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Insurance ratings actions: Moody's affirms Swiss Re subsidiaries

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

DBRS Morningstar confirmed the A (low) issuer rating of iA Financial Corp. and the A (high) issuer and financial strength ratings of its major insurance operating subsidiary, Industrial Alliance Insurance and Financial Services Inc.

The action for iA Financial reflects the company's excellent position in the Canadian market, specifically in individual insurance and in segregated funds, the rating agency said.

The trends are stable, considering iA Financial's comprehensive risk management, consistent financial metrics and demonstrated ability to navigate challenging economic environments, according to DBRS Morningstar.


Kroll Bond Rating Agency upgraded the insurance financial strength ratings to AA from AA- of Penn Mutual Life Insurance Co. and insurance subsidiaries Penn Insurance & Annuity Co., Vantis Life Insurance Co. and Vantis Life Insurance Co. of New York.

The issuer rating of Janney Montgomery Scott LLC, Penn Mutual's broker/dealer unit, was also upgraded to A+ from A.

The outlook for all ratings is stable.


Moody's affirmed the Aa3 insurance financial strength ratings of Swiss Reinsurance Co. Ltd., Swiss Re Corporate Solutions Ltd., Westport Insurance Corp., Swiss Re International SE, Swiss Reinsurance America Corp., Swiss Re Life & Health America Inc., Swiss Re Asia Pte. Ltd. and Swiss Re Europe SA. The Aa3 long-term issuer rating of Swiss Re Financial Products Corp. was also affirmed. The companies are part of Swiss Re AG.

The rating of Swiss Reinsurance Co., Swiss Re's lead reinsurance entity, reflects its excellent market position and extensive diversification by geography and line of business, very strong capital adequacy and good reserve adequacy, according to Moody's.

Swiss Re Corporate Solutions, Swiss Re Life & Health America and Swiss Reinsurance America's ratings reflect their A2 stand-alone profile and two notches of support from Swiss Re, the rating agency said.

Middle East and Africa

Fitch Ratings affirmed the AAA(zaf) national long-term ratings and national insurer financial strength ratings of Santam Ltd., Sanlam Developing Markets Ltd. and Sanlam Life Insurance Ltd.

The AA+(zaf) national long-term rating of Sanlam Ltd., Sanlam Life's parent and the ultimate holding company of the Sanlam group, was also affirmed. The outlook of all ratings is stable.

The ratings of Sanlam still reflect its strong business profile and very strong capitalization and operating performance, according to Fitch.

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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