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Insurance ratings actions: Moody's affirms Fidelity National, units

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.

Fraternal insurance

Kroll Bond Rating Agency has assigned an insurance financial strength rating of A- to Gleaner Life Insurance Society.

The outlook for the rating is stable.

Kroll said the rating reflects Gleaner's conservative balance sheet, stable net operating gains and favorable capital trends.

Life and health

Kroll has affirmed the BBB issuer rating of Fortegra Financial Corp. as well as the A- insurance financial strength ratings of its insurance subsidiaries.

The subsidiaries are Lyndon Southern Insurance Co., Insurance Co. of the South, Response Indemnity Co. of California, Life of the South Insurance Co., Southern Financial Life Insurance Co. and Bankers Life of Louisiana.

The ratings reflect Fortegra's favorable underwriting results, balanced mix of revenue and earnings, adequate capitalization and prudent operating strategy, Kroll said.

Title

Moody's has affirmed the Baa3 senior debt rating of Fidelity National Financial Inc. and the A3 insurance financial strength ratings of its primary title insurance subsidiaries Alamo Title Insurance, Chicago Title Insurance Co. and Fidelity National Title Insurance Co.

The outlook for the ratings is positive, reflecting Fidelity National's efficient operating capabilities which have enabled it to maintain and expand its leading market position as the largest title insurer in the U.S.

The affirmation follows the announcement that Fidelity National has agreed to acquire Stewart Information Services Corp. for about $1.2 billion.

The rating agency said the proposed acquisition of Stewart would enhance Fidelity National's national market presence, a credit positive, but that it also carries regulatory risk given the increased concentration within the industry.

The ratings of Fidelity National's insurance subsidiaries reflect the group's position as the largest U.S. title insurer, its balanced distribution between agents and direct channels, disciplined underwriting and financial controls and good profitability, Moody's said.