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
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
The positive outlook considers favorable trends in key components of balance sheet strength, including risk-adjusted capitalization, liquidity, underwriting and reserving leverage, reserve development, and policyholders' surplus growth, according to A.M. Best.
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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Bermuda-based R.V.I. Guaranty Co. Ltd. and Stamford, Conn.-based subsidiary R.V.I. America Insurance Co. The outlook is stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.
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S&P Global Ratings affirmed the BBB long-term issuer credit rating of Stamford, Conn.-headquartered Finial Holdings Inc.
The outlook is positive, mirroring the rating agency's expectation that the company's positive earned surplus will still build and improve its ability to service its own debt through operating company dividends independently and return excess capital to the parent, National Indemnity Co.
The rating reflects Finial's fair competitive position because of the runoff nature of its operations, as well as its robust capitalization, which is partially offset by its dependence on parental support to service its own debt, according to S&P Global Ratings.
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S&P Global Ratings affirmed the BBB long-term issuer credit rating of Selective Insurance Group Inc. and the A financial strength ratings of the insurer's subsidiaries.
The outlook is stable, acknowledging the rating agency's expectation that Selective Insurance and its subsidiaries will still broaden their geographic diversification and report operating results consistent with similarly rated peers'.
The ratings of the companies take into account the group's strong operating performance, steered by favorable renewal rates and improved underwriting tools, along with detailed risk segmentation, according to S&P Global Ratings.
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S&P Global Ratings affirmed the BB+ long-term issuer credit rating of MGIC Investment Corp. and the BBB+ issuer credit and financial strength ratings of the insurer's core operating subsidiaries.
The outlook remains stable, considering the rating agency's expectation that MGIC will maintain its strong market position while preserving underwriting and pricing discipline.
MGIC's ratings mirror its solid market presence in the U.S. private mortgage insurance industry, aided by its long-standing relationship with both national and regional lenders throughout the U.S., according to S&P Global Ratings.
Europe
S&P Global Ratings upgraded to A-1 from A-2 the short-term issuer credit rating and affirmed the A- long-term insurer financial strength and issuer credit ratings of Spain-based Compania Espanola de Seguros de Credito a la Exportacion SA.
The outlook is stable, recognizing the rating agency's expectation that the credit insurer will preserve capital adequacy at excellent levels while steadily growing its premium and preserving a leading position in the Spanish credit insurance, surety and information services markets.
The ratings of the company also benefit from the rating agency's view of its extremely sound capital adequacy, according to S&P Global Ratings' risk-based capital model. Those ratings are mostly constrained by the rating agency's view of the company's business risk profile.
Middle East and Africa
S&P Global Ratings affirmed the BB- long-term issuer credit and insurer financial strength ratings of Jordan's Euro Arab Insurance Group PLC.
The outlook is stable, indicating that the rating agency's expectation that over a one-year horizon, it will still rate the company above the sovereign credit rating of Jordan.
Asia-Pacific
A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Vietnam's Petrolimex Insurance Corp. The outlook is stable.
The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of New Zealand-based Beneficial Insurance Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of New Zealand's Youi NZ Pty. Ltd. The outlook is stable.
The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. Also, the ratings factor in a neutral holding company impact from the company's ultimate majority ownership by Rand Merchant Investment Holdings Ltd.
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A.M. Best downgraded the financial strength rating to C from B- and the long-term issuer credit rating to "ccc+" from "bb-" of Royal Insurance Corp. of Bhutan Ltd.
The ratings were also maintained under review with negative implications, reflecting the rating agency's expectation of near-term volatility in the company's balance sheet strength and operating performance, as well as the possibility for further deterioration in these key rating fundamentals.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as weak, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.
The downgrade considers a worsening, in A.M. Best's view, of Royal Insurance's balance sheet strength and operating performance fundamentals.
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A.M. Best assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Hong Kong's BEA Life Ltd., a subsidiary of Bank of East Asia Ltd. The outlook assigned to the ratings is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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Fitch Ratings affirmed the BB+ insurer financial strength rating and AA-(idn) national insurer financial strength rating of PT Reasuransi Nasional Indonesia. The outlook is stable.
The reinsurer's ratings take into account its strong financial performance, favorable business profile and moderately weak capitalization, the rating agency said.
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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