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 A+ financial strength ratings and "aa-" long-term issuer credit ratings of Great American Insurance Co. and its pooling affiliates. The rating agency concurrently affirmed the "a-" long-term issuer credit rating and long-term issue credit ratings of parent American Financial Group Inc. The outlook is stable.
The rating agency also affirmed the A financial strength ratings and "a+" long-term issuer credit ratings of the property/casualty members of the Republic and Summit Insurance pool, including Republic Indemnity Co. of America, Republic Indemnity Co. of California, Bridgefield Employers Insurance Co. and Bridgefield Casualty Insurance Co. The outlook remains positive.
A.M. Best also affirmed the A+ financial strength and "aa-" long-term issuer credit ratings of National Interstate Insurance Co. and its affiliates, the A+ financial strength and "aa-" long-term issuer credit ratings on the property/casualty members of Mid-Continent Group, the A financial strength and "a+" long-term issuer credit ratings of Great American Life Insurance Co. and its wholly owned subsidiary Annuity Investors Life Insurance Co., and the B++ financial strength and "bbb+" long-term issuer credit ratings of American Financial Group's life subsidiary, Manhattan National Life Insurance Co. The outlooks are stable.
The ratings of Great American and its pooling affiliates reflect their balance sheet strength, which A.M. Best categorizes as strongest, and their strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings of the Republic and Summit Insurance pool members reflect their balance sheet strength, which A.M. Best categorizes as very strong, and their strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of National Interstate and its affiliates reflect their balance sheet strength, which A.M. Best categorizes as very strong, and their strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Mid-Continent Group reflect its balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Great American Life Insurance and Annuity Investors Life Insurance reflect their balance sheet strength, which A.M. Best categorizes as strong, and their strong operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Manhattan National reflect its balance sheet strength, which A.M. Best categorizes as strong, and its marginal operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best revised the outlook to positive from stable and affirmed the A financial strength ratings and "a+" long-term issuer credit ratings of Concord Group Insurance Pool members, including Concord General Mutual Insurance Co., Green Mountain Insurance Co. Inc., State Mutual Insurance Co. (ME), Sunapee Mutual Fire Insurance Co. and Vermont Accident Insurance Co. Inc.
The rating agency also affirmed the A++ financial strength and "aa+" long-term issuer credit ratings of Auto-Owners Insurance Co. Inc. and its wholly owned property/casualty subsidiaries, including Home-Owners Insurance Co., Owners Insurance Co., Property-Owners Insurance Co. and Southern-Owners Insurance Co. The outlook remains stable.
A.M. Best also affirmed the A financial strength and "a+" long-term issuer credit ratings of Atlantic Casualty Insurance Co., the A- financial strength and "a-" long-term issuer credit ratings of Auto-Owners Specialty Insurance Co. and the A+ financial strength and "aa-" long-term issuer credit ratings of Auto-Owners Life Insurance Co. The outlooks remain stable.
The ratings of Concord Group members reflect their balance sheet strength, which A.M. Best categorizes as very strong, and their adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Auto-Owners Insurance Group reflect its balance sheet strength, which A.M. Best categorizes as strongest, and its very strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings of Atlantic Casualty reflect its balance sheet strength, which A.M. Best categorizes as strongest, and its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings of Auto-Owners Specialty Insurance reflect its balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, very limited business profile and appropriate enterprise risk management.
The ratings of Auto-Owners Life Insurance reflect its balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, neutral business profile and appropriate enterprise risk management.
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A.M. Best upgraded the financial strength rating to A from A- and the long-term issuer credit rating to "a" from "a-" of Restoration Risk Retention Group Inc. The outlook was revised to stable from positive.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, limited business profile and appropriate enterprise risk management.
The upgrade reflects the sustained improvement in the company's operating performance, which favorably compares with industry averages despite inherent challenges it faces as a monoline specialty, niche insurer, according to A.M. Best.
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A.M. Best affirmed the A financial strength rating and "a" long-term issuer credit rating of Essent Group Ltd.'s operating subsidiaries, Essent Guaranty Inc., Essent Guaranty of PA Inc. and Essent Reinsurance Ltd. The outlook is stable.
The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as strongest, and their strong operating performance, limited business profile and appropriate enterprise risk management.
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A.M. Best affirmed the A- financial strength rating and "a-" long-term issuer credit rating of Ardellis Insurance Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
Ardellis is a wholly owned subsidiary of Universal Forest Products Inc.
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Moody's affirmed the Aaa insurance financial strength rating of Northwestern Mutual Life Insurance Co. The rating agency also affirmed the Aaa insurance financial strength rating of the company's subsidiary, Northwestern Long Term Care Insurance Co. The outlooks are stable.
The affirmation reflects Northwestern Mutual's exceptional business and financial profile strengths, including its leading position and strong franchise in its core market, a highly productive distribution network strengthened by its high retention level, strong operating fundamentals and a robust and resilient balance sheet, according to Moody's.
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Moody's affirmed the Aaa insurance financial strength ratings of New York Life Insurance Co. and its affiliate, New York Life Insurance & Annuity Corp. The outlook is stable.
The affirmation reflects New York Life's intrinsic strengths as the largest U.S. mutual life insurer with a leading position in the life insurance market in the U.S. and a profitable in-force block of participating whole life, according to Moody's. The affirmation also reflects the company's strong business diversity and liquidity, good distribution and strong capitalization.
Europe
A.M. Best assigned the B++ financial strength rating and "bbb" long-term issuer credit rating of Gibraltar-based Premier Insurance Co. Ltd. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as strong, and its adequate operating performance, limited business profile and appropriate enterprise risk management.
Premier Insurance is wholly owned by Premier Underwriting Holdings (Gibraltar) Ltd.
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A.M. Best downgraded the financial strength ratings to A from A+ and long-term issuer credit ratings to "a+" from "aa-" of Aegon NV's U.S. life/health subsidiaries. The outlook was revised to stable from negativve.
The ratings reflect the subsidiaries' balance sheet strength, which A.M. Best categorizes as very strong, and their adequate operating performance, favorable business profile and appropriate enterprise risk management.
The downgrades reflect the deterioration in the rating agency's assessment of the subsidiaries' consolidated operating performance, characterized by relatively flat top-line trends and returns on equity that do not favorably compare with similarly-rated European peers.
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S&P Global Ratings affirmed the A insurer financial strength ratings of Shipowners' Mutual Protection & Indemnity Association (Luxembourg).
The outlook is stable, reflecting the rating agency's view that the company's capital adequacy will remain above the AAA level requirements for the next two years.
The rating agency also expects that the company will maintain its competitive position over the next two years, with sustained high retention levels and underwriting results aligned with its protection and indemnity peers.
Middle East and Africa
A.M. Best affirmed the B+ financial strength rating and "bbb-" long-term issuer credit rating of Compagnie Centrale de Reassurance S.p.A. The outlook is stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, and its strong operating performance, neutral business profile and marginal enterprise risk management.
Asia-Pacific
S&P Global Ratings affirmed the AA- local currency long-term insurer financial strength and local and foreign currency issuer credit ratings of Great Eastern Life Assurance Co. Ltd. and Great Eastern General Insurance Ltd.
The outlook is stable, reflecting the rating agency's expectation that the Great Eastern group will remain core to Oversea-Chinese Banking Corp. Ltd. at least over the next two years.
The outlook also reflects the rating agency's view that the group, which has market leadership and excellent brand strength in Singapore and Malaysia, will maintain its very strong competitive position over the period.
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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