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In This List

Insurance ratings actions: S&P acts on Flood Re, AIA Group

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Insurance ratings actions: S&P acts on Flood Re, AIA Group

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 assigned a financial strength rating of B++ and a long-term issuer credit rating of "bbb+" to AmFirst Specialty Insurance Co. The outlook is stable.

The ratings reflect the company's balance sheet, 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 revised the outlooks for Georgia Farm Bureau Mutual Insurance Co. and Georgia Farm Bureau Casualty Insurance Co. to stable from negative. The rating agency also affirmed the B+ financial strength ratings and "bbb-" long-term issuer credit ratings of the companies.

The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strong, as well as their marginal operating performance, limited business profile and appropriate enterprise risk management.

The outlook revision reflects the rating agency's assessment of the companies' improvement of their enterprise risk management program resulting from initiatives undertaken by the companies to reduce financial volatility, stabilize policyholder surplus and improve operating performance.

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A.M. Best assigned the financial strength rating of A and long-term issuer credit rating of "a+" to Reamstown Mutual Insurance Co. The rating agency also affirmed the A financial strength rating and "a+" long-term issuer credit rating of Goodville Mutual Casualty Co. The outlooks are stable.

The ratings of the companies reflect their consolidated balance sheet, which A.M. Best categorizes as strongest, as well as the companies' strong operating performance, neutral business profile and appropriate enterprise risk management.

Reamstown Mutual Insurance and Goodville Mutual Casualty are members of the Goodville Mutual Pool.

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A.M. Best revised the outlooks for ECM Insurance Group members Everett Cash Mutual Insurance Co. and 1st Choice Advantage Insurance Co. Inc. to negative from stable. The rating agency also affirmed the A financial strength ratings and "a" long-term issuer credit ratings of the companies.

Additionally, the rating agency revised the outlook of the long-term issuer credit rating of Everett Cash Mutual affiliate Ever-Greene Mutual Insurance Co. to negative from stable. A.M. Best also affirmed the B++ financial strength rating and "bbb+" long-term issuer credit rating of the company. The outlook for its financial strength rating remains stable.

The ratings of ECM Insurance Group reflect the group'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. The negative outlook reflects the deterioration of its underwriting performance in recent years, which resulted in the group's underwriting and operating metrics falling short of the composite average.

The ratings of Ever-Greene reflect its balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, very limited business profile and appropriate enterprise risk management. The negative outlook on its long-term issuer credit rating reflects the deterioration in its operating performance since 2018, driven by underwriting losses in business assumed from ECM Insurance Group.

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A.M. Best affirmed the A+ financial strength ratings and "aa-" long-term issuer credit ratings of Midland National Life Insurance Co. and North American Co. for Life and Health Insurance. The outlook is stable.

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

Sammons Financial Group Inc. is the intermediate holding company of Midland National Life Insurance Co. and North American Co. for Life and Health Insurance.

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Fitch Ratings withdrew the AA+ insurer financial strength rating of Thrivent Life Insurance Co. following a merger with the surviving entity, Thrivent Financial for Lutherans.

Fitch said it will no longer provide ratings or analytical coverage for the company as it no longer exists following the merger, which was effective July 1.

Europe

S&P Global Ratings assigned its A+ financial strength rating and issuer credit rating to Great American International Insurance UK Ltd. The outlook is stable.

The ratings reflect the rating agency's assessment that the company is a core subsidiary of American Financial Group Inc. The outlook reflects the outlook for the other core subsidiaries of American Financial Group.

Great American International Insurance UK is newly established company by American Financial Group subsidiary Great American Insurance Co.

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S&P Global Ratings affirmed the A- insurer financial strength rating and issuer credit rating of Flood Re Ltd. The outlook is stable.

The stable outlook reflects the S&P Global Ratings' view that the company will maintain capital adequacy in excess of the rating agency's AAA benchmark over the two-year outlook horizon. The outlook also takes into account the rating agency's expectation the Flood Re's scheme will continue to be used by home insurers in the U.K.

Asia-Pacific

A.M. Best affirmed the A- financial strength rating and "a-" long-term issuer credit rating of Abu Dhabi-based Emirates Insurance Co. P.S.C. 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, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings revised its outlook for Hong Kong-based AIA Group Ltd. to positive. The rating agency also affirmed the A long-term issuer credit rating and A-1 short-term issuer credit rating of the company.

The rating agency also affirmed the AA- long-term insurer financial strength ratings and issuer credit ratings of AIA Group's core operating subsidiaries, AIA Co. Ltd., AIA International Ltd., Bermuda-based AIA Reinsurance Ltd. and Singapore-based AIA Singapore Pte. Ltd.

S&P Global Ratings also affirmed the A+ local currency long-term financial strength rating and issuer credit ratings for AIA Australia Ltd. The outlooks are stable.

The positive outlook for AIA Group reflects the rating agency's assessment that low levels of holding company obligations, an improving ability to get material dividends from its diverse operating units and liquidity buffer may improve the company's creditworthiness over the next 12 to 24 months.

The stable outlook on its operating subsidiaries reflects the rating agency's view that AIA Group and its subsidiaries will maintain their extremely strong competitive position with low leverage over the next two years.

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S&P Global Ratings affirmed the trA+ Turkey national scale rating of Istanbul-based Millî Reasürans TAS.

The rating reflects the rating agency's assessment that the company's exposure to high inflation, foreign exchange risks and material property catastrophe risks in Turkey is mitigated by its comprehensive retrocession cover from highly rated, reputable companies.

The company also benefits from its AA risk-based capital adequacy, which offsets its exposure to risks, S&P Global Ratings said.

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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