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Insurance ratings actions: S&P affirms Protective Life, core subsidiaries

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 affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Antilles Insurance Co. The outlook was revised to stable from negative.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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DBRS confirmed the AA financial strength and issuer ratings of Canada Guaranty Mortgage Insurance Co. The trend was changed to positive from stable.

The confirmation takes into account the company's continued strong underwriting and financial results, industry-leading combined ratio and growing franchise in the mortgage insurance space, DBRS said.

The positive outlook reflects the company's increasingly diversified lender mix, growing market share, consistently strong financial metrics and improving capital-generation capabilities, according to the rating agency.

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DBRS confirmed the A issuer rating of Genworth MI Canada Inc. and the AA financial strength rating of Genworth Financial Mortgage Insurance Co. Canada.

The confirmation considers Genworth Financial Mortgage's strong market position, good risk underwriting, excellent management expertise and strong capital position relative to the capital needed to meet insurance-claim obligations, according to DBRS.

The trend is stable, reflecting Genworth Financial Mortgage's conservative risk management, consistently strong financial metrics and proven expertise in navigating downturns in the housing market of Canada, the rating agency said.

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Moody's affirmed the Baa1 insurance financial strength rating of Arrow Reinsurance Co. Ltd., a wholly owned subsidiary of Goldman Sachs Group Inc.

The outlook was changed back to stable from negative, considering the change in the outlook of Goldman Sachs' primary operating subsidiaries to stable from negative in May.

The affirmation reflects the benefit the company reaps from the implicit and explicit support of its parent, as well as the limitations included with the explicit support.

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S&P Global Ratings affirmed the A long-term issuer credit and financial strength ratings of American National Insurance Co. and core operating subsidiary American National Life Insurance Co. of New York. The rating agency also affirmed the A- long-term issuer credit and financial strength ratings of American National Life Insurance Co. of Texas and Standard Life & Accident Insurance Co.

The outlook on American National and American National Life Insurance Co. of New York is stable, reflecting S&P Global Ratings' expectation that the parent will enhance its operating performance in the next few years while sustaining at least excellent capital adequacy.

The outlook on American National Life Insurance Co. of Texas and Standard Life & Accident is also stable, considering the rating agency's expectation that the companies will preserve their capital and receive support from American National if they face financial difficulty.

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S&P Global Ratings affirmed the A- insurer financial strength ratings of International General Insurance Co. Ltd., or IGI Bermuda, and International General Insurance Co. (UK) Ltd. The A- issuer credit rating of IGI Bermuda was also affirmed.

The outlook is stable, taking into account the rating agency's expectation that International General Insurance will sustain its historical profitability levels, keep its combined ratios below 95% and maintain AAA capital adequacy over the two-year outlook horizon.

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S&P Global Ratings affirmed the A- long-term issuer credit rating of Protective Life Corp. and the AA- financial strength and long-term issuer credit ratings of the company's core subsidiaries, Protective Life & Annuity Insurance Co., Protective Life Insurance Co. and West Coast Life Insurance Co. The A+ financial strength and long-term issuer credit ratings of MONY Life Insurance Co. were also affirmed.

The outlook is stable, reflecting the rating agency's expectation that the companies will preserve diverse organic growth channels that aid its business strengths.

Europe

A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa" of Caisse Centrale de Réassurance SA. The rating agency also affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of CCR Re SA. The outlook is stable.

The ratings of Caisse Centrale de Réassurance reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management. The ratings also consider the explicit unlimited guarantee provided to the company's state-backed business by the Republic of France.

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S&P Global Ratings affirmed the B+ long-term issuer credit and financial strength ratings and kzBBB+ national scale rating of Kazakhstan's Insurance Co. Jusan Garant JSC.

The outlook is stable, reflecting the rating agency's expectation that the company's sufficient capital and earnings and sound liquidity cushion will support its business and financial profiles over the next 12 months.

Middle East and Africa

S&P Global Ratings affirmed the BBB insurer financial strength and issuer credit ratings of Al Khaleej Takaful Insurance Co. QPSC.

The outlook is stable, taking into account S&P Global Ratings' expectation that the company will sustain satisfactory financial reporting standards over the ratings agency's two-year outlook horizon. S&P Global Ratings also anticipates that it will not identify any governance deficiencies.

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S&P Global Ratings affirmed the BBB issuer credit and insurer financial strength ratings and gcAA Gulf Cooperation Council regional scale rating of Seib Insurance & Reinsurance Co. LLC.

The outlook is stable, reflecting the rating agency's expectation that the company will return to profitable business growth, restore its capital adequacy to AA level and maintain profitable underwriting results.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Korea P&I Club. The outlook is stable.

The ratings reflect the company'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. The ratings also reflect the wide range of support that the company receives from the government of South Korea.

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Fitch Ratings affirmed the A- insurer financial strength rating of Aviva-COFCO Life Insurance Co. Ltd. The outlook is stable.

The affirmation reflects the company's strong capitalization, financial performance and earnings, balanced by a moderate business profile, as well as the contribution to risk management and business distribution of the parents, Aviva PLC and COFCO Capital Investment Co. Ltd.

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S&P Global Ratings affirmed the BBB+ long-term insurer financial strength and issuer credit ratings of Hallmark Life Insurance Co. Ltd. and Hallmark General Insurance Co. Ltd.

The outlook is stable, reflecting the rating agency's expectation that the companies will still benefit from the exclusive access it has to the consumer lending network of parent Latitude Financial Services Australia Pty. Ltd. over the next two years. The access supports Hallmark Life's and Hallmark General's new business generation and subsequent profitability, S&P Global Ratings said.

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S&P Global Ratings affirmed the A- local currency long-term financial strength and issuer credit ratings of Bangkok Insurance Public Co. Ltd.

The outlook is stable, taking into consideration the rating agency's view that the company will preserve its strong competitive position, capitalization and earnings over the next 24 months.

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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