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Insurance ratings actions: A.M. Best affirms Allstate; Fitch affirms Allianz

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Insurance ratings actions: A.M. Best affirms Allstate; Fitch affirms Allianz

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 long-term issuer credit rating of "a" of Allstate Corp. The rating agency also affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of the members of the Allstate insurance group and the key life and health members of the Allstate life group, as well as the financial strength ratings of A and the long-term issuer credit ratings of "a" of the members of Allstate New Jersey insurance group.

The members of the Allstate insurance group are Allstate County Mutual Insurance Co., Allstate Fire & Casualty Insurance Co., Allstate Indemnity Co., Allstate Insurance Co., Allstate North American Insurance Co., Allstate Northbrook Indemnity Co., Allstate Property & Casualty Insurance Co., Allstate Texas Lloyd's, Allstate Vehicle & Property Insurance Co., Encompass Home & Auto Insurance Co., Encompass Indemnity Co., Encompass Independent Insurance Co., Encompass Insurance Co., Encompass Insurance Co. of America, Encompass Insurance Co. of Massachusetts, Encompass Property & Casualty Co., Esurance Insurance Co., Esurance Property & Casualty Insurance Co. and North Light Specialty Insurance Co.

The key life and health members of the Allstate life group are Allstate Life Insurance Co., Allstate Life Insurance Co. of New York, American Heritage Life Insurance Co. and Allstate Assurance Co.

The members of Allstate New Jersey insurance group are Allstate New Jersey Insurance Co., Allstate New Jersey Property & Casualty Insurance Co., Encompass Insurance Co. of New Jersey, Encompass Property & Casualty Insurance Co. of New Jersey and Esurance Insurance Co. of New Jersey.

The financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Intramerica Life Insurance Co. were also affirmed.

The outlook of all ratings is stable.

The ratings of the members of Allstate insurance group reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, favorable business profile and very strong enterprise risk management.

The ratings of the key life and health members of the Allstate life group reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, favorable business profile and very strong enterprise risk management. Also, the ratings recognize the financial strength and continued support of Allstate Insurance and Allstate.

The ratings of the members of Allstate New Jersey insurance group reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also recognize the financial strength, enterprise risk management and continued support of Allstate Insurance and Allstate.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit ratings of "a" of the main property and casualty members of MAPFRE U.S.A. group, which are owned by MAPFRE USA Corp. Inc. The outlook is stable.

The lead company in MAPFRE U.S.A. group is Commerce Insurance Co. The group also includes intercompany pooling members, which are Citation Insurance Co., Commerce West Insurance Co., American Commerce Insurance Co., MAPFRE Insurance Co. of Florida and MAPFRE Insurance Co.

The ratings reflect MAPFRE U.S.A. group'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 ratings also reflect the implicit and explicit support provided by the group's parent company, MAPFRE SA.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Delta Dental of California and its affiliates, Delta Dental Insurance Co., Delta Dental of Pennsylvania and Delta Dental of New York Inc. The outlook is stable.

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.

The ratings also reflect the group's strongest level of risk-adjusted capital on a consolidated basis, as measured by Best's Capital Adequacy Ratio, continued capital growth driven primarily by strong earnings, favorable liquidity and access to additional sources of contingent liquidity, according to the rating agency.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Dallas-based National Lloyds Insurance Co. and its affiliate, American Summit Insurance Co. The outlook is negative. The companies are subsidiaries of Hilltop Holdings Inc.

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

The negative outlook considers A.M. Best's concern over the companies' deteriorating risk-adjusted capitalization because of significant dividend payments to its parent company in recent years.

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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Bermuda-based Through Transport Mutual Insurance Association Ltd. and its subsidiary, U.K.-based TT Club Mutual Insurance Ltd. The outlook stays stable. The companies collectively trade as TT Club.

The ratings of Through Transport Mutual Insurance Association reflect its 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.

The ratings of TT Club Mutual Insurance reflect the fundamental role it plays in TT Club's strategy, as well as the comprehensive reinsurance protection that is provided by Through Transport Mutual Insurance Association.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of National Guaranty Insurance Co. of Vermont. 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. Also, the ratings back the company's role as a captive insurance company of Waste Management Inc.

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A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Honolulu-domiciled DTRIC Insurance Co. Ltd. and its reinsured affiliate, DTRIC Insurance Underwriters Ltd. The outlook is stable.

The ratings reflect DTRIC Insurance Co.'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 ratings also consider the impact of implicit and explicit support given by Japan-based Aioi Nissay Dowa Insurance Co. Ltd. to the company.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Merrill, Wis.-based Church Mutual Insurance Co. and its wholly owned subsidiaries, CM Vantage Specialty Insurance Co., CM Select Insurance Co. and CM Regent Insurance Co. The outlook of the financial strength ratings remains stable, while the outlook of the long-term issuer credit ratings was changed to stable from positive.

