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Insurance ratings actions: A.M. Best acts on Genworth; S&P affirms Achmea

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Insurance ratings actions: A.M. Best acts on Genworth; S&P affirms Achmea

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 removed from under review with developing implications and affirmed the long-term issuer credit ratings of "b" of Delaware-domiciled Genworth Financial Inc. and Genworth Holdings Inc., as well as their long-term issue credit ratings.

The agency also removed from under review with developing implications and affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-" of Genworth Life and Annuity Insurance Co.

Concurrently, A.M. Best removed from under review with developing implications and affirmed the financial strength ratings of B- (Fair) and the long-term issuer credit ratings of "bb-" of Genworth Life Insurance Co. and Genworth Life Insurance Co. of New York.

The outlook assigned to these ratings is stable.

A.M. Best removed the under review status on all existing Genworth ratings based on its assessment of potential outcomes given the successful completion of the Committee on Foreign Investment in the U.S. process in June.

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A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" for Wisconsin Municipal Mutual Insurance Co.

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

The negative outlooks reflect reported operating losses and adverse trend in underwriting results over the past three years, resulting in declines in policyholder surplus.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" for Houston-based Stewart Information Services Corp.

The agency also affirmed the financial strength ratings of A- (Excellent) and the long-term issuer credit ratings of "a-" of subsidiaries Stewart Title Guaranty Co., Stewart Title Insurance Co. and Stewart Title Ltd.

The outlook of these ratings is stable.

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

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A.M. Best affirmed the long-term issuer credit rating of "bbb" of Chapel Hill, N.C.-domiciled Investors Title Co.

The agency also affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of subsidiaries Investors Title Insurance Co. and National Investors Title Insurance Co.

The outlook of these ratings is stable.

The ratings reflect the group'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 ratings of A (Excellent) and the long-term issuer credit ratings of "a" of the main property and casualty subsidiaries of Mapfre USA Corp. Inc. with a stable outlook.

The subsidiaries are Commerce Insurance Co., Citation Insurance Co., Commerce West Insurance Co., American Commerce Insurance Co., Mapfre Insurance Co. of Florida and Mapfre Insurance Co.

The ratings reflect Mapfre USA's strong balance sheet, marginal operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength ratings of A++ (Superior) and the long-term issuer credit ratings of "aaa" of New York Life Insurance Co. and its wholly owned subsidiary, New York Life Insurance and Annuity Corp., with a stable outlook.

The ratings reflect New York Life's balance sheet, which A.M. Best categorizes as strongest, its very strong operating performance, very favorable business profile and very strong enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Bermuda-based Fidelis Insurance Holdings Ltd.

The agency also affirmed the financial strength ratings of A- (Excellent) and the long-term issuer credit ratings of "a-" of subsidiaries Fidelis Insurance Bermuda Ltd. and Fidelis Underwriting Ltd.

The outlook of these ratings is stable.

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

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Fitch Ratings affirmed Palmetto Bay, Fla.-based Bupa Insurance Co.'s insurer financial strength rating at BBB+ (Good) with a stable outlook.

The rating reflects the application of a partial attribution approach under which Fitch has referred financial and operational strength to Bupa Insurance from affiliated companies.

Excluding the rating uplift from this approach, Fitch's stand-alone credit profile of the company is BB+. Key considerations underlying this assessment include the company's stand-alone business profile, which Fitch views as weak, as well as the company's modest and relatively volatile earnings profile.

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Moody's affirmed the A1 insurance financial strength rating of Bermuda-based Renaissance Reinsurance Ltd. with a stable outlook.

RenaissanceRe's ratings reflect the group's market leadership position in property catastrophe reinsurance, strong analytic and modeling capabilities, good capitalization and longstanding use of joint ventures and other third-party capital vehicles, which enhance the firm's business and financial flexibility and build loyalty with brokers and clients.

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S&P Global Ratings affirmed its BBB- long-term issuer credit rating and revised the outlook to negative from stable on Scottsdale, Ariz.-based Magellan Health Inc.

The negative outlook reflects moderately higher potential for a one-notch downgrade in 2018 to 2019 if leverage remains above 2x on a sustained basis.

Europe

Fitch Ratings revised the outlook on life insurer FWU Life Insurance Austria AG's insurer financial strength rating to positive from stable and affirmed the rating at BBB- (Good).

The agency expects FWU Austria to relaunch new business in "due course" and could likely report notable new business volumes over the rating horizon. As execution risks from the current run-off book of the company gradually declines, Fitch expects FWU Austria's credit profile to improve and benefit from new business volumes.

The rating reflects the balance of FWU Austria's "somewhat weak" business profile with strong capitalization and financial performance in recent years.

Additionally, Fitch affirmed Luxembourg-based FWU Life Insurance Lux SA's insurer financial strength rating at BBB+ and long-term issuer default rating at BBB with stable outlooks.

The affirmation reflects FWU Lux's track record of strong profitability and capitalization.

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S&P affirmed its BBB+ ratings on Netherlands-based Achmea BV, its A- ratings on highly strategic subsidiaries Achmea Reinsurance Co. NV and Achmea Bank NV and its A ratings on the group's core operating companies, with a negative outlook.

The ratings on the core operating insurance subsidiaries continue to reflect the agency's view of the group's leading position in the Dutch nonlife and health markets, with a well-diversified profile including life insurance, asset management and banking activities.

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S&P assigned its preliminary B- long-term issuer credit rating to Acropole Bidco, an intermediate holding company of France-based insurance brokerage services group Siaci Saint Honoré SAS, and to Acropole Bidco's financing subsidiary, Sisaho International.

The outlook on both entities is stable.

Middle East and Africa

A.M. Best affirmed the financial strength rating of B+ (Good) and long-term issuer credit rating of "bbb-" of Tunisia-based Société Tunisienne de Réassurance, or Tunis Re, with a stable outlook.

The ratings reflect Tunis Re's very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here, here and here.

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