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Insurance ratings actions: Fitch upgrades Sri Lanka Insurance

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Insurance ratings actions: Fitch upgrades Sri Lanka Insurance

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 financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of MutualAid eXchange and withdrew the ratings at the company's request to no longer participate in the rating agency's rating process. The outlook is stable.

The ratings reflect MutualAid's balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Kingstone Cos. Inc., as well as the financial strength rating of A- and the long-term issuer credit rating of "a-" of the company's subsidiary, Kingstone Insurance Co.

The outlook was revised to negative from stable. The revised outlook reflects Kingstone Insurance's recent deterioration in underwriting results, operating performance and policyholders' surplus, partly driven by execution issues from significant growth.

The affirmation of Kingstone Insurance's ratings reflects the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb+" of AMERISAFE Inc., and the financial strength ratings of A and the long-term issuer credit ratings of "a+" of the company's subsidiaries, American Interstate Insurance Co., Silver Oak Casualty Inc. and American Interstate Insurance Co. of Texas. The outlook is stable.

These ratings reflect the subsidiaries' balance sheet strength, which A.M. Best categorizes as strongest, as well as the group's strong operating performance, neutral business profile and appropriate enterprise risk management.

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Moody's confirmed the Aa3 insurance financial strength ratings of Great-West Life & Annuity Insurance Co. and its subsidiary, Great-West Life & Annuity Insurance Co. of New York. The issuer rating of A3 of GWL&A Financial Inc., Great-West Life & Annuity's U.S. holding company, was also confirmed.

The outlook of the ratings is now stable after Moody's completion of a review for downgrade that started Jan. 25.

The ratings action comes after Great-West Life & Annuity completed the sale of substantially all of its individual life insurance and annuity business to Protective Life Insurance Co.

The confirmation of Great-West Life & Annuity's rating was based on the financial strength and the anticipated capital support, if necessary, from its parent company, Great-West Lifeco Inc., as well as Great-West Life Assurance Co., Moody's said. The action was also took into account the company's own top position in the market for defined contribution pension record-keeping and administration services, according to Moody's.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Taipei-based Union Insurance Co. Ltd. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

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Fitch Ratings upgraded Sri Lanka Insurance Corp. Ltd.'s insurer financial strength rating to B+ from B and national insurer financial strength rating to AAA(lka) from AA+(lka). The outlook is stable.

The insurer financial strength rating was also removed from under criteria observation.

The upgrade comes after the revision of Fitch's global insurance rating criteria in January. The company's insurer financial strength rating was formerly capped by the sovereign constraint set at B, which is the long-term local currency issuer default rating of Sri Lanka.

The ratings action considers Sri Lanka Insurance's favorable business profile and good financial performance and capitalization that more than offset the company's high investment and asset risks, Fitch said.

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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