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Insurance ratings actions: S&P downgrades Aspen Insurance, APCO

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 holding company Trustmark Group Inc. and the A- financial strength ratings and the "a-" long-term issuer credit rating of its members, Trustmark Insurance Co., Trustmark Life Insurance Co. of New York and Trustmark Life Insurance Co. The outlook of the credit ratings is stable.

The ratings of the members reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of Trustmark Life Insurance Co. reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best placed under review with negative implications the financial strength ratings of C+ and the long-term issuer credit ratings of "b-" of Health Insurance Plan of Greater New York, HIP Insurance Co. of New York, Group Health Inc. and ConnectiCare Inc., which are members of EmblemHealth Inc.

The under review status reflects the decline in statutory capital and surplus at lead insurance company Health Insurance Plan of Greater New York in 2019, which is below the agency's expectations.

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A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Obsidian Insurance Co. The outlook assigned to the credit ratings is stable.

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

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A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of McMillan-Warner Mutual Insurance Co.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.

The negative outlooks take into account the company's continued volatility in underwriting performance, which has affected growth in policyholders' surplus.

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S&P Global Ratings affirmed the A- financial strength and long-term issuer credit ratings of American Equity Investment Life Insurance Co. and the BBB- long-term issuer credit rating of American Equity Investment Life Holding Co.

The agency also revised its outlook on the companies to negative from stable, reflecting the expectation that the companies will be pressured to maintain capital redundancy at the A level based on expectations for higher-than-normal credit losses and possible downgrades of corporate bonds in the investment portfolio.

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S&P Global Ratings downgraded Aspen Insurance Holdings Ltd.'s long-term issuer credit rating to BBB from BBB+.

The agency also downgraded the insurer financial strength and issuer credit ratings of the group's core subsidiaries, Aspen Bermuda Ltd. and Aspen Insurance UK Ltd., to A- from A.

The outlooks on all long-term ratings are stable.

The downgrade reflects the agency's view that Aspen Insurance Holdings' insurance and reinsurance businesses will continue to face negative pressure as it repositions under its new management team.

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S&P Global Ratings lowered the long-term issuer credit rating of APCO Holdings LLC to B- from B and placed it on CreditWatch with negative implications.

The downgrade reflects the agency's expectation that APCO's adjusted leverage will remain above 9x for the next 12 months if the current economic fallout and the subsequent impact to light-vehicle sales persist for the next two months.

The CreditWatch placement also reflects the agency's view that the impact of COVID-19 on auto warranty administration sales could last until June.

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S&P Global Ratings affirmed the B- long-term issuer credit rating of Amynta Holdings LLC and revised the outlook to negative from stable.

In revising the outlook, the agency took into account the possible deterioration of the company's adjusted leverage if the current economic fallout and the subsequent impact to light-vehicle sales, consumer warranty pressures, and reduction in payrolls continue for the next two to three months.

The negative outlook reflects the negative impact of the COVID-19 pandemic on the auto and consumer warranty segments, which will erode Amynta's 2020 EBITDA.

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S&P Global Ratings revised its outlook on Genworth MI Canada Inc. and Genworth Financial Mortgage Insurance Co. of Canada to negative from stable.

The negative outlook takes into account the economic uncertainty and the impact on the companies' loss experience and risk-adjusted capitalization over the next 12 months due to the uncertainty related to the new coronavirus pandemic.

The rating agency also affirmed the BBB+ long-term issuer credit rating of Genworth MI Canada and the A+ long-term issuer credit and financial strength ratings of Genworth Financial Mortgage Insurance Co. of Canada.

Europe

A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Malta-based Accelerant Insurance Ltd., a wholly owned subsidiary of Accelerant Intermediate Holdings, the non-operating holding company of the Accelerant group. The outlook assigned to the credit ratings is stable.

The ratings reflect the strategic importance of Accelerant Insurance to the Accelerant group. The ratings also take into account Accelerant Intermediate's consolidated balance sheet strength, which A.M. Best categorizes as very strong, as well as the group's adequate operating performance, limited 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.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.