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Insurance ratings actions: S&P upgrades Confie Seguros

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 Coface North America Insurance Co.

The outlook assigned to these ratings is stable.

The ratings reflect the company's very strong balance sheet, adequate operating performance, favorable business profile and appropriate enterprise risk management. The ratings factor in the company's strategic importance to Coface SA, as the group's sole vehicle to access the large North American market.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a+" of De Pere, Wis.-based IDS Property Casualty Insurance Co. and its wholly owned, fully reinsured subsidiary Ameriprise Insurance Co.

The outlook of these ratings is stable.

The ratings reflect the companies' very strong balance sheet, marginal operating performance, limited business profiles and appropriate enterprise risk management.

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Fitch Ratings affirmed the A insurer financial strength ratings of Bermuda-based Global Atlantic Financial Group Ltd.'s life insurance operating subsidiaries.

The subsidiaries are Commonwealth Annuity and Life Insurance Co., Forethought Life Insurance Co., Accordia Life and Annuity Co., First Allmerica Financial Life Insurance Co. and Global Atlantic Re Ltd.

Fitch also affirmed the long-term issuer default ratings of Global Atlantic (Fin) Co. and Commonwealth Re Midco Ltd. at BBB+. The outlook is stable.

The agency said Global Atlantic's business and financial profile remains within rating expectations. The company has enjoyed a "strong" business profile and "strong and relatively consistent" operating performance over the last four years, according to Fitch.

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S&P Global Ratings upgraded the long-term issuer credit rating on Huntington Beach, Calif.-based Confie Seguros Holding Co. to B- from CCC.

The rating was also removed from CreditWatch with developing implications, where it was initially placed May 25, upon the company's announcement that it will refinance its current second-lien credit facility. The outlook is stable.

S&P said the company addressed the refinancing risk from its significant debt maturities, as well as covenant tightness and elevated leverage. The agency also said it sees a "cleaner" capital structure, as it expects upcoming maturities to be addressed, eliminating near-term refinancing concerns.

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S&P affirmed the B long-term issuer credit rating on Lake Mary, Fla.-based AssuredPartners Inc. with a stable outlook.

The action was taken after the company said it is issuing a $220 million add-on due October 2024 to its $1.73 billion first-lien term loan.

S&P expects AssuredPartners' credit metrics to display very limited change over the next 12 months, with "modest" deleveraging not ruled out, because of improved cash flow from increased operational scale.

Europe

Fitch affirmed the A insurer financial strength ratings and the A- long-term issuer default ratings of Germany-based Gothaer Allgemeine Versicherung AG and Gothaer Lebensversicherung AG.

The outlooks are stable.

The agency noted the companies' "strong and resilient" capitalization, "strong" financial performance and "well-diversified" business mix.

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Fitch affirmed the A+ insurer financial strength rating of German life insurer Lebensversicherung von 1871 aG München, with a stable outlook.

The affirmation was based on the insurer's "very strong" capitalization, "strong" asset and liability management and "moderate" business profile.

Asia-Pacific

Fitch affirmed the BBB+ insurer financial strength rating and the BBB long-term issuer default rating of South Korea-based Heungkuk Life Insurance Co. Ltd.

The outlooks on both ratings are stable.

The company enjoys a "good" business profile, capitalization and financial performance, Fitch said.

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Moody's affirmed the A1 insurance financial strength rating of Sompo Japan Nipponkoa Insurance Inc. with a stable outlook.

The agency noted the company's "very strong" market position and brand, "strong" capitalization and low product risk, especially in its domestic portfolio.

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 feature can be found here and here.

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