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Insurance ratings actions, Feb. 2

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Insurance ratings actions, Feb. 2

S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.

Life and health

A.M. Best upgraded the long-term issuer credit ratings to "bbb+" from "bbb" and affirmed the financial strength ratings of B++ of GPM Health & Life Insurance Co.

Concurrently, A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of GPM Health & Life Insurance's parent company, Government Personnel Mutual Life Insurance Co.

The outlook is stable.

A.M. Best said the upgrade of the long-term issuer credit rating reflects GPM Health & Life Insurance's improved stand-alone credit profile and the agency's view of the increasing strategic importance of the unit to its parent organization, given its functional integration within the organization, adequate and improving risk-adjusted capitalization, and improved capital quality after its acquisition, along with the recent decision to change the company's name from North Coast Life Insurance Co. and to more closely align its marketing efforts with the parent's strategy.

The ratings of the parent company reflect its government personnel and senior market niche, strong risk-adjusted capitalization and continued statutory operating profitability, A.M. Best said.

Property and casualty

A.M. Best has placed under review with negative implications the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Indemnity National Insurance Co.

The rating agency's action is based on the acquisition of 100% of Indemnity National Insurance's capital stock by KEWA US Inc.

The under review status reflects A.M. Best's concern about the uncertainty regarding the company's change of ownership and future operational and financial plans, which may have an impact on its future earnings.

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A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Queen City Assurance Inc. and Vine Court Assurance Inc.

The outlook is stable.

A.M. Best said the ratings are based on the companies' individual and combined profiles as single-parent captives of The Kroger Co. The ratings also are based on both captives' excellent risk-adjusted capitalization, substantial net income and underwriting profitability, growing capital base, conservative investments, and strong adherence to the parent's risk controls and overall risk culture, according to the rating agency.