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Insurance ratings actions: A.M. Best downgrades Atlanta Life 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 upgraded the long-term issuer credit ratings to "a+" from "a" and affirmed the financial strength ratings of A of Queen City Assurance Inc. and Vine Court Assurance Inc.

The outlook is stable.

The ratings reflect the group's strongest balance sheet strength, its strong operating performance, neutral business profile and appropriate enterprise risk management, according to the rating agency.

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A.M. Best downgraded the financial strength rating to C+ from C++ and the long-term issuer credit rating to "b-" from "b+" of Atlanta Life Insurance Co.

The outlook of the financial strength rating has been revised to negative from stable, while the outlook of the long-term issuer credit rating remains negative.

Atlanta Life Insurance is the life insurance member of Atlanta Life Financial Group Inc.

The ratings are reflective of the company's adequate balance sheet strength, weak operating performance, very limited business profile and weak enterprise risk management.

The downgrades come after Atlanta Life Insurance posted significant operating losses in 2017 and 2018, A.M. Best added.

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A.M. Best downgraded the financial strength rating to C++ from B++ and the long-term issuer credit rating to "b" from "bbb+" of INTEGRAND Assurance Co.

The ratings remain under review with negative implications.

The rating downgrades reflect the company's weak balance sheet strength, its marginal operating performance, very limited business profile and marginal enterprise risk management, according to the rating agency.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit ratings of "aa-" of the operating subsidiaries of AXIS Capital Holdings Ltd.

The subsidiaries are AXIS Specialty Ltd., AXIS Re SE, AXIS Reinsurance Co., AXIS Specialty Europe SE, AXIS Surplus Insurance Co. and AXIS Insurance Co.

The ratings reflect AXIS Capital Holdings' strongest balance sheet strength, its strong operating performance, favorable business profile and appropriate enterprise risk management from the group's risk profile.

The outlook remains negative, which reflects concerns regarding the company's operating performance.

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A.M. Best placed under review with negative implications the financial strength rating of A- and the long-term issuer credit rating of "a-" of Canopius US Insurance Inc. and Canopius Reinsurance AG.

Both entities are wholly owned subsidiaries of Canopius AG.

The rating agency anticipates Canopius' consolidated year-end 2018 risk-adjusted capitalization to be significantly lower than previously anticipated, following worse-than-expected operating results for that year, the rating agency said.

Europe

A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of the insurance subsidiaries of Switzerland-based Starr International Co. Inc.

The actions apply to the members of the Starr International Group, Starr Insurance & Reinsurance Ltd., and Starr Property & Casualty Insurance (China) Co. Ltd.

The outlook for all ratings is stable.

A.M. Best said the ratings of Starr International Group and its members, which include Starr Indemnity & Liability Co., Starr Surplus Lines Insurance Co. and Starr Specialty Insurance Co., reflect their strongest balance sheet strength, their marginal operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of Starr Insurance & Reinsurance and its members, which include Starr International Insurance (Asia) Ltd., Starr International Insurance (Singapore) Pte. Ltd., Starr International (Europe) Ltd. and Starr Europe Insurance Ltd., reflect their balance sheet strength, marginal operating performance, favorable business profile and appropriate enterprise risk management.

Furthermore, Starr China's ratings reflect its very strong balance sheet strength, its adequate operating performance, limited business profile and appropriate enterprise risk management, the rating agency added.

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S&P Global Ratings withdrew its financial strength and issuer credit ratings on Mapfre Global Risks.

The outlook on the ratings at the time of the withdrawal was positive.

The withdrawal follows the Spanish Ministry of Economy and Finance's authorization on March 6 of the total spinoff of Mapfre Global Risks into MAPFRE RE Compañía de Reaseguros SA, MAPFRE España Compañia De Seguros Y Reaseguros SA and Mapfre Global Risk Agencia de Suscripción.

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Fitch Ratings also withdrew MAPFRE Global Risks' A+ insurer financial strength rating following the reorganization of the MAPFRE Group.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.

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