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Insurance ratings actions: Fitch downgrades Marsh & McLennan

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 affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of Farmington Hills, Michigan-based Atain Specialty Insurance Co. and Atain Insurance Co.

The outlook of the long-term issuer credit rating was revised to negative from stable, reflecting the companies' subpar operating results in 2016 and 2017. The outlook of the financial strength rating remains stable.

The credit ratings reflect the two companies' balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, neutral business profiles and appropriate enterprise risk management.

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Fitch Ratings downgraded the long-term issuer default rating of Marsh & McLennan Cos. Inc. to A- from A.

A negative outlook was assigned to the long-term rating.

Fitch also downgraded the short-term ratings of the company to F2 from F1.

The agency said the downgrade and negative outlook reflect elevated debt levels and inherent execution risk and integration risks that come with the acquisition of Jardine Lloyd Thompson Group PLC. The ratings were also removed from Rating Watch Negative.

Europe

A.M. Best upgraded the long-term issuer credit ratings to "a+" from "a" and affirmed the financial strength ratings of A of Assicurazioni Generali and its main rated subsidiaries.

The subsidiaries are Generali Italia SpA, Generali Deutschland AG, AachenMünchener Lebensversicherung AG, AachenMünchener Versicherung AG, Generali Versicherung AG, Cosmos Lebensversicherungs-AG, Cosmos Versicherung AG, Central Krankenversicherung AG, Generali Vie SA, Generali IARD SA and Česká pojišťovna a.s.

The outlook of the long-term issuer credit ratings was revised to stable from positive, while the outlook of the financial strength ratings remains stable.

Additionally, A.M. Best assigned a financial strength rating of A and a long-term issuer credit rating of "a+" to Generali España, Sociedad Anonima de Seguros y Reaseguros.

The outlook assigned to these credit ratings is stable.

Also, the long-term issuer credit rating of Generali France SA was upgraded to "bbb+" from "bbb" with the associated outlook revised to stable from positive.

The ratings reflect Assicurazioni Generali's strong balance sheet strength, strong operating performance, very favorable business profile and appropriate enterprise risk management.

The upgrade of the long-term issuer credit rating reflects Assicurazioni Generali's record of consistently strong profitability in challenging market conditions.

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A.M. Best assigned a financial strength rating of A+ and a long-term issuer credit rating of "aa" to London Life & General Reinsurance Designated Activity Co., a Dublin-based reinsurer owned by Great-West Lifeco Inc.

The outlook assigned to these ratings is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management. Also, the ratings benefit from the support of its parent, Great-West Life Assurance Co.

Additionally, A.M. Best withdrew the ratings of Ireland's Canada Life International Re DAC, and a final rating has not been completed as the insurance liabilities of the company have been merged into London Life & General Reinsurance.

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.

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