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
The rating reflects the company's very strong market position in the French life insurance market, a low liability risk profile, very stable profitability and very good financial flexibility.
These strengths are partly mitigated by the distribution strategy, which relies on third-party channels and is concentrated on a small number of large partners, as well as a relatively high level of high-risk assets.
Managed care
S&P Global Ratings affirmed its BBB+ long-term issuer credit and financial strength ratings on Puerto Rico-based Triple-S Salud Inc. and removed the ratings from CreditWatch negative.
The outlook is negative.
The ratings actions reflect S&P's view that parent company Triple-S Management Corp. and Triple-S Salud have sufficient reinsurance coverage and capital adequacy to absorb the remaining financial impact of hurricanes Irma and Maria.
The negative outlooks reflect the potential for a one-notch downgrade during the next 12 to 24 months if the parent's operating performance deteriorates to unprofitability and its capital adequacy does not improve to an A level or higher based on the agency's capital model.
Property and casualty
A.M. Best upgraded the long-term issuer credit ratings to "a+" from "a" of Spain-based Seguros Catalana Occidente SA de Seguros y Reaseguros, Bilbao Compañía Anónima de Seguros y Reaseguros SA and Plus Ultra Seguros Generales y Vida SA de Seguros y Reaseguros .
The agency also affirmed the financial strength rating of A (Excellent) of these entities. The outlooks of these ratings remain stable.
The ratings of Seguros Catalana Occidente reflect its very strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also factor in its strategic importance to parent company Grupo Catalana Occidente SA, as the leading insurer of traditional business. The track record of financial and operational support from Grupo Catalana is a key factor for the ratings. Further, the ratings of Compañía Anónima and Plus Ultra reflect their strategic importance to the group.
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.
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