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Insurance ratings actions: A.M. Best upgrades Pinnacle National

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 upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A of Pinnacle National Insurance Co., formerly Alterra America Insurance Co. The outlook of the ratings is stable.

The actions reflect the recent transfer of ownership of Pinnacle National to State National Insurance Co. Inc. and its participation in a pooling agreement with other members of the State National group.

The ratings of Pinnacle National 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 appropriate enterprise risk management.


A.M. Best affirmed the financial strength rating of A- and the long-term issuer default rating of "a-" of Funeral Directors Life Insurance Co. The outlook was changed to stable from negative.

Also, A.M. Best upgraded the financial strength rating to A- from B+ and the long-term issuer credit rating of "a-" from "bbb-" of Kentucky Funeral Directors Life Insurance Co., a subsidiary of Funeral Directors Life. The outlook is stable.

The ratings of both companies reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.

The revised outlooks primarily reflect the strengthening of Funeral Directors Life's enterprise risk management program.


Fitch Ratings affirmed the A- long-term issuer default rating of Markel Corp. and the A+ insurer financial strength ratings of the insurer's principal property and casualty insurance subsidiaries.

The subsidiaries are Markel Bermuda Ltd., Markel Insurance Co., Evanston Insurance Co., Markel Global Reinsurance Co., Markel International Insurance Co. Ltd., Essentia Insurance Co. and Markel American Insurance Co.

Alterra Finance LLC's long-term issuer default rating of A- was also affirmed. The outlook of all ratings is stable.

The affirmation takes into account the company's moderate business profile, strong balance sheet capitalization with reasonable financial leverage and strong financial performance.

Also, the rating agency withdrew the A+ insurer financial strength rating of Alterra America Insurance due to insufficient information subsequent to its contribution to State National. The outlook was stable.


Fitch affirmed the A- insurer financial strength rating of Credendo - Single Risk Insurance AG. The outlook is stable.

The rating mirrors the high possibility of financial support from the company's parent, Credendo - Export Credit Agency, based on its very important strategic status to the group.


Fitch affirmed the B long-term issuer default rating of Ardonagh Midco 3 PLC.

The outlook will remain negative until the rating agency sees further progress toward generating positive Fitch-defined free cash flow while the company completes the first full year of integrating the Swinton acquisition.


Fitch affirmed the A+ insurer financial strength ratings of Alte Leipziger Lebensversicherung auf Gegenseitigkeit and subsidiary Alte Leipziger Versicherung Aktiengesellschaft. The outlook is stable.

The ratings consider the group's strong business profile and very strong capitalization, which are counterbalanced by its German focus and the long-term adverse implications of continued low interest rates for German life insurers.


Moody's affirmed the Baa3 insurance financial strength rating of KazakhExport Export Insurance Co. JSC and modified the outlook to positive from stable.

Also, the rating agency changed the applicable rating methodology to trade credit insurers from reinsurers and government-related issuers.

The action considers the change of outlook to positive from stable for KazakhExport parent Baiterek National Management Holding JSC on Aug. 27. The affirmation of the insurance financial strength rating benefits from parent's explicit and implicit support and the company's consistently strong levels of capitalization, as reflected in its limited underwriting leverage, and good financial flexibility with low financial leverage.


Moody's downgraded Lotte Insurance Co. Ltd.'s insurance financial strength rating to Baa2 from Baa1. The outlook was revised to stable.

The downgrade reflects Moody's expectation that Lotte Insurance's business and financial profiles will weaken following private equity firm JKL Partners Inc.'s recent acquisition of a 54.39% stake in the company.

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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