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Insurance ratings actions: S&P affirms Progressive, downgrades Delta Dental

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Insurance ratings actions: S&P affirms Progressive, downgrades Delta Dental

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 "bbb" long-term issuer credit rating of Protective Insurance Corp.

Additionally, the rating agency affirmed the financial strength rating of A and the long-term issuer credit ratings of "a" of Protective Insurance Co. and its subsidiary, Sagamore Insurance Co. It also affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Protective Specialty Insurance Co.

The outlook of these credit ratings remains negative.

The ratings 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 ratings of Protective Specialty reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.

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A.M. Best downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb" from "a-" of Universal Life Insurance Co.

Concurrently, A.M. Best downgraded Universal Insurance Co. 's financial strength rating to A- from A, while the company's long-term issuer credit rating was lowered to "a-" from "a." The rating agency also downgraded the financial strength rating to B++ from A- and the long-term issuer credit rating to "bbb+" from "a-" of Universal North America Insurance Co.

All credit ratings were placed under review with negative implications, reflecting uncertainty regarding the ultimate effectiveness of the companies' various initiatives.

The ratings of Universal Life Insurance reflect its balance sheet strength, which A.M. Best categorizes as adequate, as well as its strong operating performance, limited business profile and marginal enterprise risk management. The ratings actions on the company are based on a downward revision in A.M. Best's balance sheet strength assessment to adequate from very strong, and its enterprise risk management assessment to marginal from appropriate.

The ratings of Universal Insurance reflect its balance sheet strength, which A.M. Best classifies as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management.

The ratings of Universal North America Insurance reflect its strong balance sheet strength, adequate operating performance, neutral business profile and marginal enterprise risk management.

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Fitch Ratings affirmed the AA- long-term issuer default ratings of Western & Southern Financial Group Inc. and Western & Southern Life Insurance Co.

The rating agency also affirmed the AA insurer financial strength ratings assigned to Columbus Life Insurance Co., Western-Southern Life Assurance Co., Western & Southern Life Insurance, Integrity Life Insurance Co., Lafayette Life Insurance Co. and National Integrity Life Insurance Co.

The rating outlook is stable.

The affirmation of Western & Southern Financial Group's ratings reflects the company's strong and improving business profile, supported by its acquisition of Gerber Life Insurance Co.

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For its own business reasons, Moody's withdrew the A1 insurance financial strength ratings and positive outlooks of certain XL Group operating subsidiaries, namely XL Insurance Co. of New York Inc., XL Insurance Co. SE, XL Insurance Switzerland Ltd., XL Reinsurance America Inc., XL Specialty Insurance Co., Greenwich Insurance Co. and Indian Harbor Insurance Co.

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S&P Global Ratings affirmed the BBB- long-term issuer credit rating on Argo Group U.S. Inc. and the A- long-term financial strength and issuer credit ratings on the company's core operating subsidiaries.

The outlook is positive, reflecting the potential for seasoning of ongoing strategic initiatives and continued advancement in risk management capabilities that enhances Argo's competitive position and results in a sustainable improvement in operating earnings and expense base.

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S&P Global Ratings affirmed the A- long-term issuer credit rating on AXIS Capital Holdings Ltd. and the A+ long-term issuer credit and financial strength ratings on the company's core operating subsidiaries.

The outlook remains stable, which reflects the rating agency's view that AXIS Capital will rebuild its capital adequacy to the AAA confidence level, supported by effective capital management and other strategic initiatives and its ability to generate strong and sustainable earnings.

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S&P Global Ratings downgraded the long-term issuer credit and financial strength ratings on Delta Dental Of New Jersey Inc. to A from A+.

The outlook is stable.

The downgrade reflects the rating agency's expectation for sustained earnings weakness through 2020, which it believes to be a function of tight competitive conditions and higher growth-related expenses.

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S&P Global Ratings affirmed the A insurer financial strength and issuer credit ratings on First Insurance Co. of Hawaii Ltd.

The outlook is positive.

The ratings reflect the company's market leadership in commercial lines and second-largest writer for total property and casualty lines in Hawaii.

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S&P Global Ratings affirmed the BBB+ issuer credit rating on holding company NLV Financial Corp. and the A+ issuer credit and financial strength ratings on National Life Insurance Co. and its core operating subsidiary Life Insurance Co. of the Southwest.

The outlook is stable, reflecting the rating agency's view that the group will maintain its strong competitive position in its core markets and capital redundancy at least at the AAA confidence level.

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S&P Global Ratings affirmed the A long-term issuer credit rating on Progressive Corp. and the AA insurer financial strength and long-term issuer credit ratings on the core subsidiaries of the company.

The outlook is stable, reflecting S&P Global Ratings' view that the group will maintain its very strong competitive position, strong market position, underwriting performance, and extremely strong capitalization per the rating agency's calculations.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Foundation Life (NZ) Ltd.

The outlook of these credit ratings 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, 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 Hanwha General Insurance Co. Ltd.

The outlook of these credit ratings is stable.

The ratings reflect Hanwha General Insurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the ratings reflect various forms of implicit and explicit support the company receives from its parent, Hanwha Life Insurance Co. Ltd.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Ping An Health Insurance Co. of China Ltd.

The outlook of these credit ratings is stable.

The ratings reflect Ping An Health's balance sheet strength, which A.M. Best categorizes as very strong, as well as the company's adequate operating performance, neutral business profile and appropriate enterprise risk management. Additionally, the ratings reflect the implicit and explicit support that Ping An Health receives from its two major shareholders, Ping An Insurance (Group) Co. of China Ltd. and Discovery Ltd., with respect to financial flexibility, distribution channels and operations.

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S&P Global Ratings affirmed the A- long-term insurer issuer credit and financial strength ratings on Hyundai Marine & Fire Insurance Co. Ltd.

The outlook remains positive.

The ratings on Hyundai Marine & Fire Insurance reflect its very strong presence in the Korean domestic property and casualty insurance market, underpinned by its well-established business franchise and extensive distribution networks.

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S&P Global Ratings affirmed the A+ long-term issuer credit and financial strength ratings on Seoul Guarantee Insurance Co. Inc.

The outlook is stable.

The ratings on Seoul Guarantee Insurance reflects the rating agency's view of a high likelihood that the Korean government would provide timely and sufficient extraordinary support to the insurer in the event of financial distress.

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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