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Insurance ratings actions: S&P acts on The Hartford, subsidiaries

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Insurance ratings actions: S&P acts on The Hartford, subsidiaries

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.

US and Canada

Moody's affirmed with a stable outlook the insurance financial strength ratings of A2 of ProAssurance Casualty Co., ProAssurance Indemnity Co. Inc. and Podiatry Insurance Co. of America, as well as the insurance financial strength ratings of A3 of Allied Eastern Indemnity Co. and Eastern Alliance Insurance Co. The companies are subsidiaries of ProAssurance Corp.

The affirmation of the ratings considers the group's proven track record and solid competitive market position as a specialist underwriter of the U.S. healthcare professional liability insurance, including its strong operating profitability and claim handling capabilities, according to Moody's.

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S&P Global Ratings affirmed the BBB+ long-term issuer credit rating of The Hartford Financial Services Group Inc. and the A+ long-term issuer credit ratings and financial strength ratings of the company's core operating subsidiaries. Also, the rating agency upgraded the long-term issuer credit rating of the company's subsidiary, Hartford Life and Accident Insurance Co., to A+ from A. The outlook is stable.

The upgrade of Hartford Life & Accident Insurance takes into consideration S&P Global Ratings' improved view of the group life and group benefits business, which the rating agency considers "core" to Hartford.

The stable outlook considers S&P Global Ratings' view that The Hartford and its core operating subsidiaries will keep a very strong capital as per the agency's risk-based capital model.

Europe

Fitch Ratings withdrew the insurer financial strength ratings of AA- of Scor Global Life SE and Scor Global P&C SE.

The companies have merged into their parent entity, Scor SE.

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S&P Global Ratings assigned a B preliminary rating to French insurance broker Andromeda Investissements, a holding company controlled by funds managed by U.K.-based CVC Capital Partners Ltd.

The rating takes into account S&P Global Ratings' view of CVC's planned purchase of April SA and its management through Andromeda Investissements.

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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