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 adequate operating performance, limited business profile and appropriate enterprise risk management.
Journey Insurance is majority-owned by United Insurance Holdings Corp.
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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of IMT Insurance Co. and affiliate Wadena Insurance Co. The outlook was revised to negative from stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.
The negative outlooks reflect pressures connected to balance sheet strength and operating performance.
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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Commerce Insurance Co. and the other intercompany pooling members of Mapfre U.S.A. group. The outlook is stable.
The other members are Citation Insurance Co., Commerce West Insurance Co., American Commerce Insurance Co., Mapfre Insurance Co. and Mapfre Insurance Co. of Florida. The Mapfre U.S.A. group is owned by Mapfre USA Corp., whose ultimate parent is Mapfre SA.
The ratings reflect Mapfre U.S.A. group members' balance sheet strength, which A.M. Best categorizes as strong, as well as their marginal operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the implicit and explicit support given by Mapfre.
A.M. Best also affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Mapfre Praico Insurance Co. and affiliate Mapfre Pan American Insurance Co., which are subsidiaries of Mapfre. The outlook is stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strong, as well as their strong operating performance, limited business profile and appropriate enterprise risk management.
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Fitch Ratings affirmed the A- long-term issuer default rating of Protective Life Corp. and the A+ insurer financial strength ratings of the insurer's primary life insurance subsidiaries. The outlook was changed to positive from stable.
The subsidiaries are West Coast Life Insurance Co., Protective Life & Annuity Insurance Co., Protective Life Insurance Co. and MONY Life Insurance Co.
Protective Life's capitalization and underwriting profitability are strong, according to the rating agency. The ratings consider the company's status as a wholly owned subsidiary of Dai-ichi Life Holdings Inc. and were affirmed because Protective Life still performs within rating expectations, Fitch said.
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Fitch affirmed the A- long-term issuer default rating of Axis Capital Holdings Ltd. and the A+ insurer financial strength ratings of the insurer's operating subsidiaries. The outlook was changed to stable from negative.
The subsidiaries are Axis Reinsurance Co., Axis Specialty Insurance Co., Axis Insurance Co., Axis Specialty Ltd. and Axis Surplus Insurance Co.
The affirmation takes into account Axis Capital's moderate business profile with a diversified market position in both insurance and reinsurance lines, strong overall earnings, and reasonable financial leverage, which are counterbalanced by earnings volatility due to catastrophe loss events and modest fixed-charge coverage, Fitch said.
The outlook revision indicates enhancement in capitalization and progress rooted from restoring earnings to more normalized levels, according to the rating agency.
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Kroll Bond Rating Agency affirmed the BBB- issuer rating of Heritage Insurance Holdings Inc.
The insurance financial strength ratings of BBB+ of Heritage Property & Casualty Co. and Zephyr Insurance Co. Inc., and of A- of Narragansett Bay Insurance Co. were also affirmed. The companies are key operating subsidiaries of Heritage Insurance. The outlook of all ratings is stable.
The subsidiaries' ratings consider their favorable operating results, continued progress in executing the organization's strategy to geographically diversify its business profile and adequate capitalization with conservatively invested asset portfolios, the rating agency said.
Heritage Insurance benefits from the operating results of the insurance entities and its service and claims subsidiaries, KBRA said.
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Moody's assigned a B1 corporate family rating to MMM Holdings LLC, a subsidiary of InnovaCare Inc., in connection with Summit Partners' proposed acquisition of the parent. The outlook is stable.
The rating mirrors the solid profitability, leading market share in the Puerto Rico Medicare Advantage market, and solid Medicare Advantage membership growth of 25% since 2017 of MMM Holding's operating company, MMM Healthcare LLC.
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S&P Global Ratings assigned a B+ long-term issuer credit rating to managed care company ICH Intermediate Holdings II LP, which does business as InnovaCare.
The outlook is stable, indicating the rating agency's opinion that InnovaCare's healthy free cash flow generation will result in a relatively rapid leverage reduction in 2019 until 2020.
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S&P Global Ratings affirmed the BBB- long-term issuer credit rating of First American Financial Corp. and the A- financial strength rating of the insurer's core operating subsidiary, First American Title Insurance Co.
The outlook is stable, recognizing the rating agency's expectation that First American will sustain its market position in the U.S. title insurance industry. S&P Global Ratings anticipates strong earnings generation driven by good expense management and the maintenance of very strong capital.
Europe
Fitch affirmed the A+ insurer financial strength rating of Lebensversicherung von 1871 aG München. The outlook is stable.
The company's ratings mirror its very strong capitalization, and strong profitability, investment and asset risk, according to the rating agency. These factors are partly offset by the company's moderate business profile.
Middle East and Africa
S&P Global Ratings affirmed the BBB+ long-term insurer financial strength and issuer credit ratings of Ras Al-Khaimah National Insurance Co.
The outlook is stable, taking into account the rating agency's expectation that the insurer will preserve capital adequacy at least at the AA level and maintain operational independence from its parent, National Bank of Ras Al Khaimah, over the next two years.
Asia-Pacific
Fitch affirmed the A+ insurer financial strength rating and A long-term issuer default rating of Dai-ichi Life Insurance Co. Ltd.
The outlook was changed to positive from stable, reflecting the improvement in the insurer's business profile following its group's successful global expansion, improved profitability and reduced investment risk, according to Fitch.
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S&P Global Ratings affirmed the A- financial strength and long-term issuer credit ratings of NN Life Insurance Co. Ltd.
The outlook is stable, reflecting those on the core subsidiaries of ultimate parent NN Group NV and the rating agency's view that the insurer will stay strategically important to the group.
The ratings were affirmed to consider a revision in the company's stand-alone credit profile to "bbb" from "bbb+" and an incorporation of an additional one-notch uplift for potential group support, S&P Global Ratings said.
The ratings mirror the rating agency's view that the insurer will most likely continue demonstrating flexibility and agility in its product design and sales strategy in the domestic corporate-owned life insurance market.
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S&P Global Ratings affirmed the A+ local currency long-term insurer financial strength and issuer credit ratings of HSBC Insurance (Singapore) Pte. Ltd.
The outlook is stable, reflecting that on the company's intermediate parent, HSBC Asia Pacific, the rating agency said. S&P Global Ratings anticipates the Singaporean insurer to remain a strategic subsidiary of its parent for at least 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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