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 affirmed the A+ financial strength rating and the "aa-" long-term issuer credit ratings of Banner Life Insurance Co. and William Penn Life Insurance Co. of New York.
The outlook of the credit ratings 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, favorable business profile and appropriate enterprise risk management.
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A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of First Colonial Insurance Co., a unit of Allstate Corp.
The outlook of the credit ratings is stable.
The ratings reflect First Colonial's balance sheet strength, which A.M. Best categorizes as very strong, as well as its weak 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 Sublimity Insurance Co.
The outlooks were revised to stable from negative, reflecting the agency's expectation of the company maintaining strong balance sheet strength and demonstrating further improvement in underwriting performance given continued enhancement of its enterprise risk management program through effective concentration management, as well as maintaining strong agency relationships.
The credit ratings reflect Sublimity Insurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and marginal 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 United Heritage Property & Casualty Co.
The outlooks were revised to stable from negative, reflecting the agency's expectation of the company maintaining strong balance sheet strength and exhibiting improvement in underwriting performance given continued enhancement of its enterprise risk management program through effective concentration management, as well as maintaining strong agency relationships.
The credit ratings reflect United Heritage Property & Casualty's balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
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A.M. Best affirmed the B++ financial strength rating and the "bbb+" long-term issuer credit rating of United Heritage Life Insurance Co.
The outlook of the financial strength rating remains stable.
The outlook for the long-term issuer credit rating was revised to stable from negative, reflecting the clarity surrounding the potential liability to the company and its parent, United Heritage Financial Group Inc., from the liquidation order of Merced Property & Casualty Co. after claims from the California Camp Fire exceeded Merced's assets, surplus and catastrophe reinsurance protection.
The ratings reflect United Heritage Life Insurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.
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A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Chicago-based National Fire and Casualty Co.
The outlook of the credit ratings remains stable.
The downgrades reflect a revision in the agency's assessment of the company's operating performance to marginal from adequate, given the deterioration of underwriting results over the most recent five-year period.
The ratings reflect National Fire and Casualty'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.
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A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Governmental Interinsurance Exchange.
The outlook of these credit ratings remains stable.
The downgrades reflect a revision in the agency's assessment of the company's operating performance to marginal from adequate, given the deterioration of underwriting results over the most recent five-year period.
The ratings reflect Governmental Interinsurance Exchange'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.
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A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit ratings of StarStone Insurance Bermuda Ltd. and its subsidiaries, Starstone Insurance SE, StarStone Specialty Insurance Co. and StarStone National Insurance Co.
The outlook of these credit ratings remains stable.
The ratings reflect StarStone Insurance Bermuda's consolidated balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best placed under review with developing implications the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Pacific Pioneer Insurance Co., a wholly owned subsidiary of Pacific Pioneer Insurance Group Inc.
The credit rating actions follow the completion of a stock purchase agreement for a third party to acquire the company from its parent.
The developing implications are due primarily to the potential of positive or negative rating factors that may result post-acquisition. The ratings will remain under review pending the completion of the transaction and the agency's discussions with the unit's management.
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Kroll Bond Rating Agency affirmed the insurance financial strength rating of A- of Catholic Financial Life.
The outlook is stable.
The affirmation reflects the company's conservative balance sheet, solid membership base, steady statutory earnings, M&A expertise, diversified business mix and value-added enterprise risk management practices.
Europe
A.M. Best affirmed the B++ financial strength rating and the "bbb" long-term issuer credit rating of Halyk Insurance Co. of Halyk Bank of Kazakhstan JSC.
The outlook of the credit ratings remains negative, which reflects uncertainty as to whether Halyk Insurance's underwriting profitability will return to a strong level following the merger of its sister company, JSC IC Kazkommerts-Policy, in August 2018.
The ratings reflect Halyk Insurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management.
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A.M. Best affirmed the "a" long-term issuer credit rating of Legal & General Group PLC and the A+ financial strength rating and the "aa-" long-term issuer credit rating of Legal & General Assurance Society Ltd.
The outlook of these credit ratings is stable.
The ratings reflect Legal & General Group's very strong balance sheet strength, strong operating performance, favorable business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Switzerland-based Sigurd Rück AG.
The outlook of the credit ratings remains stable.
The ratings reflect Sigurd Rück's balance sheet strength, which is categorized as very strong by A.M. Best, as well as its strong operating performance, neutral business profile, and appropriate enterprise risk management, as well as rating drag due to its association with its parent company, Saipem SpA.
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Fitch Ratings affirmed the BBB insurer financial strength rating of JSC Russian National Reinsurance Co. with a stable outlook.
The rating is driven by the company's 100% ownership by the Central Bank of Russia and its systemic role in the local insurance sector. The rating also reflects the reinsurer's strong risk-adjusted capital position, the exposure of the reinsurer's underwriting profitability to a highly volatile portfolio of sanctioned risks and a significant concentration of government bonds in the investment portfolio.
Middle East and Africa
A.M. Best affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of Arab Reinsurance Company SAL.
The outlooks of the credit ratings remain negative, reflecting the ongoing pressure on the business profile assessment, stemming from the agency's concerns over Arab Reinsurance's ability to navigate the challenging underwriting conditions prevailing in its core markets.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of NongHyup Property and Casualty Insurance Co. Ltd.
The outlook of these credit 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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A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Qianhai Reinsurance Co. Ltd.
The outlook of these credit ratings is stable.
The ratings reflect Qianhai Reinsurance'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.
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The outlook of the credit ratings is stable.
The ratings reflect Meritz Fire & Marine'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 B+ financial strength rating and the "bbb-" long-term issuer credit rating of Jubilee General Insurance Co. Ltd.
The outlook of the credit ratings is stable.
The ratings reflect Jubilee’s balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
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Moody's affirmed the A3 insurance financial strength rating of Fubon Property & Casualty Insurance Co. Ltd.
The outlook was changed to negative from stable, reflecting the agency's expectation that it would be challenging for the company to make a net profit in the next 12 to 18 months while maintaining its market position.
The affirmation reflects the strong financial and operational support that Fubon Property & Casualty Insurance receives from its two major shareholders, Fubon Insurance Co. Ltd. and Fubon Life Insurance Co. Ltd.
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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