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In This List

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Insurance ratings actions: A.M. Best acts on Topa Insurance after deal news

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 placed under review with developing implications the A- financial strength rating and "a-" long-term issuer credit rating of Topa Insurance Co. and its subsidiary, Dorchester Insurance Co. Ltd. Topa Insurance and Dorchester Insurance are subsidiaries of Topa Insurance Group.

The ratings actions follow the announcement that Altamont Capital Partners LLC is acquiring Topa Insurance Group from Topa Equities Ltd.

The under review with developing implications status reflects the rating agency's intention to fully assess the financial and operational impacts of the acquisition and to review the group's progress on strategic business initiatives.

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A.M. Best affirmed the A+ financial strength rating and "aa" long-term issuer credit rating of Great-West Life Assurance Co. and its affiliates. The rating agency also affirmed the "a" long-term issuer credit rating and long-term issue credit ratings of Great-West Lifeco Inc. The outlooks are stable.

The ratings of Great-West Lifeco's operating companies reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, very favorable business profile and appropriate enterprise risk management.

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Fitch Ratings affirmed the AA- financial strength ratings of Intact Financial Corp.'s insurance subsidiaries. The outlook is stable.

The ratings reflect the company's very strong business profile, capitalization and financial performance. The ratings also reflect the company's anticipated challenges and opportunities arising from its acquisition of OneBeacon Insurance Group Ltd. in 2017 and the challenges in the Canadian personal auto market, Fitch said.

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Fitch affirmed the A insurer financial strength rating of Pan-American Life Insurance Co. Inc. and its wholly owned subsidiary Pan-American Assurance Co. The outlook is stable.

The ratings consider the companies' strong business profile, which reflects their relatively modest scale and strong niche position in the Hispanic market, and their very strong capitalization and strong operating performance.

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S&P Global Ratings affirmed its BBB- long-term issuer credit rating on CNO Financial Group Inc. The rating agency also affirmed its A- issuer credit and financial strength ratings on the company's core subsidiaries, Bankers Conseco Life Insurance Co., Washington National Insurance Co., Colonial Penn Life Insurance Co. and Bankers Life and Casualty Co.

The outlook is stable, reflecting the rating agency's expectation that the companies will maintain their strong competitive position with their expertise in the middle market, and their broad range of products and variety of distribution.

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S&P Global Ratings affirmed its A+ long-term insurer financial strength and issuer credit ratings on operating company Genworth Financial Mortgage Insurance Co. Canada and its BBB+ issuer credit rating of holding company Genworth MI Canada Inc.

The outlook is stable, reflecting the rating agency's view that the group will continue to have a strong competitive position with a market share of more than 30% and "extremely strong" capitalization.

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S&P Global Ratings affirmed its A- long-term issuer credit rating on Aflac Inc. and its A+ long-term issuer credit and financial strength ratings on American Family Life Assurance Co. of Columbus (Aflac) and American Family Life Assurance Co. of New York.

The outlook is positive based on Aflac's stand-alone credit profile and the rating agency's positive outlook on Japan.

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S&P Global Ratings affirmed its BBB+ issuer credit and A-2 short-term ratings on Humana Inc., as well as its A long-term issuer credit and financial strength ratings on the company's core insurance subsidiaries.

The outlook is stable, reflecting the rating agency's projection that Humana will generate solid operating results in 2019 to 2020.

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S&P Global Ratings affirmed its A+ insurer financial strength and long-term issuer credit ratings on the core subsidiaries of Hartford Financial Services Group Inc.

The outlook is stable, with S&P Global Ratings expecting The Hartford to maintain very strong capital and market-leading positions in the group benefits and small commercial business.

Europe

A.M. Best affirmed the A- financial strength rating and "a-" long-term issuer credit rating of Warsaw-based Polskie Towarzystwo Reasekuracji SA. The outlook 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, limited business profile and appropriate enterprise risk management. The rating agency assessed that the company also benefits from the support of its ultimate parent Fairfax Financial Holdings Ltd.

