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 financial strength rating of A and the long-term issuer credit rating of "a" of Ascot Reinsurance Co. Ltd., Ascot Insurance Co. and Ascot Specialty Insurance Co. The outlook is stable.
The ratings of the companies reflect the consolidated balance sheet strength of Ascot Group Ltd., which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best revised the implications of the under review status to developing from negative for the financial strength rating of B++ and the long-term issuer credit rating of "bbb" for QBE Seguros.
The ratings come after QBE Insurance Group Ltd.'s recent finalization of QBE Seguros' sale to private investor group Grupo Óptima Inc.
The under review status reflects the change in ownership and a pending meeting with new management for a detailed discussion of the future business plans for the company and any legacy business or liabilities which remain post-transaction.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of INPEX Insurance Ltd. The outlook is stable.
The ratings reflect the company'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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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of American Express Co. subsidiary AMEX Assurance Co. The outlook is stable.
The ratings reflect AMEX Assurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its very strong 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 Middle States Insurance Co. Inc. The outlook is stable.
Also, A.M. Best withdrew the ratings at the company's request to no longer participate in the rating agency's rating process.
The ratings of Middle States reflects its balance sheet strength, which A.M. Best categorizes as 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 B and the long-term issuer credit rating to "bb-" from "bb" of Safepoint Insurance Co. The outlook was revised to negative from stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as weak, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The downgrade considers pressure on Safepoint's overall balance sheet strength because of a significant increase in retained exposure based on modeled risks, partially due to a change to the reinsurance program that materially lowered ground-up protection compared with 2018.
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A.M. Best affirmed the A financial strength rating and "a" long-term issuer credit rating of Dorinco Reinsurance Co. The outlook remains stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, limited business profile and appropriate enterprise risk management.
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Fitch Ratings upgraded the long-term issuer default rating to BBB from BBB- of American Equity Investment Life Holding Co. and the insurer financial strength rating to A- from BBB+ of the company's insurance operating subsidiaries, American Equity Investment Life Insurance Co., American Equity Investment Life Insurance Co. of New York and Eagle Life Insurance Co. The outlook is stable.
The upgrade reflects the company's improved business profile, which the rating agency views as moderate and in line with the broader life insurance industry in North America. The company also has a modestly more conservative product profile, offset by a limited diversification due to its focus on the fixed-indexed annuity market, according to Fitch.
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S&P Global Ratings affirmed the BB long-term issuer credit rating of Talcott Resolution Life Inc. The rating agency also affirmed the BBB long-term issuer credit and financial strength ratings of the company's core operating subsidiaries, Talcott Resolution Life Insurance Co. and Talcott Resolution Life & Annuity Insurance Co.
The outlook is stable, reflecting the rating agency's view of the continuity in the company's operating strategy and philosophy, management team, robust risk management and prospective capital adequacy at the A confidence level.
The ratings reflect the company's fair business risk profile, supported by its operating performance, narrow product focus in annuities and inherent limitations as a run-off entity.
Europe
S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of HDI Versicherung AG (Austria).
The outlook is stable, reflecting the rating agency's view that the company will remain strategically important to Talanx AG, at least over the next 12 to 24 months, based on the rating agency's assessment of the ongoing success in the company's industrial lines business in Austria and Eastern Europe.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Asia Capital Reinsurance Group Pte. Ltd. and subsidiary Asia Capital Reinsurance Malaysia Sdn. Bhd. The long-term issuer credit rating of "bbb-" of holding company ACR Capital Holdings Pte. Ltd. was also affirmed. The outlook is negative.
The ratings of Asia Capital Reinsurance Group reflect its 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.
The ratings of Asia Capital Reinsurance Malaysia reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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S&P Global Ratings revised its outlook to stable from negative on China Pacific Property Insurance Co. Ltd. The rating agency also affirmed the company's A long-term local currency insurer financial strength and issuer credit ratings.
The revision reflects the likely improved capital buffers of the company's parent China Pacific Insurance (Group) Co. Ltd., which the rating agency expects is likely to sustain its satisfactory capital and earnings in the next two years.
The outlook also reflects the rating agency's view that the company will remain as a core subsidiary of China Pacific Insurance Group and that it will maintain its very strong competitive position in China.
Additionally, S&P Global Ratings revised its outlook to stable from negative on China Pacific Insurance Co. (HK) Ltd. The rating agency also affirmed the company's A- long term insurer financial strength and issuer credit ratings.
The revision reflects the outlook on China Pacific Property. The rating agency expects that the company will remain strategically important to the China Pacific Insurance Group.
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S&P Global Ratings affirmed the A+ financial strength and long-term issuer credit ratings of Japan Post Insurance Co. Ltd. The rating agency also affirmed the company's A-1 short-term issuer credit rating.
The outlook is negative, reflecting the rating agency's concern that issues related to its inappropriate sales practices could point to underlying governance issues and weaken its brand and reputation. The rating agency believes this could hurt the company's competitive position and financial performance in the next two years.
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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