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 financial strength rating to A- from B++ and the long-term issuer credit ratings to "a-" from "bbb+" for the members of the Ally Insurance Group.
The members include Motors Insurance Corp. and its reinsured subsidiaries, MIC Property & Casualty Insurance Corp. and CIM Insurance Corp. as well as an affiliate, Ally International Insurance Co. Ltd.
The outlook of these credit ratings was revised to stable from positive.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades reflect the favorable impact of improvement in the financial condition of the ultimate parent, Ally Financial Inc.
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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Fidelis Insurance Holdings Ltd.
The rating agency also affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Fidelis Insurance Bermuda Ltd., Fidelis Underwriting Ltd. and Fidelis Insurance Ireland DAC.
The outlook of these credit ratings is stable.
The ratings reflect Fidelis' 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 Maxseguros EPM Ltd.
The outlook of these credit ratings is stable.
The ratings reflect Maxseguros' balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the ratings reflect Maxseguros' strong risk-adjusted capitalization, supported by a comprehensive and adequate reinsurance program coupled with a conservative investment policy and limited premium risk exposure.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Utica Mutual Insurance Co. and its intercompany pool participants and reinsured affiliates.
The affiliates are Founders Insurance Co., Graphic Arts Mutual Insurance Co., Republic-Franklin Insurance Co., Utica Lloyd's of Texas, Utica National Assurance Co., Utica National Insurance Co. of Ohio, Utica National Insurance Co. of Texas and Utica Specialty Risk Insurance Co.
The outlook was revised to positive from stable, reflecting the group's improved underwriting and operating results in recent years.
The credit ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit ratings to "a" from "a-" of the members of Optimum General Companies.
The members are Optimum Insurance Co. Inc., Optimum West Insurance Co. Inc. and Optimum Farm Insurance Inc.
The outlook of these credit ratings was revised to stable from positive.
The ratings reflect the group's very strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management. The rating upgrades reflect a change in the group's business profile assessment to neutral from limited given the spread of risk, both geographic and by line of business.
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Fitch Ratings affirmed the BBB+ insurer financial strength ratings of Athora Life Re Ltd. and Athora Ireland Plc. The outlooks are stable.
The ratings of Athora Life Re reflect its short operating history and limited track record, its relatively high investment risk, but also strong asset/liability management and liquidity, as well as strong capitalization and leverage.
Athora Life Re is a subsidiary of Athora Holding Ltd. Athora Ireland is a unit of Athora Life Re and acts as the group's European reinsurance hub.
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Fitch Ratings affirmed Cigna Corp.'s BBB long-term issuer default rating and F3 short-term issuer default rating.
The rating agency also affirmed the A insurer financial strength ratings of Connecticut General Life Insurance Co., Cigna Worldwide Insurance Co., Life Insurance Co. of North America and Cigna Life Insurance Co. of New York. Additionally, it affirmed the BBB long-term issuer default rating and F3 short-term issuer default rating of Cigna Holding Co.
Fitch upgraded the long-term issuer default ratings to BBB from BBB- of Medco Health Solutions Inc., Express Scripts Holding Co. and Express Scripts Inc. The rating agency affirmed the short-term issuer default rating of Express Scripts Holding at F3.
Fitch's affirmation of Cigna's issuer default rating and its units' insurer financial strength ratings with a stable outlook follows a review of the company's operating performance in 2018 and the first half of 2019, and reflects progress the company has achieved in reducing financial leverage and integrating the operations of Express Scripts Holding following the transaction in December 2018.
Europe
S&P Global Ratings affirmed the BB long-term insurer financial strength and issuer credit ratings on KLPP Insurance And Reinsurance Co. Ltd with a positive outlook.
The ratings reflect KLPP's competitive position, which is gradually improving with the development of the company's franchise in the international reinsurance market.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of AIA New Zealand Ltd., formerly known as Sovereign Assurance Co. Ltd.
The outlook of these credit ratings is stable.
Concurrently, the rating agency withdrew these ratings as the company requested to no longer participate in A.M Best's interactive rating process.
The ratings reflect AIA New Zealand's very strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management. In addition, the company benefits from rating enhancement from its ultimate parent, AIA Group Ltd.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Macau Insurance Co. Ltd.
The outlook of these credit ratings is stable.
The ratings reflect Macau Insurance'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 ratings of "a+" of Toa Reinsurance Co. Ltd. and its subsidiaries, Toa Reinsurance Co. of America and Toa 21st Century Reinsurance Co. Ltd.
The outlook of these credit ratings is stable.
The ratings reflect Toa Reinsurance's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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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