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
Fitch Ratings assigned insurer financial strength ratings of A to Athene Holding Ltd. subsidiaries Athene Co-Invest Reinsurance Affiliate International Ltd. and Athene Life Re International Ltd.
The rating outlook is stable.
The rating of Athene Co-Invest Reinsurance reflects the application of the captive insurance companies rating methodology within the rating agency's insurance rating criteria and the view that the company meets its standards to be considered a core captive.
The rating assigned to Athene Life Re reflects the application of Fitch's group rating methodology within its insurance rating criteria and the view that the company qualifies as a core subsidiary of Athene Holding.
Kroll Bond Rating Agency affirmed the BBB- insurance financial strength rating of ELCO Mutual Life & Annuity.
The outlook is stable.
The rating reflects ELCO Mutual's consistent strong top-line growth, largely generated by its flagship product, a Medicaid-compliant annuity; steady operating income; and improving capital base.
Kroll Bond Rating Agency affirmed the A- insurance financial strength rating of Converge RE II and the BBB- issuer rating of Converge Holdings Inc.
The outlook for both ratings is stable.
The ratings reflect Converge RE's sound capitalization, the life and annuity business assumed to date, experienced management team and adequate enterprise risk management framework for the company's current size.
A.M. Best assigned a financial strength rating of B+ and a long-term issuer credit rating of "bbb-" to Universal Insurance Co. (Guernsey) Ltd.
The outlook assigned to the credit ratings is stable.
The ratings reflect Universal Insurance Co.'s balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, very limited business profile and marginal enterprise risk management.
Fitch Ratings affirmed the AA- insurer financial strength rating and the A+ long-term issuer default rating of Scottish Widows Ltd. and removed them from Rating Watch Negative.
The rating outlooks are stable.
The affirmation of Scottish Widows is aligned with that of Lloyds Banking Group to reflect the agency's view of the importance of Scottish Widows Group Ltd. group to the bank, the integration of its operations and management with those of the banking group, and its strong position in the U.K. life and pensions market.
Middle East and Africa
A.M. Best affirmed the B+ financial strength rating and the "bbb-" long-term issuer credit rating of Middle East Insurance Co. Plc.
The outlooks were revised to negative from stable, reflecting ongoing downward pressure on the company's risk-adjusted capitalization, driven by the investment risk stemming from its significant exposure to equity and real estate holdings, combined with its limited organic capital generation.
The credit ratings reflect Middle East Insurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, limited 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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