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Insurance ratings actions: S&P revises outlook on Fairfax Financial

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 affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit ratings of the members of Castle Key Group including, Castle Key Insurance Co., Castle Key Indemnity Co., Encompass Floridian Insurance Co. and Encompass Floridian Indemnity Co.

The outlook of the credit ratings is stable.

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

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A.M. Best removed from under review with positive implications, upgraded the long-term issuer credit ratings to "a+" from "a" and affirmed the A financial strength ratings of Privilege Underwriters Reciprocal Exchange and PURE Insurance Co., members of the PURE Group of Insurance Cos.

The outlook assigned to the credit ratings is positive.

The ratings reflect the group'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.

The rating action considers implicit and explicit support from ultimate parent Tokio Marine Holdings Inc. and its lead insurance operating company, Tokio Marine & Nichido Fire Insurance Co. Ltd., and affiliation between Tokio Marine & Nichido's U.S. subsidiaries.

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S&P Global Ratings revised its outlook to stable from positive on Fairfax Financial Holdings Ltd. and affirmed the BBB- long-term issuer credit rating on the company and its subsidiaries, including Allied World Assurance Company Holdings, GmbH, Zenith National Insurance Corp., Odyssey Group Holdings, Inc. and Crum & Forster Holdings Corp.

At the same time, the agency affirmed the A- long-term financial strength and issuer credit ratings on Allied World Assurance Co. (Europe) Ltd., Zenith Insurance Co., ZNAT Insurance Co., United States Fire Insurance Co. Inc., North River Insurance Co., Seneca Specialty Insurance Co., Seneca Insurance Co. Inc., Odyssey Reinsurance Co., Northbridge General Insurance Corp., Hudson Specialty Insurance Co., First Mercury Insurance Co., Federated Insurance Co. of Canada Ltd., Crum & Forster Insurance Co., Crum & Forster Specialty Insurance Co., Crum & Forster Indemnity Co., American Underwriters Insurance Co., Allied World National Assurance Co., Allied World Assurance Co. AG, Allied World Assurance Co. (U.S.) Inc., Allied World Assurance Co. Ltd. and Allied World Insurance Co.

The agency also affirmed the A- long-term financial strength rating on Odyssey Re Europe SA.

The outlook revision to stable on the company and its subsidiaries reflects the agency's view that Fairfax's capitalization will likely remain below the AA confidence level over the next 12 months despite active capital management actions and strong earnings over the past two years.

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Kroll Bond Rating Agency affirmed the A- insurance financial strength rating of Adrian, Mich.-domiciled Gleaner Life Insurance Society Inc.

The rating considers Gleaner Life's conservative balance sheet and stable net operating gains. The agency believes the company employs disciplined product pricing and crediting rate practices on current products.

Europe

Fitch Ratings affirmed the A+ long-term issuer default ratings of Chubb Ltd. and Chubb INA Holdings Inc. and affirmed the AA insurer financial strength ratings of Chubb's operating subsidiaries.

The outlook is stable.

The operating entities are Chubb Tempest Reinsurance Ltd., ACE Insurance Co. of the Midwest, Westchester Fire Insurance Co., ACE Fire Underwriters Insurance Co., ACE American Insurance Co., ACE INA Overseas Insurance Co. Ltd., Chubb Indemnity Insurance Co., Chubb National Insurance Co., ACE Property & Casualty Insurance Co., Chubb Lloyds Insurance Co. of Texas, Chubb Custom Insurance Co., Chubb INA Overseas Insurance Co. Ltd, Pacific Indemnity Co., Great Northern Insurance Co., Insurance Co. of North America, Vigilant Insurance Co., Federal Insurance Co., Indemnity Insurance Co. of North America, Agri General Insurance Co., Illinois Union Insurance Co., Bankers Standard Insurance Co., Chubb Insurance Co. of New Jersey, Chubb Reinsurance (Switzerland) Ltd., Executive Risk Specialty Insurance Co., Atlantic Employers Insurance Co., Executive Risk Indemnity Inc., Pacific Employers Insurance Co., Chubb Bermuda Insurance Ltd. and Westchester Surplus Lines Insurance Co.

The AA insurer financial strength rating of Chubb Atlantic Indemnity Ltd. was withdrawn as the entity no longer exists.

The affirmation of Chubb's ratings reflects its very strong business profile, financial performance and capitalization. The ratings also take into account anticipated challenges in a competitive property and casualty market and investment markets.

Middle East and Africa

A.M. Best revised the outlooks to positive from stable and affirmed the B++ financial strength rating and the "bbb+" long-term issuer credit rating of Qatar Islamic Insurance Group (QPSC).

The outlooks revision reflects the agency's expectation that the company will continue to generate strong operating returns, with the retention of earnings further enhancing the balance sheet strength over the short-to-medium term.

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

Asia-Pacific

Fitch Ratings affirmed the A insurer financial strength ratings of Etiqa group's core operating entities, with a stable outlook.

The entities are Etiqa Family Takaful Bhd., Etiqa Life Insurance Bhd., Etiqa General Takaful Bhd., Etiqa Insurance Pte. Ltd. and Etiqa General Insurance Bhd.

The affirmation reflects the group's favorable business profile and "very strong'" capitalization, while also taking into account its very strong financial performance and earnings, based on consistent profitability and stable underwriting results.

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A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of Energas Insurance (L) Ltd.

The outlook of the credit ratings is stable.

These ratings reflect Energas Insurance's 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.

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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