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In This List

Insurance ratings actions: A.M. Best acts on Progressive members

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Insurance ratings actions: A.M. Best acts on Progressive members

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 assigned financial strength ratings of A and long-term issuer credit ratings of "a+" to Westfield Champion Insurance Co., Westfield Premier Insurance Co., Westfield Superior Insurance Co. and Westfield Touchstone Insurance Co.

Also, the rating agency affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of Westfield Insurance Co. and its affiliates, Ohio Farmers Insurance Co., Old Guard Insurance Co., Westfield National Insurance Co. and American Select Insurance Co.

The outlook for all ratings is stable.

The ratings reflect the Westfield group members' balance sheet strength, which A.M. Best categorizes as strongest, as well as their adequate operating performance, neutral business profile and appropriate 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" for the members of Progressive Corp. The long-term issuer credit rating of "a" of the parent holding company was also affirmed.

The members are Progressive Casualty Insurance Co., Progressive Northern Insurance Co., Progressive Northwestern Insurance Co., Progressive Specialty Insurance Co., Progressive Preferred Insurance Co., Progressive Classic Insurance Co., Progressive American Insurance Co., Progressive Gulf Insurance Co., Progressive Bayside Insurance Co., Progressive Mountain Insurance Co., Progressive Southeastern Insurance Co., Progressive Hawaii Insurance Corp., Progressive Michigan Insurance Co., Progressive Security Insurance Co., Progressive West Insurance Co., Progressive County Mutual Insurance Co., Progressive Direct Insurance Co., Progressive Marathon Insurance Co., Progressive Max Insurance Co., Progressive Advanced Insurance Co., Progressive Universal Insurance Co., Progressive Premier Insurance Co. of Illinois, Progressive Paloverde Insurance Co., Progressive Select Insurance Co., Progressive Garden State Insurance Co., Progressive Express Insurance Co., Progressive Property Insurance Co., Progressive Choice Insurance Co., Progressive Freedom Insurance Co., Artisan & Truckers Casualty Co., American Strategic Insurance Corp., ASI Assurance Corp., ASI Home Insurance Corp., ASI Lloyds, ASI Preferred Insurance Corp., ASI Select Insurance Corp., Drive New Jersey Insurance Co., Mountain Laurel Assurance Co. and United Financial Casualty Co.

The ratings of the Progressive members 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.

Also, A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Bohemia, N.Y.-based National Continental Insurance Co. The rating agency also assigned a financial strength rating of A+ and a long-term issuer credit rating of "aa" to Blue Hill Specialty Insurance Co. Inc.

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

The outlook for all ratings is stable.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of the property and casualty subsidiaries of United Fire Group Inc., which operate under an intercompany pooling agreement led by United Fire & Casualty Co. The outlook remains stable.

The subsidiaries are Lafayette Insurance Co., Addison Insurance Co., United Fire & Indemnity Co., United Fire Lloyds, Mercer Insurance Co., Financial Pacific Insurance Co., Mercer Insurance Co. of New Jersey Inc., Franklin Insurance Co. and UFG Specialty Insurance Co.

The ratings reflect United Fire & Casualty group's balance sheet strength, which A.M. Best categorizes as very 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 rating of "bbb" of American Life & Security Corp. 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.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of XL Bermuda Ltd and its property and casualty subsidiaries.

The subsidiaries are Axa Insurance Co., Catlin Indemnity Co., Catlin Insurance Co. Ltd., Catlin Insurance Co. Inc., Catlin Re Switzerland Ltd., Catlin Specialty Insurance Co., Greenwich Insurance Co., Indian Harbor Insurance Co., XL Catlin Insurance Co. UK Ltd., XL Insurance America Inc., XL Insurance Co. SE, XL Insurance Co. of New York Inc., XL Insurance Switzerland Ltd., XL Re Europe SE, XL Reinsurance America Inc., XL Seguros Mexico SA de CV, XL Select Insurance Co. and XL Specialty Insurance Co.

The ratings of XL Bermuda and its P&C subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, favorable business profile and appropriate enterprise risk management. The ratings also reflect the companies' strategic importance to and alignment with Axa SA.

A.M. Best also affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of XL Life Ltd., and the financial strength rating of A- and the long-term issuer credit rating of "a-" of T.H.E. Insurance Co.

In addition, A.M. Best affirmed and withdrew the long-term issuer credit ratings of "a-" of XLIT Ltd. and XL Group Ltd.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Park Assurance Co. The outlook is stable.

The ratings reflect Park Assurance's balance sheet strength, which A.M. Best categorizes as strongest, as well as its 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++ and the long-term issuer credit ratings of "aa+" of Philadelphia Indemnity Insurance Co. and affiliate Tokio Marine Specialty Insurance Co. The outlook remains stable.

The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, 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 First Insurance Co. of Hawaii Ltd. and reinsured subsidiaries First Fire and Casualty Insurance of Hawaii Inc., First Indemnity Insurance of Hawaii Inc. and First Security Insurance of Hawaii Inc. The outlook remains stable.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral 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 the property and casualty members of Houston Casualty group.

The members are Houston Casualty Co., Avemco Insurance Co., U.S. Specialty Insurance Co., HCC Reinsurance Co. Ltd., American Contractors Indemnity Co., United States Surety Co., Producers Agriculture Insurance Co. and Producers Lloyds Insurance Co.

The ratings of the P&C members of the group reflect their consolidated balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, favorable business profile and very strong enterprise risk management of the consolidated operations.

The rating agency also affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of HCC Life Insurance Co.

The ratings of HCC Life reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and very strong enterprise risk management. The ratings also reflect the rating enhancement the company receives from its affiliation with the Houston Casualty group.

The outlook for all ratings is stable.

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S&P Global Ratings affirmed the BBB+ long-term issuer credit rating of Brighthouse Financial Inc. and the A+ long-term issuer credit and financial strength rating of the insurer's core operating subsidiaries, Brighthouse Life Insurance Co., Brighthouse Life Insurance Co. of NY and New England Life Insurance Co.

The outlook was revised to stable from negative, reflecting the rating agency's expectation that Brighthouse will sustain its capital strength, continue profitably growing its new annuity and life business, successfully manage its legacy risk, and enhance its risk management framework.

Europe

A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of Axa Global Re. The outlook is stable.

The ratings reflect the reinsurer's balance sheet strength, which A.M. Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management. The ratings also reflect Axa Global Re's strategic importance to parent Axa.

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Fitch Ratings affirmed the BBB- insurer financial strength rating of Italian insurer Poste Vita SpA. The outlook is negative.

The rating was also withdrawn due to commercial reasons, according to Fitch.

Middle East and Africa

A.M. Best affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Nigeria-based Continental Reinsurance PLC. 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 adequate operating performance, neutral business profile and marginal enterprise risk management.

Asia-Pacific

Fitch affirmed the AA(idn) national insurer financial strength rating of PT Asuransi Wahana Tata. The outlook is stable.

The rating reflects the company's strong capitalization, moderately weak financial performance and moderate business profile, Fitch said. The rating also reflects Asuransi Wahana Tata's conservative investment portfolio, the rating agency said.

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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