S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.
A.M. Best removed from under review with positive implications and upgraded the financial strength ratings to A from A- and the long-term issuer credit ratings to "a" from "a-" of Granite Re Inc.
The outlook assigned to the financial strength rating is stable, and the long-term issuer credit rating's outlook is positive.
The ratings actions respond to Federated Mutual Insurance Co.'s acquisition of Granite. The upgrades reflect A.M. Best's view that Granite benefits from its new position as a subsidiary of Federated Mutual Insurance, which is a larger and more diversified company.
The positive outlook on the long-term issuer credit rating reflects A.M. Best's expectation that Federated will continue to further integrate Granite in the near term.
A.M. Best revised the outlook to stable from negative and affirmed long-term issuer credit ratings of "bbb-" of Employers Holdings Inc.
In addition, the rating agency revised the outlooks to stable from negative and affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of the company's subsidiaries.
The subsidiaries include Employers Insurance Co. of Nevada, Employers Compensation Insurance Co., Employers Assurance Co. and Employers Preferred Insurance Co.
The affirmations reflect the units' excellent risk-adjusted capitalization, improving operating earnings and substantial market expertise as workers' compensation writers, the rating agency said.
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of Gulf Reinsurance Ltd. with a stable outlook, but the rating agency also withdrew the company's ratings after it requested to no longer participate in A.M. Best's interactive rating process.
A.M. Best believes that Gulf Reinsurance's ultimate parent, Arch Capital Group Ltd., remains committed to supporting the company's policyholders' obligations.