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 revised the outlooks to positive from stable and affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of AAA Life Insurance Co., AAA Life Insurance Co. of New York and AAA Life's affiliates, Auto Club Life Insurance Co., Automobile Club of Southern California Life Insurance Co., AAA Life Re Ltd. and Pacific Beacon Life Reassurance Inc.
The ratings reflect the strong brand name recognition of the American Automobile Association Inc., as well as access to its large automobile club member base, diversified distribution and financial resources.
The positive outlooks reflect operating results that consistently have been positive on a GAAP basis and are trending favorably on a statutory basis, A.M. Best said.
A.M. Best affirmed the long term issuer credit ratings of "bbb+" and the long-term and short-term issue credit ratings of UnitedHealth Group Inc.
Additionally, A.M. Best upgraded the financial strength rating to A from A- and long term issuer credit rating to "a" from "a-" for Neighborhood Health Partnership Inc.
The outlook of these ratings is stable.
A.M. Best also affirmed the financial strength rating of A- and long term issuer credit rating of "a-" for Harken Health Insurance Co. with a stable outlook. Concurrently, A.M. Best withdrew the rating of Harken Health at the request of its parent, UnitedHealth Group.
In addition, the rating agency affirmed the financial strength ratings of A and the long term issuer credit ratings of "a" for the majority of the insurance subsidiaries of UnitedHealth Group.
The subsidiaries include UnitedHealthcare Insurance Co., UnitedHealthcare Life Insurance Co., UnitedHealthcare Insurance Co. of Illinois, UnitedHealthcare Insurance Co. of New York, Unimerica Insurance Co., Unimerica Life Insurance Co. of New York, Golden Rule Insurance Co., All Savers Insurance Co., MAMSI Life & Health Insurance Co., MD-Individual Practice Association Inc., Optimum Choice Inc., Oxford Health Insurance Inc., Oxford Health Plans (CT) Inc., Oxford Health Plans (NJ) Inc., Oxford Health Plans (NY) Inc., PacifiCare of Arizona Inc., PacifiCare of Colorado Inc., PacifiCare of Nevada Inc., Physicians Health Choice of Texas LLC, UHC of California, UnitedHealthcare Benefits of Texas Inc., UnitedHealthcare Insurance Co. of the River Valley, UnitedHealthcare Plan of the River Valley Inc., UnitedHealthcare of Alabama Inc., UnitedHealthcare of Arizona Inc., UnitedHealthcare of Arkansas Inc., UnitedHealthcare of Colorado Inc., UnitedHealthcare of Florida Inc., UnitedHealthcare of Georgia Inc., UnitedHealthcare of Illinois Inc., UnitedHealthcare of Kentucky Ltd., UnitedHealthcare of Louisiana Inc., UnitedHealthcare of the Mid-Atlantic Inc., UnitedHealthcare of the Midlands Inc., UnitedHealthcare of the Midwest Inc., United HealthCare of Mississippi Inc., UnitedHealthcare of New England Inc., UnitedHealthcare of New York Inc., UnitedHealthcare of North Carolina Inc., UnitedHealthcare of Ohio Inc., UnitedHealthcare of Oklahoma Inc., UnitedHealthcare of Oregon Inc., UnitedHealthcare of Pennsylvania Inc., UnitedHealthcare of Texas Inc., UnitedHealthcare of Utah Inc., UnitedHealthcare of Washington Inc., UnitedHealthcare of Wisconsin Inc., Health Plan of Nevada Inc., Sierra Health & Life Insurance Co. Inc., AmeriChoice of New Jersey Inc., UnitedHealthcare Community Plan Inc. and UnitedHealthcare Community Plan of Ohio Inc.
The financial strength ratings of A- and the long-term issuer credit ratings of "a-" were affirmed with a stable outlook for Dental Benefit Providers of California Inc., Nevada Pacific Dental Inc. and National Pacific Dental Inc.
The affirmations of the ratings reflect UnitedHealthcare's solid market presence, consistent top line growth, diversified premium revenue and strong earnings, A.M. Best said.
S&P Global Ratings affirmed its BB long-term counterparty credit and senior unsecured debt ratings on Molina Healthcare Inc. and revised the outlook to negative from stable.
The outlook revision is based on S&P's view that Molina will significantly underperform in full year 2017 compared with the agency's original expectations since the company is facing several issues such as previous management's strategic missteps, Affordable Care Act exchange business underperformance and core operating process inefficiencies.
The company also faces other risks such as upcoming contract renewals and continued payment of the Affordable Care Act cost-sharing subsidies, S&P added.
The negative outlook indicates that the rating agency could lower the rating by one notch during the next two years if the company is unable to strengthen its management team, improve its core operations and turn around its earnings trajectory.
Property and casualty
A.M. Best upgraded the long-term issuer credit ratings to "aa" from "aa-" and affirmed the financial strength ratings of A+ of Allianz SE and its subsidiaries.
