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Insurance ratings actions: Fitch places Lloyd's on Rating Watch Negative

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 downgraded American Transportation Group Insurance Risk Retention Group Inc.'s financial strength rating to C++ from B and the long-term issuer credit rating to "b" from"bb."

The outlook of the credit ratings was revised to negative from stable.

Concurrently, the agency withdrew the ratings as the company has requested to no longer participate in its interactive rating process.

The ratings reflect American Transportation Group's balance sheet strength, which A.M. Best categorizes as very weak, its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings action mirrors a material erosion in the company's balance sheet strength as of Dec. 31, 2019, relative to its initial business plan.

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A.M. Best affirmed the A financial strength ratings and the "a+" long-term issuer credit ratings of Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York.

The outlook of the credit ratings is stable.

The ratings reflect Ameritas Life's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.

Europe

A.M. Best affirmed the B- financial strength rating and the "bb-" long-term issuer credit rating of Rosgosstrakh Insurance Co. PJSC. The outlook of the credit ratings is stable.

The ratings reflect Rosgosstrakh Insurance's balance sheet strength, which A.M. Best categorizes as adequate, its marginal operating performance, neutral business profile and marginal enterprise risk management.

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Fitch Ratings placed the AA- insurer financial strength ratings of Lloyd's of London, Lloyd's Insurance Co. SA and Lloyd's Insurance Co. (China) Ltd. and the A+ long-term issuer default rating of Society of Lloyd's on Rating Watch Negative.

The rating agency said Lloyd's earnings and underwriting performance face uncertainty and increased risk owing to claims connected to the COVID-19 pandemic.

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Fitch Ratings affirmed the A long-term issuer default ratings of Beazley PLC and Beazley Insurance DAC. The agency also affirmed the A+ insurer financial strength rating of Beazley Insurance.

The outlooks on the ratings of the companies were revised to negative from stable, reflecting uncertainty and increased risk to their earnings and capitalization due to claims linked with the pandemic.

The ratings affirmations consider the group's moderate business profile, very strong capitalization and leverage, very strong financial performance and earnings, as well as strong reserve adequacy.

Middle East and Africa

S&P Global Ratings revised outlook on Co. for Cooperative Insurance (Tawuniya) to stable from negative and affirmed the BBB+ long-term issuer credit and insurer financial strength ratings on the company.

The outlook revision follows an improvement in the company's 2019 operating performance and capital adequacy. The agency does not expect the company's capital and earnings to be materially affected by the pandemic-related market volatility.

The ratings reflect Co. for Cooperative's strong competitive position in the Saudi insurance market, as it benefits from its large-scale national coverage and strong reputation.

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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