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

The revision of the long-term issuer credit rating outlook considers significant deterioration in underwriting performance in 2018 steered by catastrophe losses and adverse loss reserve development, A.M. Best said.

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Fitch Ratings published an insurer financial strength rating of AA- for Gibraltar Reinsurance Co. Ltd., a Bermuda-based Class E insurance company that is an indirect subsidiary of Prudential Financial Inc. and a subsidiary of Prudential International Insurance Holdings Ltd. The outlook is stable.

The rating agency said the company's rating reflects its status as a core company within the Prudential Financial organization and is rated based on the group credit profile of Prudential Financial's Japanese life insurance business according to Fitch's criteria.

Gibraltar Re's core status within the Prudential Financial organization considers its role in providing intra-group reinsurance, such as providing reinsurance of an inforce block of insurance liabilities from two Japanese affiliates, which are Prudential Life Insurance Co. Ltd. and The Gibraltar Life Insurance Co. Ltd., Fitch said.

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Moody's affirmed the B3 corporate family rating and B3-PD probability of default rating of AmeriLife Group LLC after the company announced its plans to refinance its current senior secured credit facilities. The outlook was revised to stable from positive based on the pending financial leverage increase.

The company's ratings reflect its good market position in delivering health, fixed annuity, life and supplemental products to the growing senior population, especially in Florida, Moody's said.

Europe

A.M. Best affirmed the long-term issuer credit rating of "a-" of Aviva PLC. The rating agency also affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of the company's insurance subsidiaries, which are Aviva Insurance Ltd., Aviva International Insurance Ltd., Aviva Insurance Co. of Canada, Elite Insurance Co., Traders General Insurance Co., Pilot Insurance Co., Scottish & York Insurance Co. Ltd. and S&Y Insurance Co.

The outlook is stable.

The ratings reflect Aviva's 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.

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Fitch affirmed the AA insurer financial strength rating and the AA- long-term issuer default rating of Allianz SE. The rating agency also affirmed the AA insurer financial strength ratings of Allianz's subsidiaries, which are Allianz Lebensversicherungs-AG, Allianz Private Krankenversicherungs-AG, Allianz Versicherungs-AG, Allianz Elementar Versicherungs-Aktiengesellschaft, Allianz Insurance PLC, Allianz Vie SA and Allianz IARD SA. The outlook is stable.

The affirmation reflects Allianz's extremely strong business profile and very strong consolidated group capital position, according to Fitch. The ratings benefit from the group's strong technical profitability and very strong asset/liability management, which are partially counteracted by the challenging medium-term outlook for a few of Allianz's life markets, the rating agency said.

Asia-Pacific

A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of Mitsui Sumitomo Insurance Co. Ltd. and Aioi Nissay Dowa Insurance.

Also, the rating agency affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of Mitsui Sumitomo Insurance Co. Ltd.'s U.S. operating companies, which are Mitsui Sumitomo Insurance Co. of America, Mitsui Sumitomo Insurance USA Inc. and MSIG Specialty Insurance USA Inc.

A.M. Best also affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Aioi Nissay Dowa Insurance (China) Co. Ltd., a subsidiary of Aioi Nissay Dowa Insurance.

The outlooks for all ratings are stable. The companies are ultimately owned by MS&AD Insurance Group Holdings Inc.

The ratings of Mitsui Sumitomo Insurance Co. Ltd. reflect the group's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of the company have been extended to Mitsui Sumitomo Insurance Co. of America, Mitsui Sumitomo Insurance USA and MSIG Specialty Insurance USA because these companies hold a strategic role within the organization as U.S. domestic insurers and receive the benefit of strategic direction and explicit support provided through internal reinsurance. The ratings also reflect their strong risk-adjusted capitalization, as well as the additional implicit support provided by the parent.

The stable outlooks reflect A.M. Best's view that Mitsui Sumitomo Insurance Co. Ltd. will continue to maintain strong business performance trends in its domestic non-life business and gradual improvement in its overseas business' operating performance.

The ratings of Aioi Nissay Dowa Insurance reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also consider the company's strategic importance to MS&AD.

The stable outlooks reflect A.M. Best's view that Aioi Nissay Dowa Insurance will continue to keep the positive growth trend in its domestic non-life business and anticipated improvement in its overseas insurance and inward reinsurance business operating performance.

The ratings of Aioi Nissay Dowa Insurance (China) reflect its 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. The ratings also reflect the wide range of support the company receives from its parent, Aioi Nissay Dowa Insurance.

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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