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Insurance ratings actions, Aug. 2

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Insurance ratings actions, Aug. 2

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.

Life and health

A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of Ohio National Life Insurance Co. and its subsidiary, Ohio National Life Assurance Corp.

A.M. Best also affirmed the long-term issuer credit rating of "a-" and all existing long-term issue credit ratings of the parent company, Ohio National Financial Services Inc. Additionally, the rating agency affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of National Security Life & Annuity Co.

The outlook of these ratings is stable.

The affirmations reflect Ohio National Life Group's overall middle-market position within the individual life and variable annuity markets, its continued positive trend in individual life sales and its stable adjusted GAAP operating results, along with strong risk-adjusted capitalization ratios, A.M. Best said. The ratings recognize the group's recent expansion into the retirement services market and its strong front-end risk management practices.

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A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of RGA Reinsurance Co., RGA Americas Reinsurance Co. Ltd. and its subsidiaries, RGA Life Reinsurance Co. of Canada and RGA Atlantic Reinsurance Co. Ltd.

The outlook is stable.

The ratings reflect the group's top-five global market position as a leading life reinsurer, stable risk-adjusted capitalization and favorable though fluctuating GAAP-adjusted operating earnings trends. The ratings also recognize the group's strong technological platform and its sophisticated and highly integrated global enterprise risk management framework, the rating agency said.

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S&P Global Ratings affirmed its AA+ long-term counterparty credit and financial strength ratings on Teachers Insurance & Annuity Association of America and TIAA-CREF Life Insurance Co.

The outlook is stable.

The rating reflects S&P's assessment of the companies' dominant position in the U.S. higher-education pension market and their very strong and consistent operating performance.

The stable outlook reflects the rating agency's view that the credit characteristics of the two companies will remain excellent. S&P expects the companies to maintain their excellent business risk profiles, extremely strong capital and earnings, and exceptional liquidity during the rating agency's prospective two-year rating horizon.

Managed care

A.M. Best revised the outlooks to positive from stable and affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Dental Care Plus Inc.

The revised outlooks reflect the company's membership growth and an ongoing geographic and product expansion strategy, A.M. Best said.

Property and casualty

A.M. Best removed from under review with positive implications and upgraded the financial strength ratings to B++ from B and the long-term issuer credit ratings to "bbb" from "bb+" of Northwest Dentists Insurance Co. and Dentists Benefits Insurance Co.

The outlook is stable.

These rating actions follow the acquisition of the two companies by California Dental Association's subsidiary, Dentists Insurance Co.

The rating agency said the ratings are based on the relatively strong balance sheets of the two companies and their expertise in providing medical professional liability, commercial multiperil and other liability coverage to dentists, primarily in Washington and Oregon.

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A.M. Best upgraded the financial strength rating to B++ from B+ and the long-term issuer credit rating to "bbb" from "bbb-" of Forestry Mutual Insurance Co.

The outlook was revised to stable from positive.

The ratings reflect ongoing supportive capitalization, progress and improvements in underwriting and operating results of the company, and effective loss-control practices, the rating agency said.

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A.M. Best downgraded the financial strength rating to B+ from B++ and the long-term issuer credit rating to "bbb-" from "bbb+" of Financial American Property & Casualty Insurance Co.

The outlook of the financial strength rating was revised to negative from stable, while the outlook of the long-term issuer credit rating remains negative.

Concurrently, the rating agency withdrew the ratings as the company requested to no longer participate in the agency's rating process.

The downgrade of the long-term issuer credit rating reflects continued deterioration in the company's underwriting results, A.M. Best said.

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A.M. Best affirmed the financial strength ratings of A++ and the long-term issuer credit ratings of "aa+" of United States Liability Insurance Co. and its subsidiaries, Mount Vernon Fire Insurance Co., U.S. Underwriters Insurance Co., Mount Vernon Specialty Insurance Co. and Radnor Specialty Insurance Co.

The outlook is stable.

The ratings of the insurance operating companies reflect their extended trends of underwriting and operating profitability, superior risk-adjusted capital position, very strong market presence and conservative reserve positions, A.M. Best said.

The rating agency said these ratings continue to benefit from implicit and explicit support provided to United States Liability Insurance and its subsidiaries by their ultimate parent, Berkshire Hathaway Inc. This support, for some of the operating companies, is in the form of significant reinsurance treaties with Berkshire Hathaway's unit, National Indemnity Co.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Hallmark Financial Services Inc.

The rating agency also affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of the members of Hallmark Insurance Group, American Hallmark Insurance Co. of Texas, Hallmark Insurance Co., Hallmark Specialty Insurance Co., Hallmark County Mutual Insurance Co. and Hallmark National Insurance Co.

The outlook is stable.

A.M. Best said the ratings reflect the group's strong risk-adjusted capitalization, improved underwriting and overall operating performance over the past three years, along with management's expertise in its specialty commercial and personal lines markets.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.