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 revised the outlook to stable from negative for the long-term issuer credit rating and affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Modern Woodmen of America. The outlook of the financial strength rating remains stable.
The ratings reflect Modern Woodmen's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The outlook revision for the long-term issuer credit rating recognizes the company's improved balance sheet as a result of strong liquidity, reduction of equity exposure, and growing capital and surplus.
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A.M. Best revised the outlooks to positive from stable and affirmed the long-term issuer credit rating of "a-" and the long-term issue credit ratings of UnitedHealth Group Inc. The rating agency also affirmed the short-term issue credit rating of the company.
Concurrently, A.M. Best revised the outlooks to positive from stable and affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of the majority of the health and dental insurance subsidiaries of UnitedHealth Group: UnitedHealthcare Insurance Co., UnitedHealthcare Life Insurance Co., UnitedHealthcare Insurance Co. of Illinois, UnitedHealthcare Insurance Co. of New York, Unimerica Insurance Co., Unimerica Life Insurance Co. of New York, Golden Rule Insurance Co., All Savers Insurance Co., MAMSI Life & Health Insurance Co., MD-Individual Practice Association Inc., Neighborhood Health Partnership Inc., Optimum Choice Inc., Oxford Health Insurance Inc., Oxford Health Plans (CT) Inc., Oxford Health Plans (NJ) Inc., Oxford Health Plans (NY) Inc., PacifiCare of Arizona Inc., PacifiCare of Colorado Inc., PacifiCare of Nevada Inc., Physicians Health Choice of Texas LLC, United Healthcare Of California Inc., UnitedHealthcare Benefits of Texas Inc., UnitedHealthcare Insurance Co. of the River Valley, UnitedHealthcare Plan of the River Valley Inc., UnitedHealthcare of Alabama Inc., UnitedHealthcare of Arizona Inc., UnitedHealthcare of Arkansas Inc., UnitedHealthcare of Colorado Inc., UnitedHealthcare of Florida Inc., UnitedHealthcare of Georgia Inc., UnitedHealthcare of Illinois Inc., UnitedHealthcare of Kentucky Ltd., UnitedHealthcare of Louisiana Inc., UnitedHealthcare of the Mid-Atlantic Inc., UnitedHealthcare of the Midlands Inc., UnitedHealthcare of the Midwest Inc., United HealthCare of Mississippi Inc., UnitedHealthcare of New England Inc., UnitedHealthcare of New York Inc., UnitedHealthcare of North Carolina Inc., UnitedHealthcare of Ohio Inc., UnitedHealthcare of Oklahoma Inc., UnitedHealthcare of Oregon Inc., UnitedHealthcare of Texas Inc., UnitedHealthcare of Utah Inc., UnitedHealthcare of Washington Inc., UnitedHealthcare of Wisconsin Inc., Health Plan of Nevada Inc., Sierra Health & Life Insurance Co. Inc., UnitedHealthcare of Pennsylvania Inc., AmeriChoice of New Jersey Inc., UnitedHealthcare Community Plan Inc., UnitedHealthcare Community Plan of Ohio Inc., Dental Benefit Providers of California Inc. and Nevada Pacific Dental Inc.
The rating agency also affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Enterprise Life Insurance Co., Freedom Life Insurance Co. of America and National Foundation Life Insurance Co. Additionally, the rating agency affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Chesapeake Life Insurance Co. The outlook is stable.
The ratings of the health and dental subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as strong, as well as their strong operating performance, very favorable business profile and very strong enterprise risk management. The outlook revision reflects the companies' strong operating performance.
The ratings of Enterprise Life, Freedom Life and National Foundation Life reflect their balance sheet strength, which A.M. Best categorizes as adequate, as well as their strong operating performance, limited business profile and appropriate enterprise risk management.
The ratings of Chesapeake Life takes into account its balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.
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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 White Pine Insurance Co. The outlook of the credit ratings was revised to negative from stable.
The rating agency also affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Conifer Insurance Co., and the long-term issuer credit rating of "bb" of its parent holding company, Conifer Holdings Inc. The outlook of these ratings remains negative.
The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The upgrade of White Pine's ratings reflects full rating enhancement as a member of the Conifer Insurance Group, which offers common management and an improving, complementary business profile to its affiliate, Conifer Insurance, as well as its supportive insurance holding company.
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A.M. Best upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of MONY Life Insurance Co. of America, as well as the financial strength rating of A and the long-term issuer credit rating of "a+" of Axa Equitable Life Insurance Co. The outlook is stable.
Additionally, the rating agency downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a" of U.S. Financial Life Insurance Co. A.M. Best also placed the ratings under review with negative implications.
A.M. Best also affirmed the long-term issuer credit rating of "bbb+" of Axa Equitable Holdings Inc. and all long-term issue credit ratings. The outlook of these ratings is stable.
The ratings actions come after the announcement that Axa Equitable is selling U.S. Financial Life and MONY Life Insurance to Heritage Life Insurance Co.
The ratings of MONY Life Insurance and Axa Equitable reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, favorable business profile and appropriate enterprise risk management.
U.S. Financial Life's ratings reflect its very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.
