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Insurance ratings actions: Moody's affirms Kemper

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

Life and health

A.M. Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a+" of Farmers New World Life Insurance Co.

The outlook is stable.

The ratings reflect Farmers New World Life's very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best has affirmed financial strength ratings of A+ (Superior) and the long-term issuer credit ratings of "aa-" of Jackson National Life Insurance Co.; its subsidiary Jackson National Life Insurance Co. of New York; and its direct parent, Brooke Life Insurance Co.

The outlook is stable.

The ratings reflect the companies' adequate balance sheet strength, strong operating performance, favorable business profile and very strong enterprise risk management.

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A.M. Best has affirmed the financial strength ratings of A+ (Superior) and the long-term issuer credit ratings of "aa-" of Lincoln National Life Insurance Co. and its subsidiary Lincoln Life & Annuity Co. of New York, the key life and health insurance subsidiaries of Lincoln National Corp.

Additionally, A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit rating of "a+" of Lincoln National's subsidiary First Penn-Pacific Life Insurance Co.

Concurrently, A.M. Best has affirmed the long-term issuer credit rating of "a-" and all existing long- and short-term issue credit ratings of Lincoln National.

The outlook of these ratings is stable.

The ratings reflect the group's very strong balance sheet strength, strong operating performance, favorable business profile and very strong enterprise risk management.

Multiline

A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of the members of Farmers Insurance Group and Farmers Reinsurance Co.

Concurrently, A.M. Best has affirmed the long-term issuer credit rating of "a" of Farmers Insurance Group's management company and attorney-in-fact, Farmers Group Inc.

The outlook is stable.

The ratings reflect the group's very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

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Moody's has affirmed the Baa3 senior debt rating of Kemper Corp. and the A3 insurance financial strength rating of its property and casualty insurance subsidiary Trinity Universal Insurance Co.

The ratings actions follow the announcement that Kemper will acquire Infinity Property and Casualty Corp.

Moody's said the affirmation of Kemper's ratings reflects the rating agency's view that the combined company will have a leading presence in the nonstandard personal auto insurance market, with increased scale and a lower expense structure.

The combined company's increased data and technological resources could lead to better ratemaking, underwriting and claims management capabilities, the rating agency said.

Moody's views the expected financing arrangement as reasonably in line with the company's current capital structure.

Additionally, Kemper's ratings reflect the company's diversified revenues and earnings from its property and casualty as well as its life businesses with a good geographic spread, profitable home service insurance business, solid risk-adjusted subsidiary capitalization and a high-quality fixed-income portfolio, Moody's said.