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Insurance ratings actions: A.M. Best upgrades Security Benefit Life

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Insurance ratings actions: A.M. Best upgrades Security Benefit Life

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 financial strength ratings to A- (excellent) from B++ (good) and the long-term issuer credit ratings to "a-" from "bbb+" of Security Benefit Life Insurance Co. and First Security Benefit Life Insurance & Annuity Co. of New York.

The outlook is stable.

The upgrades reflect the companies' strong balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb-" of Independence Holding Co.

Concurrently, A.M. Best affirmed the financial strength ratings of A- (excellent) and the long-term issuer credit ratings of "a-" of the company's subsidiaries Independence American Insurance Co., Madison National Life Insurance Co. Inc. and Standard Security Life Insurance Co. of New York.

The outlook is stable.

The ratings reflect the group's strongest balance sheet strength, adequate operating performance, limited business profile and adequate enterprise risk management.

Managed care

A.M. Best affirmed the financial strength ratings of B+ (good) and the long-term issuer credit ratings of "bbb-" of MVP Health Plan Inc., MVP Health Services Corp. and MVP Health Insurance Co.

The outlook is stable.

Concurrently, A.M. Best withdrew the ratings as the companies no longer want to participate in A.M. Best's rating process.

The ratings affirmations reflect MVP Group's adequate balance sheet strength, marginal operating performance, limited business profile and appropriate enterprise risk management.

Property and casualty

A.M. Best downgraded the financial strength ratings to A- (excellent) from A (excellent) and the long-term issuer credit ratings to "a-" from "a" of California Capital Insurance Co. and its subsidiaries Eagle West Insurance Co., Nevada Capital Insurance Co. and Monterey Insurance Co.

The outlook is stable.

The ratings actions reflect a material decline in Capital Insurance Group's capitalization, resulting from a downturn in underwriting results. The ratings also reflect Capital's strong balance sheet strength, marginal operating performance, neutral business profile and appropriate enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb+" of Markel Corp.

The rating agency also affirmed the financial strength ratings of A (excellent) and the long-term issuer credit ratings of "a+" of the members of the Markel North America Insurance Group. The members include Essentia Insurance Co., Evanston Insurance Co., FirstComp Insurance Co., Markel American Insurance Co., Markel Insurance Co. and Markel International Insurance Co. Ltd.

The agency further affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of "a" of Markel Bermuda Ltd. and its affiliates Alterra America Insurance Co. and Markel Global Reinsurance Co.

The outlook of the ratings is stable.

At the same time, A.M. Best removed from under review with positive implications and affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of "a" of SureTec Insurance Co. In addition, A.M. Best removed from under review with positive implications and upgraded the financial strength rating to A (excellent) from A- (excellent) and the long-term issuer credit rating to "a" from "a-" of SureTec Indemnity Co. The outlook assigned to the financial strength ratings is stable, while the assigned outlook of the long-term issuer credit ratings is positive.

Concurrently, A.M. Best affirmed the long-term issuer credit rating of "bbb" of State National Cos. Inc. The outlook of the rating is positive.

Subsequently, A.M. Best withdrew the long-term issuer credit rating of "bbb" of State National as it is no longer the publicly traded ultimate parent of a rated entity as a result of its acquisition by Markel.

The ratings of the entities reflect their strongest balance sheet strength, adequate operating performance, favorable business profile and appropriate enterprise risk management, A.M. Best said.

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A.M. Best removed from under review with negative implications and affirmed the financial strength ratings of A (excellent) and the long-term issuer credit ratings of "a+" of Allied World Assurance Co. Ltd. and its operating affiliates Vantapro Specialty Insurance Co., Allied World Surplus Lines Insurance Co., Allied World Assurance Co. (U.S.) Inc., Allied World National Assurance Co., Allied World Specialty Insurance Co., Allied World Insurance Co. and Allied World Assurance (Europe) Designated Activity Co.

Concurrently, A.M. Best removed from under review with negative implications and affirmed the long-term issuer credit ratings of "bbb+" of the ultimate parent, Allied World Assurance Co. Holdings GmbH, and its downstream holding company Allied World Assurance Co. Holdings Ltd.

A.M. Best also affirmed the long-term issue credit rating of "bbb+" of Allied World Holdings Bermuda.

The outlook is stable.

The rating agency also assigned a financial strength rating of A (excellent) and a long-term issue credit rating of "a+" to Vault E&S Insurance Co. with a stable outlook.

Allied World's ratings reflect its strongest balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management, the rating agency said.

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A.M. Best assigned financial strength ratings of A (excellent) and long-term issuer credit ratings of "a" to TDC Special Risk Insurance Co. and Doctors Co. Risk Retention Group A Reciprocal Exchange, newly added members of the Doctors Co. Insurance Group.

The outlook assigned to the entities is stable.

Additionally, A.M. Best affirmed the financial strength ratings of A (excellent) and long-term issuer credit ratings of "a" of Doctors Co. An Interinsurance Exchange and its subsidiary TDC Specialty Insurance Co.

The outlook of the ratings is stable.

The ratings of Doctors Co. An Interinsurance Exchange are being extended to TDC Special Risk Insurance and Doctors Co. Risk Retention Group, a Reciprocal Exchange, due to their specific roles within the organization.

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A.M. Best affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of "bbb+" of Echelon Insurance.

The agency also affirmed the financial strength rating of B++ (good) and the long-term issuer credit rating of "bbb" of Insurance Co. of Prince Edward Island.

Concurrently, A.M. Best affirmed the long-term issuer credit rating of "bb+" of the parent company, Echelon Financial Holdings Inc.

The outlook of the ratings is stable.

The ratings of Echelon reflect its strong balance sheet strength, marginal operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of Insurance Co. of Prince Edward Island reflect its adequate balance sheet strength, adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best revised the outlooks to positive from stable and affirmed the financial strength rating of B+ (good) and the long-term issuer credit rating of "bbb-" of Missouri Valley Mutual Insurance Co.

The ratings reflect Missouri Valley's adequate balance sheet strength, adequate operating performance, limited business profile and appropriate enterprise risk management.

The changes in outlooks also reflect Missouri Valley's recently improved underwriting performance relative to earlier years, reasonable surplus growth over the past five years and risk-adjusted capitalization maintained at the strongest level, the rating agency said.