Insurance ratings actions: S&P upgrades Triple-S Salud

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

The ratings reflect Clear Spring Life's balance sheet strength, which A.M. Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best removed from under review with developing implications and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Madison National Life Insurance Co. Inc. The outlook assigned to the credit ratings is stable.

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

The actions follow the completion of Horace Mann Educators Corp.'s acquisition of Madison National Life.

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S&P Global Ratings upgraded Triple-S Salud Inc.'s financial strength and issuer credit ratings to A from BBB. The rating agency also removed the ratings from CreditWatch with positive implications.

The ratings actions follow the close of GuideWell Mutual Holding Corp. acquisition of Triple-S Salud.

The outlook is stable, reflecting the rating agency's view that GuideWell will use its organizational and financial resources to support Triple-S Salud.

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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