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.
Multiline
S&P Global Ratings has lowered its long-term issuer credit rating on Assurant Inc. to BBB from BBB+ and removed it from CreditWatch, where the agency placed it with negative implications on Oct. 18, 2017.
S&P also affirmed its ratings on Assurant's operating insurance subsidiaries.
The outlook on all ratings is stable, which reflects the rating agency's view that the group will retain a solid competitive position and very strong capital and earnings.
The agency said the downgrade is based on a change to a more-standard three-notch differential between the agency's rating on the core operating company and that on the holding company from the current two-notch differential, reflecting higher financial leverage and lower fixed-charge coverage.
Assurant has a pending deal to acquire Warranty Group Inc.
Property and casualty
A.M. Best has affirmed the long-term issuer credit ratings of "a-" of Everest Re Group Ltd. and Everest Reinsurance Holdings Inc.
A.M. Best has also affirmed the financial strength ratings of A+ (Superior) and the long-term issuer credit ratings of "aa-" of the operating subsidiaries of Everest Re Group: Everest Reinsurance (Bermuda) Ltd., Everest Reinsurance Co., Everest International Reinsurance Ltd., Everest Reinsurance Co. (Ireland), Everest National Insurance Co., Everest Indemnity Insurance Co., Everest Security Insurance Co., Everest Insurance Co. of Canada, Everest International Assurance Ltd., Everest Denali Insurance Co. and Everest Premier Insurance Co.
The outlook of these ratings is stable.
The ratings reflect the strongest balance sheet strength of Everest Re Group's subsidiaries, their adequate operating performance, very favorable business profile and appropriate enterprise risk management for the group's risk profile, A.M. Best added.
____________________________
A.M. Best has revised the outlook to stable from negative for the long-term issuer credit rating and affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of "aa" of New Jersey Manufacturers Insurance Co.
The outlook for the financial strength rating remains stable.
At the same time, A.M. Best has downgraded the financial strength rating to A (Excellent) from A+ (Superior) and the long-term issuer credit rating to "a" from "aa-" of New Jersey Manufacturers Insurance's subsidiary, New Jersey Re-Insurance Co.
Additionally, A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of New Jersey Manufacturers Insurance's two other subsidiary companies, New Jersey Casualty Insurance Co. and New Jersey Indemnity Insurance Co.
The outlook of these ratings remains stable.
The ratings of New Jersey Manufacturers Insurance reflect its strongest balance sheet strength, its strong operating performance, favorable business profile and appropriate enterprise risk management, A.M. Best said.
The long-term issuer credit rating outlook revision and ratings reflect the parent company's strong risk-adjusted capitalization and improved operating performance in recent years, the agency added.
The ratings of New Jersey Re-Insurance reflect its strong risk-adjusted capitalization but acknowledge that it does not currently operate a core function within the group following the recent migration of certain policies to New Jersey Manufacturers Insurance, A.M. Best said.
Meanwhile, the ratings of New Jersey Casualty Insurance and New Jersey Indemnity Insurance recognize each company's strong risk-adjusted capitalization and positions as residual writers for the workers' compensation and auto markets of New Jersey Manufacturers Insurance, respectively, the rating agency stated.
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 news brief can be found here.
