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 assigned the A- financial strength ratings and the "a-" long-term issuer credit ratings to newly formed Everspan Indemnity Insurance Co. and Everspan Insurance Co. The outlook assigned to these credit ratings is stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the B++ financial strength rating and the "bbb" long-term issuer credit rating of Genesee Patrons Cooperative Insurance Co. The outlook for the financial strength rating is stable.
The agency revised the outlook to positive from stable for the long-term issuer credit rating, considering sustained improvement in the company's balance sheet strength, which represents the strongest level of risk-adjusted capitalization and organic surplus growth over the past five years.
The credit ratings reflect Genesee Patrons' balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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Moody's upgraded Life Insurance Co. of North America's insurance financial strength rating to Aaa from A2 after Cigna Corp. completed the sale of the company to New York Life Insurance Co.
The ratings upgrade reflects the alignment of Life Insurance Co.'s rating with the stronger credit profile of the new parent.
The outlook on Life Insurance Co. was changed to negative from stable, in line with that of New York Life.
Europe
Moody's affirmed the A2 insurance financial strength ratings of Atradius Crédito y Caución SA de Seguros y Reaseguros, Atradius Reinsurance Designated Activity Co. and Atradius Trade Credit Insurance Inc., Atradius NV's main operating companies. The outlook was changed to stable from negative.
The rating agency also affirmed the P-1 short term insurance financial strength rating of Atradius Crédito y Caución.
The affirmation takes into consideration the group's strong market position and capitalization, as well as its good underwriting profitability through-the-cycle, partially offset by Atradius' limited diversification beyond credit insurance.
The agency also affirmed the Baa1 long-term issuer rating of Coface SA and the A2 insurance financial strength rating and the P-1 short-term insurance financial strength rating of its lead insurance entity, Compagnie Francaise d'Assurance pour le Commerce Exterieur SA. The outlook was changed to stable from negative.
The affirmation is based on the group's strong position in the global credit insurance industry and good underwriting profitability through the cycle.
Additionally, Moody's affirmed the Aa3 insurance financial strength ratings of Euler Hermes SA, Clal Credit Insurance Ltd. and Israeli Credit Insurance Co. Ltd. The rating agency revised the outlook to stable from negative for Clal Credit Insurance, and maintained the stable outlooks for Euler Hermes and ICIC.
CLAL Credit Insurance's rating reflects its strong market position in Israel, very good underwriting flexibility, strong capitalization and good underwriting profitability.
The rating for ICIC considers its stand-alone credit profile, which reflects its leading market position in Israel, strong capitalization and very good underwriting profitability through the cycle, as well as implicit and explicit support from its joint parent companies, Euler Hermes and Harel Insurance Investments & Financial Services Ltd.
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