S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.
Financial guaranty
S&P Global Ratings affirmed its BBB long-term issuer credit rating on MBIA Inc., its A financial strength rating on National Public Finance Guarantee Corp. and its CCC financial strength rating on MBIA Insurance Corp.
S&P is subsequently withdrawing all of its ratings at the issuer's request.
The agency's rating on National is driven by its view of the company's less-vulnerable competitive position, reflecting the company's struggle to gain market share and the agency's view that the company is in run-off.
MBIA Inc.'s rating reflects its structural subordination to its regulated operating subsidiaries, specifically National, S&P said.
Meanwhile, the rating on MBIA Insurance reflects the agency's view of the company's small capital base relative to the risk of its insured portfolio; poor operating performance and potential continued liquidity stress.
Life and health
A.M. Best has upgraded the long-term issuer credit rating to "aa" from "aa-" and affirmed the financial strength rating of A+ of Minnesota Life Insurance Co. and its subsidiary, Securian Life Insurance Co.
Concurrently, A.M. Best has upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of Securian Casualty Co.
These subsidiaries are subsidiaries of Securian Financial Group Inc.
Additionally, A.M. Best has affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Canadian Premier Life Insurance Co., along with the financial strength rating of A- and the long-term issuer credit rating of "a-" of American Modern Life Insurance Co. and Southern Pioneer Life Insurance Co.
The outlook of all these ratings is stable.
The ratings upgrades and affirmations reflect the group's balance sheet strength, strong operating performance, favorable business profile and appropriate enterprise risk management, among other things.
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Fitch Ratings has affirmed the BBB insurer financial strength ratings for Fidelity & Guaranty Life Insurance Co. and Fidelity & Guaranty Life Insurance Co. of New York.
Fitch has also upgraded the issuer default rating assigned to Fidelity & Guaranty Life Holdings Inc. to BB+ and the senior unsecured note rating to BB.
Fitch has assigned a stable outlook to all ratings.
The ratings action follows the company's announcement that it has been acquired by CF Corp.
The upgrade of Fidelity & Guaranty Life reflects the company's improved financial flexibility under new ownership, Fitch said.
Meanwhile, the ratings for Fidelity & Guaranty Life Insurance and Fidelity & Guaranty Life Insurance Co. of New York continue to reflect the company's relatively narrow product focus and liability profile, strong balance sheet profile, and good operating performance, the agency added.
Property and casualty
Demotech has upgraded the financial stability rating assigned to AmTrust Title Insurance Co. to A', Unsurpassed.
The agency also upgraded the financial stability ratings to A, Exceptional, assigned to New Century Insurance Co., Priority One Insurance Co. and RVOS Farm Mutual Insurance Co.
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A.M. Best has affirmed the financial strength rating of A++ and the long-term issuer credit ratings of "aa+" of Philadelphia Indemnity Insurance Co. and its affiliate, Tokio Marine Specialty Insurance Co.
The outlook is stable.
The ratings reflect Philadelphia's balance sheet strength, the company's excellent operating performance, favorable business profile and very strong enterprise risk management.
The ratings also consider the operational, financial and enterprise risk management support provided by Tokio Marine & Nichido Fire Insurance Co. Ltd.
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A.M. Best has affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa" of First Insurance Co. of Hawaii Ltd. and its reinsured subsidiaries, First F&C Insurance of Hawaii Inc., First Indemnity Insurance of Hawaii Inc. and First Security Insurance of Hawaii Inc.
The outlook is stable.
The ratings reflect First of Hawaii Group's balance sheet strength, its strong operating performance and very strong enterprise risk management.
The ratings also consider the operational, financial and ERM support provided by the ultimate parent Tokio Marine Holdings Inc. and its lead insurance operating company, Tokio Marine & Nichido Fire Insurance.
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Kroll Bond Rating Agency has assigned insurance financial strength ratings of A- with a stable outlook to the operating subsidiaries of United Insurance Holdings Corp. - American Coastal Insurance Co. Inc., Family Security Insurance Co. Inc., Interboro Insurance Co. and United Property & Casualty Insurance Co.
Additionally, Kroll has assigned an issuer rating of BBB- with a stable outlook to United Insurance Holdings.
The subsidiaries' ratings reflect favorable consolidated operating results prior to 2017, adequate consolidated capitalization and solid execution of its strategy, Kroll said.
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