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Insurance ratings actions, April 8


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Insurance ratings actions, April 8

S&P Global Market Intelligencecompiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actionsafter 5:30 p.m. ET will be included in the following day's roundup.

Life and health

A.M.Best removedfrom under review with developing implications and affirmed the A- financial strengthratings and "a-" issuer credit ratings of Madison National Life Insurance Co. Inc., and Independence American InsuranceCo., all subsidiaries of IndependenceHolding Co.

Concurrently,A.M. Best removed from under review with developing implications and affirmed the"bbb-" issuer credit rating of Independence Holding.

The outlookassigned to each rating is stable.

A.M.Best said the actions follow the recent public announcement by Independence Holdingthat it has completed the transactionto co-insure the in-force stop-loss business of Standard Security and IndependenceAmerican produced by IHC Risk SolutionsLLC to Swiss Re CorporateSolutions Ltd.

The ratingagency said that although the transaction benefited Independence Holding's equity,it significantly weakened the organization's business profile, as the stop-lossbusiness represented more than 40% of premiums in 2015. Although the remaining premium,mainly consisting of fully insured supplemental health and disability products,is diversified geographically and by product, A.M. Best is concerned that a lackof scale in these lines of business may put pressure on future earnings. However,following the stop-loss transaction, the level of absolute and risk-adjusted capitalizationat the insurance subsidiaries is expected to improve and remain more than sufficientto support the organization's existing business risks and potential future growth,A.M. Best said.

FitchRatings affirmedthe BBB+ long-term issuer default rating of VoyaFinancial Inc. and Equitableof Iowa Cos. and the A insurer financial strength ratings of Voya'sU.S. operating entities.

The affectedunits are Voya Retirement Insuranceand Annuity Co., VoyaInsurance and Annuity Co., ReliaStarLife Insurance Co., ReliaStarLife Insurance Co. of New York and Security Life of Denver Insurance Co.

The outlookfor all ratings is stable.

Fitchsaid the affirmation reflects Voya's balance sheet strength and ample debt servicingcapacity. Voya's ratings also reflect the large scale and solid business profilein retirement, employee benefits and universal life markets, improved operatingperformance within its core businesses, and conservative investment portfolio.


Moody'swithdrew its A3 insurance financial strength rating with a stable outlook on , formerlyan indirect, wholly owned subsidiary of FirstAmerican Financial Corp.

Moody'swithdrew the rating as a result of the company's reorganization. The company wasmerged into its former parent, FirstAmerican Title Insurance Co., effective October 2012.