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Insurance ratings actions: A.M. Best affirms National General

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 revised the outlooks to stable from negative and affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Rancho Cucamonga, Calif.-based Aspire General Insurance Co.

The ratings reflect Aspire General's adequate balance sheet strength, marginal operating performance, limited business profile and appropriate enterprise risk management.

The revised outlooks reflect Aspire General's strong risk-adjusted capitalization, improved operating performance in recent years and senior management's operating experience and in-depth knowledge of California's private passenger nonstandard automobile market.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of New York-based National General Holdings Corp., and the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of its subsidiaries.

The subsidiaries are New South Insurance Co., National General Assurance Co., Integon National Insurance Co., Integon Indemnity Corp., Integon General Insurance Corp., MIC General Insurance Corp., National General Insurance Co., Standard Property and Casualty Insurance Co., National Health Insurance Co., Integon Casualty Insurance Co., Imperial Fire and Casualty Insurance Co., Integon Preferred Insurance Co., National General Insurance Online Inc., National General Premier Insurance Co., National General Re Ltd., Century-National Insurance Co., Agent Alliance Insurance Co., Direct Insurance Co., Direct General Insurance Co., Direct General Insurance Co. of Mississippi, Direct National Insurance Co. and Direct General Life Insurance Co.

The outlook of these ratings is stable.

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

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Fitch Ratings affirmed Bermuda-based AXIS Capital Holdings Ltd.'s A- long-term issuer default rating and the A+ insurer financial strength ratings of its operating subsidiaries.

The subsidiaries are AXIS Specialty Ltd. (Bermuda), AXIS Reinsurance Co., AXIS Insurance Co., AXIS Surplus Insurance Co. and AXIS Specialty Insurance Co.

Fitch noted AXIS Capital's "strong" business profile and "very strong" capitalization. The agency said that operating results have improved through the first half of 2018 after material deterioration in 2017 due to heavy catastrophe losses from hurricanes Harvey, Irma and Maria, to go along with two earthquakes in Mexico and California wildfires.

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Fitch affirmed New York-based Mutual of America Life Insurance Co.'s insurer financial strength ratings at AA- with a stable outlook.

Fitch said the company enjoys a "strong" market position within the niche nonprofit small case retirement market and a "differentiated" approach to distribution. The agency also said that the company's balance sheet strength remains augmented by its strong risk-based capital and investment philosophies.

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S&P Global Ratings revised its view of Chicago-based Old Republic International Corp.'s financial risk profile to "very strong" from "extremely strong" and affirmed its A+ financial strength rating.

The agency also upgraded the long-term issuer credit and financial strength ratings on subsidiaries Old Republic National Title Insurance Co. and American Guaranty Title Insurance Co. to A+ from A.

The outlook is stable.

S&P said the parent company has continued its "stable" operating performance on the back of strong results from core lines in the property and casualty business, while expanding other coverages, including home warranty. The agency expects the company to maintain capital adequacy at the "extremely strong" level and continue to improve risk diversification.

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 feature can be found here.

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