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.
Life and health
A.M. Best has removed from under review with developing implications and affirmed the long-term issuer credit rating of "bbb-" of Hartford Life Inc., as well as its long-term issue credit ratings.
The agency also removed from under review with developing implications and affirmed the financial strength rating of B++ (Good) and the long-term issuer credit ratings of "bbb+" of Hartford Life Insurance Co. and Hartford Life and Annuity Insurance Co.
The outlooks on these ratings are stable.
A.M. Best took action after the recent close of the acquisition of the two companies by a group of investors.
The ratings reflect the two companies' very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.
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S&P Global Ratings affirmed its AA+ ratings on New York Life Insurance Co. and its core operating subsidiary, New York Life Insurance and Annuity Corp.
The outlook is stable.
The stable outlook on the parent company reflects S&P Global Ratings' expectation that it will maintain its "extremely strong" competitive position and financial risk profile.
Multiline
Moody's affirmed U.K.-based Saga PLC's Ba1 corporate family rating, with a stable outlook.
The rating reflects the group's "well-established and highly trusted affinity" brand that should continue to generate cross-selling opportunities and support customer retention rates, among others.
The stable outlook is based on Moody's expectation that Saga will continue to grow its customer numbers and maintain profitability and operating cash flows within its retail insurance broking and travel businesses, while controlling the risk profile within its underwriting portfolio, over the next 12 to 18 months.
Property and casualty
A.M. Best has removed from under review with negative implications and downgraded the long-term issuer credit rating to "c" from "b-" of Atlas Financial Holdings Inc.
The agency also removed from under review with negative implications and downgraded the financial strength rating to C (Weak) from B (Fair) and the long-term issuer credit ratings to "ccc" from "bb" of subsidiaries American Service Insurance Co. Inc., American Country Insurance Co. and Gateway Insurance Co.
Additionally, A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to C++ (Marginal) from B+ (Good) and the long-term issuer credit rating to "b" from "bbb-" of another subsidiary, Global Liberty Insurance Co. of New York.
The outlook assigned to these ratings is negative.
The ratings of Atlas Financial and its three subsidiaries reflect their very weak balance sheet, marginal operating performance, neutral business profile and marginal enterprise risk management.
The ratings of Global Liberty reflect its adequate balance sheet, marginal operating performance, limited business profile and marginal enterprise risk management.
The rating downgrades came after the significant reserve strengthening charge taken in the fourth quarter of 2017, primarily due to Michigan-related claims and non-New York Global Liberty business written prior to 2016.
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A.M. Best has revised the outlooks to positive from stable and affirmed the long-term issuer credit rating of "bbb+" of Bermuda-domiciled PartnerRe Ltd. and its existing long-term issue credit ratings.
The agency also revised the outlooks to positive from stable and affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of "a+" of subsidiaries Partner Reinsurance Co. Ltd., Partner Reinsurance Co. of the U.S., PartnerRe Ireland Insurance Designated Activity Co., Partner Reinsurance Europe SE and PartnerRe America Insurance Co.
Concurrently, A.M. Best has upgraded the long-term issuer credit rating to "a+" from "a" and affirmed the financial strength rating of A (Excellent) of PartnerRe Life Reinsurance Co. of Canada and Little Rock, Ark.-domiciled PartnerRe Life Reinsurance Co. of America.
The outlook of the financial strength rating has been revised to positive from stable, while the outlook of the long-term issuer credit rating remains positive.
The ratings reflect PartnerRe's balance sheet categorized as strongest, adequate operating performance, very favorable business profile and marginal enterprise risk management.
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A.M. Best has placed under review with negative implications the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of Garden City, N.Y.-domiciled MAPFRE Insurance Co. of New York.
The ratings action follows the announcement that MAPFRE NY will be acquired by Plymouth Rock Assurance Corp.
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A.M. Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Thailand-based Thaire Life Assurance PCL.
The outlook of these ratings is stable.
The ratings reflect Thaire Life's strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.
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Fitch Ratings has affirmed U.K.-based Admiral Group Plc's long-term issuer default rating at A and the insurer financial strength ratings of its main operating entities Admiral Insurance (Gibraltar) Ltd. and Admiral Insurance Co. Ltd. at A+ (Strong).
The outlook is stable.
The agency said the affirmation reflects Admiral's very strong financial performance and earnings, strong capitalization that benefits from significant use of co-insurance and reinsurance arrangements, leading position in the U.K. motor insurance market and prudent reserving practices.
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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