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.
US and Canada
A.M. Best revised the outlooks to stable from negative and affirmed the A- financial strength rating and the "a-" long-term issuer credit ratings of GuideOne Mutual Insurance Co. and its wholly owned subsidiaries.
The entities are GuideOne Specialty Mutual Insurance Co., GuideOne America Insurance Co., GuideOne Elite Insurance Co., GuideOne National Insurance Co. and GuideOne P&C Insurance Co.
The stable outlook reflects the group's actions that have steadied capital, improved operating results and reduced volatility in reserve development relative to surplus over the past two rating cycles.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, and its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revision reflects a slower-than-anticipated pace for the company's increased marketing investments following the spinoff from Affinion in 2018. AIS' year-end 2019 performance fell below expectations, the agency said, noting that it expects the company to continue facing challenges given stress from the COVID-19 pandemic and economic uncertainty.
Fitch Ratings affirmed the AA insurer financial strength ratings of R+V Lebensversicherung AG, R+V Allgemeine Versicherung AG, Condor Lebensversicherungs AG and R+V Lebensversicherung Aktiengesellschaft and revised the outlook to negative from stable.
The outlook revision follows a similar action on German cooperative banking group Genossenschaftlichen FinanzGruppe Volksbanken Raiffeisenbanken. DZ BANK AG, the central bank within the cooperative banking group, owns 92% of holding company R+V Versicherung AG.
The rating agency's assessment of R+V group's stand-alone credit profile considers its very strong business profile and capitalization and strong operating performance, offset by its focus on Germany and the significant duration gap in the German life business.
Fitch Ratings affirmed the AA- insurer financial strength ratings of Westfaelische Provinzial Versicherung AG and Provinzial NordWest Lebensversicherung Aktiengesellschaft, while revising the outlook to negative from stable.
The ratings reflect the agency's view of Westfaelische Provinzial and Provinzial NordWest Lebensversicherung as core entities of the Provinzial NordWest insurance group, which is considered an integral part of the German savings bank group Sparkassen-Finanzgruppe. The outlook revision follows a similar action on Sparkassen-Finanzgruppe.
Fitch's assessment of Provinzial NordWest's stand-alone credit profile is based on its strong business profile and robust nonlife underwriting performance with very prudent reserving methods, countered by its geographical focus and high exposure to windstorm claims.
Middle East and Africa
Fitch Ratings affirmed the AA- insurer financial strength rating of Mauritius-based GuarantCo Ltd., while revising the outlook to negative from stable.
The outlook revision follows the downgrade of the U.K., GuarantCo's largest sponsor. The uplift to GuarantCo's stand-alone credit profile was driven by the sponsors' ability and willingness to support the company, according to the rating agency's assessment.
A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of Sun Hung Kai Properties Insurance Ltd.
The outlook of the credit ratings is stable.
The ratings reflect the insurer's balance sheet strength, which the agency categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
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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