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Insurance ratings actions, April 29

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Insurance ratings actions, April 29

SNL compiles ratings actions inthe insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET willbe included in the following day's roundup.

Life and health

A.M.Best revisedthe outlooks to positive from stable and affirmed the financial strength ratingof B+ and the issuer credit ratings of "bbb-" of New Era Life Insurance Co. and its life insurance units,New Era Life Insurance Co. of theMidwest and PhiladelphiaAmerican Life Insurance Co.

The revisedoutlook reflects the companies' positive trend of increasing absolute capital. Theratings also take into account the company's strong operating results.

is the ultimateparent of New Era Life Insurance and its life insurance units.


A.M.Best revisedthe outlooks to positive from stable and affirmed the financial strength ratingof A and the issuer credit ratings of "a+" for Wilton Reinsurance BermudaLtd., Wilton Reassurance Co.,Texas Life Insurance Co.,Wilton Reassurance Life Co. of NewYork, Wilcac Life InsuranceCo. and Wilco Life InsuranceCo.

The ratingagency also revised the outlooks to positive from stable and affirmed the "bbb+"issuer credit ratings of Wilton Re Ltd. and Wilton Re Finance LLC. It affirmed thefinancial strength rating of A and the issuer credit ratings of "a" ofivari, previously known as Transamerica Life Canada, and Canadian Premier Life Insurance Co.

A.M.Best said the revised outlook takes into account the companies' solid risk-adjustedcapitalization level, consistently strong operating earnings on its U.S. business,and high-quality balance sheet and stable liability structure. The ratings and outlooksalso acknowledge the commitment to support the companies' growth by the ultimateparent, Canada Pension Plan InvestmentBoard.


FitchRatings affirmedthe long-term issuer default rating of UnumGroup at BBB+.

The ratingagency also affirmed the insurer financial strength ratings for all of Unum's domesticoperating units at A. These units include UnumLife Insurance Co. of America, ProvidentLife & Accident Insurance Co., Provident Life and Casualty Insurance Co., , , and

The outlookis stable.

Fitchsaid the affirmation takes into account the company's strong operating performancein its core businesses and solid capital and liquidity at the insurance subsidiaryand holding company level, among other things. The ratings also take into accountthe impact of the low interest rate environment on Unum's ongoing businesses, competitivechallenges in the company's core U.S. disability business and modest improvementin its U.K. business performance.

The stableoutlook represents the agency's belief that Unum's overall profitability has beenstrong and stable and will continue to support the current rating even though premiumgrowth and operating margins are being stressed by the uncertain economic environmentand competitive market conditions.


Property and casualty

A.M.Best has downgradedFinancial American Property and CasualtyInsurance Co.'s financial strength rating to B++ from A- and issuercredit rating to "bbb+" from "a-."

The agencyrevised the outlook for the issuer credit rating to negative from stable. The outlookfor the financial strength rating remains stable.

A.M.Best said the downgrade reflects deterioration in Financial American's underwritingresults, with underwriting and operating losses reported each year since 2011.

The negativeoutlook for the issuer credit rating reflects A.M. Best's expectation that FinancialAmerican will continue to struggle to produce a material improvement in operatingearnings in 2016 and 2017. The stable outlook on the financial strength rating reflectsthe rating agency's comfort level regarding Financial American's risk-adjusted capitalization.


A.M.Best has revisedthe outlook for theissuer credit rating to positive from stable and affirmed the financial strengthrating of A and the issuer credit ratings of "a" of Central Mutual Insurance Co. and All America Insurance Co.

The outlookfor the financial strength rating remains stable.

A.M.Best said the positive outlook is based on Central Mutual's improving underwritingand operating results reported in recent years and expected to continue in the nearterm.