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 removed from under review with negative implications and affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Universal Life Insurance Co. after its efforts to secure capital through its parent company, Universal Insurance Co.
The outlook assigned to the credit ratings is negative, primarily reflecting the counterparty risk attributed to the fixed annuity assets maintained and held in trust by Private Bankers Life & Annuity Co. Ltd.
The ratings reflect Universal Life's balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and marginal enterprise risk management.
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A.M. Best affirmed the financial strength ratings of B++ and the long-term issuer credit ratings of "bbb" of American Health and Life Insurance Co. and Triton Insurance Co. The outlook of these credit ratings is stable.
The ratings of American Health and Life reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Triton reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile, appropriate enterprise risk management.
The ratings of the two companies also reflect drag from OneMain Holdings Inc., which has substantial financial leverage.
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A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of Mutual of Omaha Insurance Co. and its subsidiaries, United of Omaha Life Insurance Co., Companion Life Insurance Co. and United World Life Insurance Co. The outlook of the credit ratings is stable.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength ratings of B++ and the long-term issuer credit ratings of "bbb+" of Knight Insurance Co. Ltd., KnightBrook Insurance Co. and Knight Specialty Insurance Co. The outlook of the financial strength ratings is stable.
The outlook was revised to stable from negative for the long-term issuer credit ratings, reflecting improvements in the group's operations and processes as well as its significantly reduced adverse prior year loss reserve development.
These credit ratings reflect the insurers' balance sheet strength, which A.M. Best categorizes as very strong, as well as their marginal operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect the companies' improving risk-adjusted capitalization and their strategic role as a member of the Hankey Group.
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Moody's affirmed the Baa3 insurance financial strength ratings of Talcott Resolution Life Insurance Co. and Talcott Resolution Life & Annuity Insurance Co.
The agency also affirmed Talcott Resolution Life Insurance's short-term insurance financial strength at P-3.
The outlook on Talcott and its affiliate remains stable.
The ratings actions follow the announcement that Sixth Street Partners has agreed to acquire Talcott Resolution Life Insurance. The affirmation reflects expectations that the companies will retain their current management and will continue to have strong capitalization and financial flexibility, according to Moody's.
Middle East and Africa
S&P Global Ratings affirmed the BBB long-term insurer financial strength and issuer credit ratings of Wataniya Insurance Co.
The outlook was revised to stable from positive, reflecting the agency's expectation that Wataniya will remain competitive and will continue to have robust capital adequacy as it expands and diversifies its operations over the next two years.
The ratings continue to reflect its AAA capital adequacy, which the agency considers a key rating strength.
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S&P Global Ratings raised the long-term insurer financial strength rating of Saudi Arabia-based Walaa Cooperative Insurance Co. to A- from BBB+.
The outlook is stable as the agency expects the company to maintain its robust capital adequacy as it solidifies its competitive position and diversifies its operations over the next two years.
At the same time, the agency upgraded Walaa's Gulf Cooperation Council regional scale financial strength rating to "gcAAA" from "gcAA+." The upgrade reflects a change in the assessment of Walaa's risk profile as concerns about potential capital and earnings volatility lessened after the company closed the MetLife AIG ANB Cooperative Insurance Co. deal without experiencing significant volatility.
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S&P Global Ratings affirmed the BBB+ long-term issuer credit and insurer financial strength ratings of Co. for Cooperative Insurance (Tawuniya) and assigned the Gulf Cooperation Council regional scale issuer credit and financial strength ratings of "gcAA+" to the company.
The outlook was revised to positive from stable, recognizing the company's positive operating performance and improving capital base in 2019 and 2020.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of New Zealand-based Fidelity Life Assurance Co. Ltd.
The ratings reflect Fidelity Life's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate 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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