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.
Life and health
A.M. Best removed from under review with developing implications and affirmed the long-term issuer credit rating of "bbb+" of New York-based Voya Financial Inc., as well as its existing long-term issue credit ratings.
The rating agency also removed from under review with developing implications and affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of "a+" of the company's life insurance subsidiaries Voya Retirement Insurance and Annuity Co., ReliaStar Life Insurance Co., ReliaStar Life Insurance Co. of New York and Security Life of Denver Insurance Co.
The outlook assigned to these ratings is stable.
The ratings actions are in response to the closing of Voya Financial's agreement to sell its closed-block variable annuity and individual fixed indexed annuity segments to a consortium of investors led by Apollo Global Management LLC.
A.M. Best withdrew the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a+" of West Chester, Pa.-based Voya Insurance and Annuity Co., as the company's new owner has requested to no longer participate in the agency's rating process.
Additionally, A.M. Best removed from under review with developing implications and upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the long-term issuer credit rating to "a+" from "a-" of Atlanta-based Midwestern United Life Insurance Co. The outlook assigned to these ratings is stable.
The upgrade reflects the full ratings enhancement Midwestern United Life now receives as a part of the Voya Financial group, driven by the guaranty in place with Security Life of Denver.
The ratings of Voya's life insurance entities reflect their strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management.
Fitch Ratings withdrew the insurer financial strength rating assigned to Voya Insurance and Annuity after downgrading it to BBB- (Good) from A (Strong). Fitch downgraded the company's rating to its standalone credit profile as a result of the sale.
Moody's also withdrew the A2 insurance financial strength rating, which was under review for downgrade, on Voya Insurance and Annuity.
Fitch and Moody's withdrew the ratings for commercial reasons.
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Moody's confirmed the Baa3 insurance financial strength ratings of Simsbury, Conn.-based Hartford Life Insurance Co. and Hartford, Conn.-based Hartford Life and Annuity Insurance Co.
The ratings were previously on review for downgrade. These entities have been purchased by an investor group from The Hartford Financial Services Group Inc. The outlook is stable.
The confirmation of the companies' ratings reflects expectations of continuity of management of the entities and continued strong capitalization and financial flexibility.
Multiline
Fitch affirmed the A- (Strong) insurer financial strength ratings of Malaysia-based Etiqa group's core operating entities: Etiqa General Insurance Bhd., Etiqa Family Takaful Bhd. and Etiqa Insurance Pte. Ltd.
At the same time, Fitch assigned Etiqa Life Insurance Bhd. and Etiqa General Takaful Bhd. insurer financial strength ratings of A- (Strong). The outlook is stable.
This follows a reorganization within the group to comply with Malaysia's regulatory requirement to split the composite businesses into separate life/nonlife and general/family takaful (Islamic insurance) entities.
Property and casualty
A.M. Best downgraded the financial strength ratings to B++ (Good) from A- (Excellent) and the long-term issuer credit ratings to "bbb+" from "a-" of San Mateo, Calif.-based California Casualty Indemnity Exchange and its wholly owned subsidiaries, California Casualty General Insurance Co. of Oregon, California Casualty & Fire Insurance Co. and California Casualty Insurance Co.
The outlook for the financial strength ratings has been revised to stable from negative, while the outlook for the long-term issuer credit ratings remains negative.
The ratings reflect the group's very strong balance sheet, marginal operating performance, neutral business profile and marginal enterprise risk management.
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