A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Axa Corporate Solutions Life Re Co. The outlook is stable.
The financial strength rating of B++ and the long-term issuer credit rating of "bbb" of Axa Equitable Life & Annuity Co. was also affirmed with a stable outlook.
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A.M. Best placed under review with positive implications the financial strength rating of A and the long-term issuer credit rating of "a" of Life Insurance Co. of North America and Cigna Life Insurance Co. of New York. The actions follow the announcement that Cigna Corp. is selling its group life and disability insurance business to New York Life Insurance Co.
The positive implications reflects the financial strength of New York Life. The ratings will remain under review until the deal closes, according to the rating agency.
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A.M. Best assigned a financial strength rating of A and long-term issuer credit ratings of "a" to Athene Holding Ltd. subsidiaries Athene Co-Invest Reinsurance Affiliate International Ltd. and Athene Life Re International Ltd. The outlook assigned to the financial strength rating is stable, while the outlook assigned to the long-term issuer credit ratings is positive.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management.
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Fitch Ratings affirmed the A insurer financial strength ratings of Global Atlantic Financial Group Ltd.'s life insurance operating subsidiaries, Forethought Life Insurance Co., Commonwealth Annuity and Life Insurance Co., Accordia Life and Annuity Co., Global Atlantic Re Ltd. and First Allmerica Financial Life Insurance Co.
The rating agency also affirmed the BBB+ long-term issuer default ratings for Global Atlantic Financial Limited and Global Atlantic (Fin) Co.
The affirmation recognizes Global Atlantic Financial Group's strong business profile and solid operating performance over the last five years.
Additionally, the rating agency assigned the A insurer financial strength rating to Global Atlantic Assurance Ltd., reflecting its status as core operating company within the organization.
The outlook is stable.
Europe
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Nova Casiopea Re SA, a pure captive reinsurer of Spanish multinational broadband and telecommunications provider Telefónica SA. The outlook remains stable.
The ratings reflect the reinsurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Société Hospitalière d'Assurances Mutuelles. 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 adequate operating performance, neutral business profile and appropriate enterprise risk management.
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Fitch affirmed Russia-based JSC IC Allianz's BBB+ insurer financial strength rating, with a stable outlook.
The rating reflects the company's stand-alone credit profile and a two-notch uplift for its ownership by Allianz SE.
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Moody's affirmed the A2 insurance financial strength rating of Scottish Widows Ltd., owned by Lloyds Banking Group PLC. The outlook remains stable.
The rating agency expects that Scottish Widows will continue to have very good market position in the U.K. life and pensions market, low product risk and good business diversification, and a good level of profitability.
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S&P Global Ratings assigned the BBB long-term insurer financial strength rating to NPA Insurance Ltd., noting the company's solid position in its pharmacy insurance niche.
The outlook is stable, reflecting the rating agency's view that NPA Insurance will maintain its niche position and its operating performance will not materially deteriorate as it expands its product offering.
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S&P Global Ratings removed the A- ratings of Swiss Re Finance (Jersey) Ltd. from CreditWatch with negative implications and affirmed the ratings. The outlook is stable.
The action follows the announcement that Swiss Re AG is selling ReAssure Group PLC to Phoenix Group Holdings PLC.
The action reflects the rating agency's expectation that Swiss Re Ltd. will extend group support to Swiss Re Finance in the form of a guarantee covering its senior debt by the closing date of the ReAssure sale.
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S&P Global Ratings affirmed the B insurer financial strength and issuer credit ratings of Grain Insurance Company JSC, as well as the "kzBBB-" Kazakhstan national scale rating of the company.
The outlook is stable, reflecting the rating agency's expectation that the company will continue to have solid capitalization over the next 12 months despite potential pressure related to changes in the regulation of the crop insurance segment and high competition in the obligatory motor third-party liability segment.
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S&P Global Ratings assigned its BB- long-term issuer credit rating and financial strength ratings and "kzA-" national scale rating to London-Almaty Insurance Co.
The outlook is stable on the global scale ratings, reflecting the rating agency's view that the company has the capability to sustain positive underwriting performance and improve its investment portfolio quality.
The ratings reflect S&P Global Ratings' view of London-Almaty's competitive standing in Kazakhstan's corporate insurance market, which is backed by solid capital adequacy and sufficient reinsurance protection.
Middle East and Africa
A.M. Best affirmed the financial strength rating of B and the long-term issuer credit rating of "bb" of Ghana Reinsurance Co. Ltd. The outlook is stable.
The ratings reflect Ghana Re's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and weak enterprise risk management.
Asia-Pacific
A.M. Best removed from under review with negative implications and affirmed the financial strength rating of B and the long-term issuer credit rating of "bb+" of Provident Insurance Corp. Ltd. The outlook assigned to credit ratings is stable.
The ratings reflect Provident Insurance's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Malaysian Reinsurance Bhd. The outlook is stable.
The ratings reflect Malaysian Re's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
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Moody's affirmed the Baa1 insurance financial strength rating of Sanguard Automobile Insurance Company Ltd. The outlook is stable.
The rating recognizes the insurer's strong capitalization to support its planned business growth.
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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