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Insurance ratings actions: Fitch assigns ratings to W. R. Berkley subsidiaries

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.

U.S. and Canada

A.M. Best affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of Florida Farm Bureau Casualty Insurance Co. and fully reinsured subsidiary Florida Farm Bureau General Insurance Co. The outlook was revised to negative from stable.

The ratings reflect the companies' balance sheet strength, which A.M. Best categorizes as very strong, as well as their adequate operating performance, limited business profile and appropriate enterprise risk management.

The revised outlook considers the downturn in operating performance in recent years, which has placed pressure on the current assessment of adequate, A.M. Best said.

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A.M. Best affirmed the long-term issuer credit rating of "bbb" of First American Financial Corp. and assigned a financial strength rating of A and a long-term issuer credit rating of "a" to Malta-based First European Title Insurance Co. Ltd.

The rating agency also affirmed the financial strength ratings of A and the long-term issuer credit ratings of "a" of First American Financial title subsidiaries First American Title Insurance Co. First American Title Insurance Company of Australia Pty. Ltd., First American Title Insurance Co. of Louisiana, First Title Insurance PLC and Ohio Bar Title Insurance Co., as well as property and casualty subsidiaries First American Property & Casualty Insurance Co. and First American Specialty Insurance Co.

The outlook of all ratings is stable.

The ratings of the title subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of the P&C subsidiaries reflect their balance sheet strength, which A.M. Best categorizes as very strong, as well as their marginal operating performance, neutral business profile and appropriate enterprise risk management.

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DBRS upgraded to A (high) from "A" the issuer rating of Sun Life Financial Inc.

The rating agency also raised Sun Life Assurance Co. of Canada's financial strength rating and issuer rating to AA from AA (low). The trends on all ratings are stable.

The upgrades acknowledge Sun Life Financial's enhanced franchise strength, the increasing diversification of earnings throughout its four core business segments, and its excellent capitalization, according to DBRS.

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Fitch Ratings published A+ insurer financial strength ratings for several W. R. Berkley Corp. insurance company subsidiaries.

The subsidiaries are Preferred Employers Insurance Co., Midwest Employers Casualty Co., Great Divide Insurance Co., Gemini Insurance Co., Key Risk Insurance Co., Clermont Insurance Co., Berkley Casualty Co., StarNet Insurance Co., Riverport Insurance Co. and Admiral Indemnity Co.

Fitch also assigned A+ insurer financial strength ratings to Berkley Assurance Co. and Intrepid Insurance Co.

The outlook of all ratings is stable.

The ratings reflect the companies' status as core companies within the W. R. Berkley organization.

Europe

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Nacional de Reaseguros SA. The outlook remains stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Marble Reinsurance Corp. The outlook is stable.

The ratings reflect Marble Re's balance sheet strength, which A.M. Best categorizes as strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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Moody's affirmed China-based PICC Property & Casualty Co. Ltd.'s A1 insurance financial strength rating. The outlook stays stable.

The affirmation takes into account the company's "a1" baseline credit assessment, Moody's expectation of a strong level of support when needed, and a moderate level of dependence with the Chinese government.

The rating mirrors PICC Property & Casualty's strong business and financial profile, Moody's said. The rating agency noted that majority of the company's invested assets and business operations are in China, offsetting its strengths.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.

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