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 placed under review with negative implications the financial strength rating of A and the long-term issuer credit rating of "a" of 21st Century Preferred Insurance Co.
The rating action follows the announcement that Trisura Group Ltd. intends to acquire the company for an undisclosed amount. 21st Century Preferred's ratings will stay under review pending the closing of the transaction and the completion of A.M. Best's analysis of the deal and the insurer's role within the Trisura organization.
_____________________________
A.M. Best downgraded the financial strength rating to B from B+ and the long-term issuer credit rating to "bb" from "bbb-" of Cincinnati-based Dental Care Plus Inc. In addition, the rating agency maintained the under review with developing implications status for the ratings.
Concurrently, A.M. Best withdrew Dental Care Plus' ratings at the company's request to no longer participate in the rating agency's interactive rating process.
The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
_____________________________
A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Frederick, Md.-based Frederick Mutual Insurance Co.
The outlooks of the ratings were revised to stable from negative, reflecting the company's improved underwriting profitability following a change in management in 2016.
The ratings reflect Frederick Mutual's balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The downgrade reflects the change in the company's balance sheet strength assessment to strong from very strong.
_____________________________
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Bermuda-based Oil Casualty Insurance Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
_____________________________
Moody's withdrew the Baa3 long-term issuer rating of Bermuda-based Global Atlantic Financial Life Ltd. for its own business reasons.
The company is an ultimate holding company of Global Atlantic (Fin) Co., which is the parent of Brighton, Mass.-based Commonwealth Annuity & Life Insurance Co.
Moody's assigned a Baa3 long-term issuer rating to Global Atlantic (Fin) with a stable outlook.
_____________________________
S&P Global Ratings affirmed the BBB- long-term issuer credit and insurer financial strength ratings of Blue Cross & Blue Shield of Rhode Island Inc.
The outlook is stable, reflecting the rating agency's expectation that the company will preserve its leadership position in its core market and maintain capital redundancy at the A level.
Europe
Fitch Ratings affirmed the B insurer financial strength rating of Belarusian National Reinsurance Organization. The outlook is stable.
The rating takes into account the company's exclusive position in the local reinsurance sector, underpinned by legislation, good capitalization and sustainable earnings generation. These factors are partially offset by the weak quality of the reinsurer's investment portfolio, according to the rating agency.
_____________________________
S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Swedish Club.
The outlook is stable, reflecting the rating agency's view that the club will continue to deliver robust underwriting performance and maintain its excellent capital adequacy over the next two years.
Asia-Pacific
A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Singapore-based MS First Capital Insurance Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also consider a neutral impact from the company's ultimate majority ownership by MS&AD Insurance Group Holdings Inc.
_____________________________
A.M. Best affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of Samsung Fire & Marine Insurance Co. Ltd. The rating agency also affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of the company's subsidiaries, Samsung Vina Insurance Ltd. and PT Asuransi Samsung Tugu. The outlook of these ratings is stable.
The ratings reflect Samsung Fire & Marine's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.
Samsung Vina's ratings reflect its strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management. Asuransi Samsung's ratings also reflect a strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management. The ratings of both subsidiaries recognize the wide range of implicit and explicit support provided by Samsung Fire & Marine.
Additionally, A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Samsung Reinsurance Pte. Ltd.
The ratings of Samsung Reinsurance reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The revision of the outlooks reflects the increasing negative trend in the reinsurer's combined ratio over recent years.
_____________________________
Fitch affirmed the BBB- international insurer financial strength rating and AA(idn) national insurer financial strength rating of PT Reasuransi Indonesia Utama. The outlooks are stable.
The ratings reflect the company's strong ties with the Indonesian government since it is fully state-owned, according to the rating agency. The ratings also consider the company's strong capitalization, good financial performance and favorable business profile.
_____________________________
S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of QBE Mortgage Insurance (Asia) Ltd. and removed the ratings from CreditWatch, where they were placed with negative implications on July 25. The outlook is stable.
The stable outlook reflects that on Australia-based mortgage insurer QBE Lenders' Mortgage Insurance Ltd. It also reflects the rating agency's view that QBE Mortgage Insurance (Asia) will remain a core subsidiary of QBE Lenders' Mortgage over the next two years.
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.
Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.
