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 affirmed the long-term issuer credit rating of "aaa" of GEICO Corp., and the financial strength rating of A+ and the long-term issuer credit rating of "aa" of GEICO Marine Insurance Co.
The financial strength ratings of A++ and the long-term issuer credit ratings of "aaa" for the members of Government Employees Group were also affirmed. Those members are Government Employees Insurance Co., GEICO Indemnity Co., GEICO Casualty Co., GEICO General Insurance Co., GEICO Advantage Insurance Co., GEICO Choice Insurance Co., GEICO Secure Insurance Co. and GEICO County Mutual Insurance Co.
The outlook of all ratings is stable.
The ratings of the Government Employees Group reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management. The ratings also consider the group's robust capitalization, consistent track record of operating profitability, brand name recognition and pre-eminent national market position in the personal automobile insurance segment.
Additionally, the Government Employees Group's ratings continue to benefit from explicit support provided by GEICO's parent company, National Indemnity Co., as well as implicit support from its ultimate parent, Berkshire Hathaway Inc.
GEICO Marine's ratings reflect the company's very strong balance sheet, marginal operating performance, favorable business profile and appropriate enterprise risk management. They also reflect the insurer's supportive risk-adjusted capitalization, historical ocean marine specialty niche expertise, the explicit support provided by National Indemnity and the implicit commitment provided by Berkshire Hathaway.
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Fitch Ratings affirmed the A long-term issuer default rating of Prudential Financial Inc. and the AA- insurer financial strength ratings of the company's primary life insurance subsidiaries, namely Pruco Life Insurance Co., Pruco Life Insurance Co. of New Jersey, Prudential Retirement Insurance & Annuity Co., Prudential Insurance Co. of America, Prudential Annuities Life Assurance Corp. and Gibraltar Reinsurance Co. Ltd.
The A+ long-term issuer default rating of Prudential Insurance Co. of America was also affirmed.
The rating outlook is stable.
Prudential Financial's ratings reflect the company's very strong business and financial profile. Fitch also noted that the ratings take into account ongoing challenges due to low interest rates and competitive market conditions, as well as business and investment exposure to the macroeconomic environment in Japan.
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S&P Global Ratings affirmed the BBB+ issuer credit and financial strength ratings of Delaware Life Insurance Co. and Delaware Life Insurance Co. of New York.
The outlook remains stable, reflecting the rating agency's expectation that Delaware Life will maintain balanced growth across business segments while staying away from any aggressive investment policies and retaining adequate capital to finance growth.
The ratings reflect Delaware Life's national presence and steady operating performance, as measured by return on equity, according to S&P Global Ratings.
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S&P Global Ratings affirmed the BBB insurer financial strength and issuer credit ratings of HealthNow New York Inc.
The outlook is stable, reflecting the rating agency's expectation that the company will maintain its market share while differentiating its care-delivery model in its core western New York market, resulting in reduced earnings volatility.
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S&P Global Ratings affirmed the A insurer financial strength and long-term issuer credit ratings of Horizon Healthcare Services Inc., which does business as Horizon Blue Cross Blue Shield of New Jersey, and its subsidiary Horizon Healthcare of New Jersey Inc.
The outlook is stable, taking into consideration the rating agency's expectation that Horizon will keep its leading market position in New Jersey's commercial health insurance market and sustain its presence in the government-sponsored Medicare and Medicaid programs.
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S&P Global Ratings affirmed the A insurer financial strength and issuer credit ratings of Louisiana Health Service & Indemnity Co., which does business as Blue Cross and Blue Shield of Louisiana, and HMO Louisiana Inc.
The outlook is stable, reflecting the rating agency's expectation that the companies will sustain their dominant market position with capital redundant at AAA level in the next two years.
Europe
Fitch affirmed the A insurer financial strength rating and A- long-term issuer default rating of Assicurazioni Generali SpA.
The rating agency also affirmed the A insurer financial strength ratings of Generali's core subsidiaries, namely Generali España SA de Seguros y Reaseguros, Vienna-based Generali Versicherung AG, Cosmos Versicherung AG, Generali IARD SA, Advocard Rechtsschutzversicherung AG, Generali Deutschland AG, Generali Vie SA, AachenMünchener Versicherung AG, Cosmos Lebensversicherungs-AG, AachenMünchener Lebensversicherung AG, Dialog Lebensversicherungs-AG, Envivas Krankenversicherung AG, Generali Deutschland Pensionskasse AG, Germany-based Generali Versicherung AG and Central Krankenversicherung AG.
The outlooks are negative.
The ratings reflect Generali's very strong business profile, in particular its strong market positions in Italy, Germany and France. They also consider the insurer's strong and resilient capitalization.
Fitch noted that the ratings are still influenced by Italy's BBB sovereign rating, which is on negative outlook, through the group's exposure to Italian sovereign debt securities.
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Fitch assigned an A insurer financial strength rating to First European Title Insurance Co. Ltd., First American Financial Corp.'s recently created Malta-based entity. The rating outlook is stable.
The company was assigned the same insurer financial strength rating as First American Financial's other insurance operating subsidiaries, reflecting Fitch's view that First European Title is a core subsidiary of First American Financial.
First European Title will offer title insurance services in the event of Brexit. The services are currently provided by First Title Insurance PLC.
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Fitch affirmed the BBB+ long-term foreign and local-currency issuer default ratings of Rome-based SACE SpA. The outlook is negative.
The ratings reflect SACE's very strong capitalization and moderate business profile as Italy's export credit agency.
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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of the Gard club's core subsidiaries.
The outlook is stable, reflecting the rating agency's view that the club will retain its pre-eminent position in the protection and indemnity and marine sectors, and maintain capital above the AAA category over the next two years.
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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of the Skuld club's core subsidiaries.
The outlook is stable, taking into account S&P Global Ratings' expectation that Skuld's capital adequacy will remain well in excess of the rating agency's AA benchmark over the next two years.
Asia-Pacific
Fitch affirmed the AA-(idn) national insurer financial strength rating of PT Avrist Assurance. The outlook is stable.
The affirmation considers the insurer's strong capital position, prudent investment portfolio, moderate business profile and strong operating performance, according to the rating agency.
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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