rating agency also revised the outlook to stable from negative for the "bb" long-term issuer credit rating of Conifer Holdings Inc.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revision for the long-term issuer credit rating reflects A.M. Best's expectation that Conifer's business profile should generate sustainable underwriting and operating results and any minor volatility from future adverse development will not materially impact capital adequacy in the negative.
Middle East and Africa
S&P Global Ratings affirmed the A- issuer credit and insurer financial strength ratings of Al Koot Insurance & Reinsurance Co. SAQ, with a stable outlook.
The stable outlook is based on the rating agency's view that Al Koot will continue to generate profitable earnings and maintain risk-based capital adequacy at the AAA level over 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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