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
Moody's affirmed the insurance financial strength rating of A3 of Canadian property and casualty insurer Northbridge General Insurance Corp. The outlook is stable.
The action takes into account the company's good market position in the property and casualty insurance market of Canada, its well-diversified products and its strategic relationship with indirect parent Fairfax Financial Holdings Ltd., according to the rating agency.
DBRS Morningstar confirmed the A (high) financial strength rating and issuer rating of Paris-based Compagnie Europeenne de Garanties et Cautions SA. The trend is stable.
The ratings take into account the company's strong market position in France as the second-largest player in the home loan guarantees line of business, the extensive distribution reach it has via parent Groupe BPCE's banking networks, as well as the additional diversification of earnings through its surety and financial guarantees businesses, the rating agency said.
A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Pakistan-based EFU General Insurance Ltd.
The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, neutral business profile and marginal enterprise risk management.
The outlook remains positive, reflecting the ongoing strengthening of the company's enterprise risk management capabilities, according to the rating agency.
Fitch Ratings affirmed the A insurer financial strength rating and A- long-term issuer default rating of Japan's Fukoku Mutual Life Insurance Co.
The outlook was revised to positive from stable, mirroring the company's ability to maintain capital adequacy at very strong levels because of continued accumulated capital and its improved profitability, which is steered by a focus on more profitable products, like third-sector insurance, according to the rating agency.
Fukoku Mutual Life's strengths are counterbalanced by the risk of its investments as it sustains a sizeable exposure to domestic equities and its interest-rate risk rooted from the mismatch in duration between assets and liabilities, Fitch noted.
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