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Insurance ratings actions: A.M. Best upgrades Sooner Insurance

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Insurance ratings actions: A.M. Best upgrades Sooner Insurance

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 upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of Burlington, Vt.-based Sooner Insurance Co.

The outlook of these ratings is stable.

The ratings reflect Sooner's very strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management. The ratings upgrade reflects Sooner's consistent capital and surplus growth, fortified by strong operating results.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Bermuda-based Rembrandt Insurance Co. Ltd.

The outlook of these ratings remains stable.

The ratings reflect Rembrandt's very strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.

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Fitch Ratings assigned an insurer financial strength rating of A to Vermont, Ill.-based Attorneys' Liability Assurance Society Ltd., A Risk Retention Group.

The rating outlook is stable. The move was made following the close of the statutory merger of wholly owned subsidiary Attorneys' Liability Assurance Society Inc., A Risk Retention Group with and into the parent company.

The subsidiary's insurer financial strength rating was withdrawn.

Europe

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Ireland-based Eni Insurance Designated Activity Co. with a stable outlook.

The ratings reflect the company's very strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.

Middle East and Africa

Fitch affirmed Nova Sociedade de Seguros de Angola SA's insurer financial strength rating at B with a stable outlook.

The agency noted the company's exposure to sovereign and domestic bank obligations and a weak operating environment.

Asia Pacific

A.M. Best removed from under review with negative implications and affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Macau-based Luen Fung Hang Insurance Co. Ltd.

The outlook assigned to these ratings is stable.

A.M. Best placed the company's ratings under review with negative implications on March 29. A.M. Best's major concern at that time was uncertainty over whether the company could comply with local regulations regarding technical reserves.

The removal of the under review status follows the Monetary Authority of Macau's recent formal approval to waive some of these requirements.

The ratings reflect the company's very strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.

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