S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 12 a.m. ET the previous day. Actions after 12 a.m. ET will be included in the following day's roundup.
S&P upbeat on Oman Insurance's capital adequacy
S&P Global Ratings upgraded Oman Insurance Co. PSC's long-term issuer credit and insurer financial strength ratings to A from A-.
The outlook is stable, reflecting Ratings' view the Dubai-based insurer will maintain its profitable operating performance, market share and capital adequacy in the next two years.
Ratings expects profitable earnings from Oman Insurance's underwriting and investment activities to support the strengthening of its capital adequacy.
U.S. and Canada
A.M. Best affirmed Friday Health Plans of Colorado Inc.'s C financial strength rating and "ccc" long-term issuer credit rating.
Concurrently, the ratings have been withdrawn as Friday Health has requested to no longer participate in the rating agency's interactive rating process.
The ratings reflect Friday Health's balance sheet strength, which A.M. Best assesses as very weak, as well as its marginal operating performance, limited business profile and weak enterprise risk management.
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A.M. Best placed under review with negative implications the B++ financial strength rating and the "bbb+" long-term issuer credit rating of Gulf Guaranty Life Insurance Co.
The credit rating action reflects a significant deterioration of Gulf Guaranty Life's capital, surplus and risk-adjusted capitalization at year-end 2021, driven by an operating loss.
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A.M. Best revised the outlooks to positive from stable and affirmed the A- financial strength ratings and the "a-" long-term issuer credit ratings of Hamilton Re Ltd. and Hamilton Insurance Designated Activity Co., subsidiaries of Hamilton Insurance Group Ltd.
The credit ratings reflect the group's balance sheet strength, which the rating agency assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The positive outlooks reflect A.M. Best's expectation the group will maintain its improving trend of profitability and continue generating earnings that are accretive to its balance sheet strength.
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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