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Insurance ratings actions: Moody's assigns rating to Securian Financial Group

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Insurance ratings actions: Moody's assigns rating to Securian Financial Group

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

Moody's has assigned an A3 long-term issuer rating to Securian Financial Group Inc. with a stable outlook.

Moody's has also affirmed the Aa3 insurance financial strength ratings of its primary life and annuity operating companies, Minnesota Life Insurance Co. and Securian Life Insurance Co.

The outlook on all entities is stable.

The affirmation of Minnesota Life Insurance and Securian Life Insurance reflects their high-quality bond portfolio, outstanding and well-managed career agency force, Fitch said.

Securian Financial Group's issuer rating is three notches lower than the ratings of its operating companies, reflecting Moody's typical notching for an insurance holding company relative to its insurance operating subsidiaries.

Multiline

A.M. Best has affirmed the financial strength ratings of A (Excellent) and long-term issuer credit ratings of "a+" of the subsidiaries of Fairfax Financial Holdings Ltd. unit Odyssey Re Holdings Corp.

Concurrently, A.M. Best has affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of Wentworth Insurance Co. Ltd., along with the members of the Northbridge companies, the members of the Crum & Forster Insurance Group and the members of the Zenith National Insurance Group.

In addition, A.M. Best has affirmed the long-term issuer credit ratings of "bbb" of Fairfax Financial Holdings, Zenith National Insurance Corp. and Fairfax (US) Inc.

The outlook of these ratings is stable.

The ratings of Fairfax reflect its historically favorable, albeit variable levels of pretax operating and net income, supported by profitable underwriting performance of the insurance operations.

The ratings of units of Odyssey Re reflect their strongest balance sheet strength, strong operating performance, neutral business profile and adequate enterprise risk management.

The ratings of the Northbridge companies reflect the group's strongest balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of the members of Crum & Forster Insurance Group reflect its adequate balance sheet strength and operating performance, neutral business profile and appropriate enterprise risk management, the agency said.

The ratings of the members of Zenith National Insurance Group reflect their very strong balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of Wentworth reflect its strongest balance sheet strength, adequate operating performance, limited business profile and appropriate enterprise risk management, A.M. Best said.

Property and casualty

A.M. Best has removed from under review with negative implications and downgraded the long-term issuer credit rating to "a" from "a+" and affirmed the financial strength rating of A (Excellent) of Mutual Assurance Society of Virginia.

The ratings reflect the company's strongest balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management, A.M. Best said.

The outlook is stable, which reflects the rating agency's expectation that Mutual Assurance will maintain the strongest balance sheet strength level through demonstrated underwriting capabilities.

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A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the long-term issuer credit ratings to "a-" from "a+" of Baltimore Equitable Society.

The ratings reflect the company's very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

The outlook is stable, which reflects A.M. Best's expectation that the very strong balance sheet strength level will be maintained despite the inherent volatility in the investment portfolio due to elevated equity leverage.

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A.M. Best has revised the outlooks to stable from negative and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Allied Professionals Insurance Co. a Risk Retention Group Inc.

The ratings reflect the company's very strong balance sheet strength, adequate operating performance, limited business profile and appropriate enterprise risk management.

The revised outlooks are based on the company's improved operating and underwriting results, A.M. Best said.

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A.M. Best has revised the outlook to negative from stable and affirmed the long-term issuer credit rating of "bbb+" of ACMAT Corp.

A.M. Best also has revised the outlook to negative from stable for the long-term issuer credit rating and affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a+" of its wholly owned subsidiary, ACSTAR Insurance Co.

The outlook for the financial strength rating remains stable.

The ratings reflect ACSTAR Insurance's very strong 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 has placed under review with negative implications the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of American Sentinel Insurance Co.

The ratings actions follow the announcement on Feb. 14 that LD Investments LLC will acquire American Sentinel, a wholly owned subsidiary of Aegis Security Insurance.

The ratings will remain under review until the transaction closes, A.M. Best said.