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 assigned the B++ financial strength rating and the "bbb" long-term issuer credit rating to Genesee Patrons Cooperative Insurance Co. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
A.M. Best affirmed the A+ financial strength rating and the "aa" long-term issuer credit rating of Knights of Columbus. The outlook is stable.
The company's ratings reflect its balance sheet strength, which A.M. Best categorizes as strongest, and its strong operating performance, favorable business profile and appropriate enterprise risk management.
A.M. Best affirmed the A financial strength rating and the "a+" long-term issuer credit ratings of Voya Financial Inc.'s life insurance subsidiaries, ReliaStar Life Insurance Co. of New York and ReliaStar Life Insurance Co.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, and their adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also reflect the financial strength and support of Voya Financial.
The companies' strengths are partially offset by limited direct premium growth and a less-diversified business profile due to Voya Financial's intention to sell its inforce life and annuity blocks.
The outlook of the credit ratings is stable.
Demotech assigned the A, Exceptional financial stability rating to Future Care Risk Retention Group Inc.
Future Care provides professional and general liability insurance to long-term care facilities.
Moody's affirmed the Baa1 long-term issuer ratings of Alleghany Corp. and the A1 insurance financial strength rating of Transatlantic Reinsurance Co.
The agency also affirmed the A2 insurance financial strength ratings of Alleghany Property and Casualty Insurance Group's principal operating companies, RSUI Indemnity Co. Inc. and Landmark American Insurance Co. The outlooks are stable.
The affirmation of Alleghany reflects the group's strong competitive position as a leading global broker-market reinsurer and its long-standing track record in the primary excess and surplus market in the U.S. The ratings also reflect the company's strong capital adequacy, conservative financial leverage and very good holding company liquidity.
S&P Global Ratings affirmed the A- long-term financial strength and issuer credit ratings of Guarantee Co. of North America and subsequently withdrew the company's ratings at the issuer's request.
The affirmation reflects the company's strength in the Canadian surety market and its improved underwriting performance in recent years. The ratings action follows Intact Financial Corp.'s acquisition of Guarantee Co. and Frank Cowan Co. Ltd.
The stable outlook reflects the rating agency's view that the company will likely receive support from its new parent, including underwriting expertise in personal lines and capital support.
A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of South China Insurance Co. Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, neutral business profile and appropriate enterprise risk management.
The rating agency expects that the company's risk-adjusted capitalization will remain robust and supportive of its risk profile over the short to intermediate-term.
Fitch Ratings maintained the A insurer financial strength ratings of FWD Life Insurance Co. (Bermuda) Ltd. and FWD General Insurance Co. Ltd. on Rating Watch Evolving.
The rating agency also maintained the BBB+ long-term issuer default rating of FWD Ltd. on Rating Watch Evolving.
The ratings remain on Rating Watch Evolving pending FWD Management Holdings Ltd.'s acquisition of MetLife Ltd. and Metropolitan Life Insurance Co. of Hong Kong Ltd. and its pending acquisition of Vietcombank-Cardif Life Insurance Co. Ltd.
The ratings reflect the group's strong capitalization and leverage, moderate business profile and good financial performance. The rating agency views FWD General Insurance as a very important subsidiary within the group, which allows it to benefit from a two-notch uplift above its standalone credit profile.
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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