The outlook of the long-term issuer credit ratings was revised to stable from positive while the outlook of the financial strength rating remains stable.
The subsidiaries are Allianz Global Corporate & Specialty SE, Allianz SpA, Allianz Risk Transfer AG, Allianz Risk Transfer (Bermuda) Ltd., AWP P&C SA, Jefferson Insurance Co., AWP Health & Life SA, Allianz Global Risks US Insurance Co., Allianz Underwriters Insurance Co., AGCS Marine Insurance Co., American Automobile Insurance Co., National Surety Corp., American Insurance Co., Associated Indemnity Corp., Chicago Insurance Co., Fireman's Fund Insurance Co., Fireman's Fund Indemnity Corp., Fireman's Fund Insurance Co. of Hawaii Inc., Interstate Fire & Casualty Co., Allianz Life Insurance Co. of North America and Allianz Life Insurance Co. of New York.
A.M. Best said the upgrades reflect Allianz's strong financial performance, coupled with an excellent level of risk-adjusted capitalization, despite adverse economic conditions in recent years.
Additionally, the financial strength rating was upgraded to A+ from A and the long-term issuer credit rating was upgraded to "aa" from "a" for Allianz Global Corporate & Specialty Resseguros Brasil SA. The upgrades are based on the full integration of the company into the group through common management, enterprise risk management, reinsurance and capital support, the agency said.
A.M. Best also affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa-" of Euler Hermes North America Insurance Co.
The outlook is stable.
A.M. Best upgraded the financial strength rating to B++ from B+ and the long-term issuer credit rating to "bbb" from "bbb-" of Aventus Insurance Co.
The outlook was revised to stable from positive.
The upgrades reflect Aventus' improved profitability and more consistent operating results in recent years, the agency said.
A.M. Best downgraded the financial strength rating to B- from B and the long-term issuer credit rating to "bb-" from "bb" of American Resources Insurance Co. Inc.
The outlook remains negative.
The agency said the negative rating actions reflect the further weakening of the company's balance sheet, its ongoing unfavorable operating performance and historical inability to execute effective risk management practices.
The negative outlook reflects A.M. Best's opinion that the company's balance sheet will continue to weaken in 2017 due to further loss of surplus from operations.
A.M. Best revised the outlooks to positive from stable and affirmed the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of International General Insurance Co. Ltd. and International General Insurance Co. (UK) Ltd.
A.M. Best also revised the outlook to positive from stable and affirmed the long-term issuer credit rating of "bbb-" of International General Insurance Holdings Ltd.
The revised outlooks reflect International General Insurance's consistent record of excellent operating performance and the continuous improvement in its enterprise risk management framework.
The ratings of International General Insurance reflects its excellent risk-adjusted capitalization and diversified business profile, the rating agency said. The ratings of International General Insurance Co. (UK) reflect its strategic importance to International General Insurance.
A.M. Best revised the outlooks to positive from stable and affirmed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of CAMICO Mutual Insurance Co.
The revised outlooks to positive reflect CAMICO's consistent organic surplus growth in recent years along with A.M. Best's expectations that the company will continue to demonstrate sustained improvement in operating results over the near term.
The ratings reflect CAMICO's solid risk-adjusted capitalization and expertise in the accounting professional liability market, A.M. Best said.
A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of R.V.I. Guaranty Co. Ltd. and its subsidiary, R.V.I. America Insurance Co.
The outlook is stable.
The rating agency said the ratings reflect the companies' stable operating results, conservative investment strategy, strong business profile and adequate risk-adjusted capital.
Fitch Ratings affirmed insurer financial strength ratings A+ of Hiscox Insurance Co. Ltd., Hiscox Insurance Co. (Guernsey) Ltd. and Hiscox Insurance Co. (Bermuda) Ltd.
Fitch also affirmed the long-term issuer default ratings of Hiscox Plc and Hiscox Ltd. at A-.
The outlooks on all ratings are stable.
The rating affirmation reflects Hiscox's excellent capitalization and financial performance and its conservative approach to reserving, but the ratings are constrained by the group's modest absolute size and scale.
Fitch affirmed AEGON NV's primary North American life insurance subsidiaries' and Scottish Equitable Plc's insurer financial strength ratings at A+ and Aegon's long-term issuer default rating at A-.
AEGON's primary North American life insurance subsidiaries are Transamerica Advisors Life Insurance Co., Transamerica Financial Life Insurance Co., Transamerica Life Insurance Co. and Transamerica Premier Life Insurance Co.
The outlooks are stable.
Additionally, the short-term issuer strength rating have been affirmed of Transamerica Life Insurance and Transamerica Premier Life Insurance at F1.
Fitch said the ratings of Aegon continue to reflect its diversification by product range, distribution channel and geography, alongside its capital strength.
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