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 revised the outlooks to positive from stable and affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of Commonwealth Annuity & Life Insurance Co., its subsidiaries First Allmerica Financial Life Insurance Co., Forethought Life Insurance Co. and Accordia Life & Annuity Co., and its affiliate Global Atlantic Re Ltd., which together operate as the Global Atlantic Group.
A.M. Best also has revised the outlook to positive from stable and affirmed the long-term issuer credit ratings of "bbb-" of Global Atlantic Financial Group Ltd., the ultimate parent holding company, and its intermediate holding companies, Global Atlantic Financial Life Ltd. and Forethought Financial Group Inc.
The positive outlooks reflect the continued successful integration of its previously acquired business units into the Global Atlantic brand, continued favorable operating trends and increasing risk-adjusted capitalization. The ratings are supported by Global Atlantic's diversified product portfolio and leading market positions within its core pre-need, fixed annuity, and reinsurance business segments, A.M. Best said.
A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of B+ and long-term issuer credit rating of "bbb-" of Citizens Security Life Insurance Co.
The revised outlooks reflect the company's continued positive operating results, diversified premium revenue growth and favorable risk-adjusted capital position over the past two years. Additionally, acquisitions of several medical management companies earlier this year by its parent holding company, Citizens Financial Corp., are expected to result in a major increase in new business and enhanced geographic diversity for Citizens Security over the next few years.
A.M. Best affirmed the financial strength rating of B and the long-term issuer credit rating of "bb+" of American Health & Life Insurance Co.
Additionally, A.M. Best affirmed the financial strength rating of B and the long-term issuer credit rating of "bb+" of Triton Insurance Co. Concurrently, A.M. Best affirmed the financial strength ratings of B and long-term issuer credit ratings of "bb+" of Merit Life Insurance Co. and Yosemite Insurance Co.
All entities are wholly owned by OneMain Holdings Inc.
The outlook on the ratings is stable.
The ratings and outlook affirmations of American Health and Life Insurance and Merit Life Insurance reflect the risk profile of their parent, OneMain Holdings, a below-investment-grade consumer finance company whose operating flexibility and business profile had been challenged by the credit crisis and the subsequent difficult macroeconomic environment.
The ratings and outlooks of Triton Insurance and Yosemite Insurance reflect their historically strong underwriting and operating profitability, superior risk-adjusted capitalization, management's expertise in consumer finance-oriented products and the business opportunities derived from its affiliates.
S&P Global Ratings affirmed its A counterparty credit rating on Cigna Corp. and AA counterparty credit ratings and financial strength ratings on Connecticut General Life Insurance Co. and Cigna Health & Life Insurance Co.
The ratings remain on CreditWatch with negative implications.
S&P's ratings on Cigna remain on CreditWatch with negative implications based on the uncertain outcome of the proposed Anthem/Cigna merger. Excluding merger uncertainties, Cigna's business fundamentals and overall performance are in line with S&P's expectations.
Property and casualty
A.M. Best revised the outlooks to positive from stable and affirmed the financial strength rating of B++ and the long-term issuer credit ratings of "bbb+" of Argus Insurance Co. Ltd. and Bermuda Life Insurance Co. Ltd.
Each company is a subsidiary of Argus Group Holdings Ltd.
Concurrently, A.M. Best revised the outlook to positive from stable and affirmed the long-term issuer credit ratings of "bb+" of the Argus Group Holdings.
The outlook revisions and credit ratings of Bermuda Life are based on the company's long-standing, solid position within Bermuda's life and health insurance market, favorable operating results, improved balance sheet quality and senior leadership's emphasis on risk management.
The ratings of Argus Insurance are based on its supportive balance sheet strength, excellent operating performance and strong market profile in Bermuda as one of the top property and auto writers in that country, A.M. Best said. The ratings and outlooks are also reflective of the company's strategic role within the Argus Group organization and the synergies it derives from common ownership, management, operations and brand name recognition with its life and health sister company.
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of NEWGT Reinsurance Co. Ltd.
The outlook is stable. The ratings reflect NEWGT's adequate risk-adjusted capitalization and the wide range of implicit and explicit support it receives from its parent company, ITOCHU Corp., A.M. Best said.
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