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Insurance ratings actions: S&P upgrades Integro

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

Kroll Bond Rating Agency affirmed the insurance financial strength rating of AA+ with a stable outlook of Assured Guaranty Municipal Corp. and Assured Guaranty (Europe) PLC.

The rating assessment was based on Kroll's financial guaranty global rating methodology.

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S&P Global Ratings raised its issuer credit ratings on U.S.-domiciled Integro Group Holdings LP and Integro Parent Inc. to B from B- and removed them from CreditWatch, where the rating agency had placed them with positive implications on Dec. 18, 2018. The rating outlook is stable.

At the same time, the rating agency raised all issue-level ratings one notch in line with the upgrade of the companies and removed them from CreditWatch.

The upgrade reflects S&P Global Ratings' expectation for enhanced scale, more stable operating performance, improved liquidity, and a less debt intensive capital structure.

Europe

A.M. Best placed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Tryggingamiðstöðin hf. under review with developing implications.

The credit rating action follows TM's shareholders' approval to execute the planned acquisition of Lykill fjármögnun hf., an Icelandic lending and financing company. The proposed acquisition has been approved by Iceland's Competition Authority, with the final approval from the Icelandic Financial Supervisory Authority outstanding.

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A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of Hannover Re and its main subsidiaries.

The subsidiaries are E+S Rückversicherung AG, Glencar Insurance Co., Hannover Re (Bermuda) Ltd., Hannover Re (Ireland) DAC, Hannover Life Reassurance Bermuda Ltd., Hannover Life Reassurance Co. of America and Hannover Life Reassurance Co. of America (Bermuda) Ltd.

The outlook of these credit ratings is stable.

These ratings reflect Hannover Re's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.

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A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of Swiss Reinsurance Co. Ltd. and its affiliates.

The affiliates are Swiss Re Asia Pte. Ltd., Swiss Re Europe SA, Swiss Re International SE, Swiss Re Corporate Solutions Ltd., Swiss Re Life & Health America Inc., Swiss Reinsurance America Corp., Westport Insurance Corp., North American Specialty Insurance Co., North American Capacity Insurance Co., North American Elite Insurance Co., Washington International Insurance Co., First Specialty Insurance Corp. and Swiss Re Portfolio Partners S.A.

Additionally, the long-term issuer credit rating of "a" was affirmed for Swiss Re America Holding Corp. The outlook of these ratings is stable.

The ratings reflect A.M. Best's assessment of the rating fundamentals of the consolidated Swiss Re Ltd. group, namely its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and very strong enterprise risk management.

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Moody's affirmed the Aa3 insurance financial strength rating of Allianz SE with a stable outlook. At the same time, Moody's affirmed the Aa2 insurance financial strength ratings of Allianz Versicherungs AG and Allianz Lebensversicherungs-AG with a stable outlook.

The affirmation of Allianz SE's rating and stable outlook reflects the group's very strong franchise, profitability and capitalization and financial flexibility, according to Moody's.

Middle East and Africa

A.M. Best revised the outlooks to negative from stable and affirmed the financial strength rating of A and the long-term issuer credit ratings of "a" of Qatar Insurance Co. Q.S.P.C. and its subsidiary, Qatar Reinsurance Co. Ltd.

The ratings reflect Qatar Insurance'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.

Asia-Pacific

Fitch Ratings affirmed Hong Kong-based FTLife Insurance Co. Ltd.'s insurer financial strength rating at A- and its long-term issuer default rating at BBB+. The outlook on the two ratings is stable.

The two ratings have been removed from Rating Watch Evolving, on which they were placed on Jan. 2.

The removal of the ratings from Rating Watch Evolving reflects the rating agency's view that there will be no significant change in FTLife's business and investment strategy following the company's acquisition by NWS Holdings Ltd., a member of Hong Kong conglomerate New World Development Co. Ltd.

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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