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Insurance ratings actions: A.M. Best affirms SNIC Insurance; S&P affirms Ageas

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Insurance ratings actions: A.M. Best affirms SNIC Insurance; S&P affirms Ageas

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 has affirmed the long-term issuer credit ratings of "b" of Genworth Financial Inc. and Genworth Holdings Inc.

The rating agency downgraded the financial strength rating to B from B+ and the long-term issuer credit rating to "bb+" from "bbb-" of Genworth Life & Annuity Insurance Co. A.M. Best also downgraded the financial strength rating to C++ from B- and the long-term issuer credit ratings to "b" from "bb-" of Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York.

The outlook of these credit ratings is stable.

The rating affirmations of Genworth Financial and Genworth Holdings reflect the impact of the recently announced sale of Genworth Financial's 57% stake in Genworth MI Canada Inc. to Brookfield Business Partners LP.

Genworth Life & Annuity Insurance's ratings reflect the company's strong balance sheet, weak operating performance, limited business profile and appropriate enterprise risk management. The rating downgrades follow a deterioration in the rating agency's view of the company's operating performance.

The ratings of Genworth Life Insurance and Genworth Life Insurance Co. of New York reflect the group's balance sheet strength, which A.M. Best categorizes as weak, as well as its weak operating performance, limited business profile and appropriate enterprise risk management. The rating downgrades follow a deterioration in A.M. Best's view of the group's balance sheet strength and operating performance.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Heartland Fidelity Insurance Co.

The outlooks were revised to positive from stable based on the company's improved underwriting and operating results over the past three years and projected favorable outcome in 2019.

The credit ratings reflect Heartland Fidelity's balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the A insurer financial strength and long-term issuer credit ratings on CNA Financial Corp.'s core subsidiaries.

The outlook is positive, reflecting CNA Financial's success so far in improving its commercial lines, the sustained performance of its specialty segment and the strength of its extremely strong capital relative to its rating level.

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S&P Global Ratings affirmed the BBB+ insurer financial strength and long-term issuer credit rating on Pinnacol Assurance.

The outlook is stable, reflecting the rating agency's expectations that the company will maintain excellent capital adequacy over the next 24 months, with performance in line with the broader workers' compensation industry, a market share of at least 50% and stable investment leverage, while sustaining its strong ability to service its surplus notes.

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S&P Global Ratings affirmed the A insurer financial strength and long-term issuer credit ratings on Zurich American Life Insurance Co.

The outlook is stable, reflecting the rating agency's expectation that Zurich Insurance Group AG will fully support Zurich American Life Insurance's business expansion plans.

Europe

A.M. Best removed from under review with negative implications and downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a" of Ironshore Europe DAC.

The outlook assigned to these credit ratings is stable.

The rating downgrades follow Hamilton Insurance Group's purchase of Ironshore Europe from Liberty Mutual Holding Co. Inc. and reflect Ironshore Europe becoming a member of the Hamilton rating unit. The rating reflects Ironshore Europe's group rating status and considers its participation in a material reinsurance agreement with Hamilton Re Ltd., its new affiliate, as well as the benefit the company receives from a capital maintenance agreement with Hamilton, the ultimate parent of the group.

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Moody's withdrew the A1 insurance financial strength rating and stable outlook of QBE Re (Europe) Ltd.

The QBE group has restructured its U.K. and European operations in preparation for Brexit. As a result, the company's assets and liabilities have been transferred to other QBE group subsidiaries. The process of deregistration has been concluded and therefore, the rating agency withdrew its ratings.

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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings on Ageas SA/NV and its core subsidiaries.

The outlook is stable, reflecting the rating agency's expectation that the group will preserve its strong business position and capital buffers, while maintaining good underlying operating performance, over the next two years.

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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings on the core subsidiaries of Achmea Group.

The rating agency also affirmed the BBB+ ratings on Achmea BV and the A- ratings on highly strategic subsidiaries Achmea Reinsurance Co. NV and Achmea Bank NV.

The outlooks on all long-term ratings remain stable.

Asia-Pacific

A.M. Best affirmed BIDV Insurance Corp.'s financial strength rating of B++ and long-term issuer credit rating of "bbb."

The outlook of these credit ratings is stable.

The ratings reflect the company'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.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit ratings of "bbb+" of ERGO Insurance Pte. Ltd.

The outlook of the financial strength rating remains stable, while the long-term issuer credit rating outlook remains negative.

The negative outlook for the long-term issuer credit rating reflects the rating agency's expectation of continued pressure on the company's operating performance and balance sheet strength fundamentals over the near term.

The credit ratings of ERGO Insurance reflect its strong balance sheet, marginal operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor rating enhancement from the company's ultimate parent, Munich Re Co.

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S&P Global Ratings affirmed the A- long-term issuer credit rating and local currency insurer financial strength rating on CCB Life Insurance Co. Ltd.

The outlook is stable.

The affirmation reflects the rating agency's assessment of the company's status as a highly strategic subsidiary of China Construction Bank Corp.

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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings on MetLife Insurance Ltd. with a stable outlook.

The ratings on MetLife Insurance reflect the rating agency's view of the company's modest competitive position as a midsize life insurer supported by its robust capital position, sound reinsurance arrangements and high-quality investment portfolio.

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S&P Global Ratings affirmed the A- financial strength and long-term issuer credit ratings on Nippon Wealth Life Insurance Co. Ltd.

The outlook is positive, reflecting the rating agency's view that the company can either reduce its financial leverage or further enhance its capital base over the next two years.

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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings on OnePath Life Ltd. with a stable outlook.

The ratings reflect the company's sound competitive position, supported by extremely strong capital adequacy and conservative financial policies.

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S&P Global Ratings affirmed the A financial strength and long-term issuer credit ratings on T&D Life Group's core subsidiaries, namely Taiyo Life Insurance Co. and Daido Life Insurance Co.

The outlooks on the ratings are stable.

The ratings reflect the group's strong competitive position in its target markets and solid capitalization through the accumulation of retained earnings.

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S&P Global Ratings affirmed the A financial strength and long-term issuer credit ratings on Taiju Life Insurance Co. Ltd., a unit of Nippon Life Insurance Co.

The outlook is positive, reflecting the rating agency's view of at least one-in-three chance it will raise the ratings on Taiju Life within the next two years as the group credit profile of the Nippon Life Insurance group of companies improves.

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S&P Global Ratings affirmed the A local currency long-term financial strength and issuer credit ratings on Tokio Marine Newa Insurance Co. Ltd.

The outlook is positive.

The ratings on Tokio Marine Newa reflect the insurer's strong competitive position and very strong capital and earnings.

Middle East & Africa

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Abu Dhabi National Takaful Co. PSC.

The outlooks were revised to positive from stable, reflecting the rating agency's expectation that the company will enhance its position in its domestic market while continuing to outperform takaful and conventional insurance peers as it executes its business plan.

The credit ratings reflect Abu Dhabi National Takaful Co.'s very strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of SNIC Insurance B.S.C.

The outlook of these credit ratings remains negative.

The ratings reflect SNIC Insurance's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.

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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