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Insurance ratings actions, Dec. 14

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Insurance ratings actions, Dec. 14

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.

Life and health

A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of Mutual of Omaha Insurance Co. and its subsidiaries, United of Omaha Life Insurance Co., Companion Life Insurance Co. and United World Life Insurance Co.

The outlook is stable.

The rating affirmations reflect Mutual of Omaha's favorable reputation in its core Medicare supplement insurance market, as well as the company's growing presence in its group benefits segment, its diversified distribution platforms and the organization's strong risk-adjusted capitalization, A.M. Best said.

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S&P Global Ratings revised its outlook on Minnesota Life Insurance Co. and its subsidiary Securian Life Insurance Co. to stable from positive and affirmed its A+ long-term counterparty and financial strength ratings on Minnesota Life and Securian Life.

The change in outlook reflects the slower pace of improvements in competitive position and longer path to a stable and diversified earnings profile, S&P said. The ratings reflect the large scale of Securian's group insurance division because of the advantages of its controlled distribution and observed persistency for that business.

Property and casualty

A.M. Best upgraded the financial strength rating to A- from B++ and the long-term issuer credit rating to "a-" from "bbb+" of Marysville Mutual Insurance Co.

The outlook on the ratings has been revised to stable from positive.

The ratings upgrades are a reflection of the company's continued strengthening of its risk-adjusted capitalization and favorable operating performance, A.M. Best said. Recent surplus growth is attributable to profitable underwriting results complemented by a steady stream of fee and net investment income.

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A.M. Best upgraded the financial strength rating to B+ from B and the long-term issuer credit rating to "bbb-" from "bb" of Northwest G.F. Mutual Insurance Co.

The outlook for the long-term issuer credit rating has been revised to stable from positive, while the outlook for the financial strength rating remains stable.

The credit rating upgrades reflect the company's continued improvement and stabilization of underwriting results and risk-adjusted capitalization under the current management team, A.M. Best said.

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

The company has demonstrated an ability to withstand Kroll's conservative stress case loss assumptions and to satisfy all claims in full and on time.

The rating affirmation incorporates a reduction in Assured Guaranty Municipal's claims paying resources from a $300 million capital extraction under a stock redemption plan approved by the New York State Department of Financial Services on Nov. 25.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.