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 assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Cerity Insurance Co., previously licensed as PartnerRe Insurance Co. of New York. The outlook assigned to these ratings is positive.
Also, A.M. Best withdrew the financial strength rating of A- and the long-term issuer credit rating of "a-" of PartnerRe Insurance Co. of New York. At the time of withdrawal, the ratings were under review with developing implications.
The ratings of Cerity reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The company became a wholly owned subsidiary of Employers Holdings Inc. in July.
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S&P Global Ratings affirmed the A+ insurer financial strength and long-term issuer credit ratings of HealthPartners Inc.
The outlook is stable, reflecting the rating agency's expectation that the company will sustain its leading market position in its core service area.
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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit rating of The Standard Club Ltd. and its core subsidiaries.
The outlook is stable, taking into account the rating agency's view that the company will sustain its capital position and enhance its underwriting performance over the rating horizon.
Europe
Fitch Ratings affirmed the A insurer financial strength rating of Volkswohl Bund Lebensversicherung AG. The outlook is stable.
The action considers the company's strong capitalization, business profile and asset/liability management.
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S&P Global Ratings affirmed the AA and A- long-term insurer financial strength and issuer credit ratings of Caisse Centrale de Réassurance SA and CCR Re SA, respectively.
The outlook on Caisse Centrale de Réassurance is stable, reflecting that on France and the rating agency's expectation that the insurer will preserve its critical role and integral link with the French government for at least the next 24 months.
The outlook on CCR Re is positive, indicating a possible ratings upgrade if the insurer sustains its enhanced operating performance without deterioration in the stand-alone credit profile, S&P Global Ratings said.
Middle East and Africa
S&P Global Ratings affirmed the A long-term issuer credit and insurer financial strength ratings of Orient Insurance PJSC.
The outlook is stable, recognizing the rating agency's view that the insurer will retain its position as a top-tier insurer in the United Arab Emirates with above-market-average profitability and AAA capital adequacy over the next two years.
Asia-Pacific
Fitch affirmed the BBB+ insurer financial strength rating of Pacific & Orient Insurance Co. Bhd. The outlook is stable.
The company's rating reflects its strong capitalization and financial performance, moderately weak business profile, and the struggles it faces in managing potential volatility in its underwriting performance due to its focus on the motor business.
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Moody's affirmed the A2 long-term issuer rating of AIA Group Ltd., and the Aa2 insurance financial strength ratings of AIA Co. Ltd. and AIA International Ltd. The outlook was maintained at stable.
The affirmation of AIA Group's rating comes after Moody's revision of the outlook of Hong Kong's Aa2 ratings to negative from stable on Sept. 16. The company's rating takes into account its very limited exposure to the sovereign bonds of Hong Kong, since the vast majority of policies sold in Hong Kong are U.S. dollar-denominated, according to Moody's.
The rating agency anticipates that AIA Group will continue to achieve strong earnings and capital generation, although there is the risk of slower economic growth and uncertainties over consumer sentiment amid the ongoing protests in Hong Kong, as well as the possible significant drop in business flows from Chinese visitors and domestic segments in the coming quarters.
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S&P Global Ratings affirmed the A local currency long-term financial strength and issuer credit ratings of Asia Insurance Co. Ltd.
The outlook is stable, mirroring the rating agency's view that the insurer will keep its current capital and earnings, as well as its strong competitive position in its country's nonlife insurance market, over the next two years.
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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