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A.M. Best affirmed the B financial strength rating and "bb+" long-term issuer credit rating of Moscow-based JSC Russian National Reinsurance Co. The outlook remains stable.

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

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Fitch upgraded the insurer financial strength rating of U.K.-based Old Mutual Wealth Life Assurance Ltd. to A+ from A and its issuer default rating to A from A-. The rating agency also removed the company from Rating Watch Evolving. The outlooks are stable.

The ratings upgrade reflects the strong credit quality of ReAssure Group PLC, which is acquiring the U.K. closed book business of Quilter PLC, including Old Mutual Wealth Life Assurance.

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Fitch affirmed the A+ insurer financial strength rating of ReAssure Ltd. and the A long-term issuer default rating of parent ReAssure Group. The outlooks are stable.

The affirmation follows ReAssure's announced acquisition of Quilter Life Assurance and the closed book business of Quilter.

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Fitch affirmed the AAA insurer financial strength rating and AA+ issuer default rating of Northwestern Mutual Life Insurance Co. and Northwestern Long Term Care Insurance Co. The outlook is stable.

The ratings reflect the companies' exceptionally strong capitalization, its leading competitive position in the individual life insurance market in the U.S. and conservative liability profile.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Switzerland-based Echo Re.

The ratings reflect S&P Global Ratings' view that Echo Re is an integral part of parent DEVK, allowing the group to diversify internationally.

The outlook is stable as the rating agency expects Echo Re to further expand its business, which will lead to more diversification of product and business lines.

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

The outlook is stable, taking into account S&P Global Ratings' expectation that the group will keep its strong business position and capital buffers 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 of KBC Insurance and captive reinsurer KBC Group Re, core subsidiaries of KBC Group Re SA.

The outlooks are stable, taking into consideration the rating agency's projection that KBC's group stand-alone credit profile will not change over the next two years.

Asia-Pacific

A.M. Best affirmed the A financial strength rating and "a" long-term issuer credit rating of Hong Kong-based Blue Cross (Asia-Pacific) Insurance Ltd. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the A- financial strength rating and "a-" long-term issuer credit rating of Bahrain Kuwait Insurance Co. BSC. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best upgraded the long-term issuer credit rating of Jordan-based Arab Orient Insurance Co. to "bbb+" from "bbb" and affirmed its B++ financial strength rating. The rating agency also revised the outlook to stable from negative.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its adequate operating performance, neutral business profile and marginal enterprise risk management.

The upgrade reflects the increased level of rating enhancement the company receives from its Kuwait-based parent Gulf Insurance Group K.S.C.P., which provides support in areas including reinsurance purchase, enterprise risk management, pricing and reserving and investment management services.

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Fitch affirmed the AA+(tur) national insurer financial strength rating of Istanbul-based Anadolu Anonim Türk Sigorta Şirketi. The outlook is stable.

The rating reflects the company's very strong and robust position in the highly competitive Turkish insurance market, according to Fitch. The rating also reflects the company's strong capitalization and earnings fundamentals compared to its peers in the Turkish market.

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Fitch assigned the B insurer financial strength rating and BB(kaz) national insurer financial strength rating to Kazakhstan-based Centras Insurance JSC. The outlooks are stable.

The ratings reflect the company's weak business profile, past experience of reserving deficiencies and its modest risk-adjusted capital strength, according to Fitch. The ratings also reflect the company's positive operating performance, which significantly dependent on one-off items, its comfortable regulatory capital position and adequate investment portfolio quality.

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Fitch upgraded the national insurer financial strength rating of Istanbul-based MAPFRE Sigorta AŞ to AA+(tur) from AA(tur). The outlook is stable.

The upgrade reflects the heightened importance of the potential support from the company's Madrid-based ultimate parent MAPFRE SA, following the downgrade of the long-term local-currency issuer default rating of Turkey and the downgrade of several Turkish banks in July, according to Fitch's analysis.

The rating also reflects the company's strong market position in the highly competitive insurance market in Turkey.

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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