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Insurance ratings actions: Moody's acts on Legal & General Insurance

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.

Europe

Fitch Ratings withdrew the A insurer financial strength ratings of Adriatic Slovenica d.d. The outlook was negative before the withdrawal.

The ratings action follows the company's merger with Generali Zavarovalnica d.d., which was completed in February 2019. Fitch considers Generali Zavarovalnica as a core subsidiary of Generali.

Adriatic Slovenica ceased to exist as of Jan. 3, according to the rating agency.

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Moody's upgraded the insurance financial strength rating to A1 from A2 of Legal & General Insurance Ltd. The outlook was revised to stable from rating under review.

The rating agency also subsequently withdrew the company's ratings following its merger into LV General Insurance Group, which is wholly owned by Allianz Group.

The upgrade reflects the rating agency's expectation that Legal & General Insurance will benefit from Allianz's ownership. The combined entity will also benefit from a stronger position in the U.K. nonlife insurance market and improved business diversification after the merger, according to Moody's.

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S&P Global Ratings affirmed the A- global scale financial strength and issuer credit local currency ratings of Kot Insurance Co. AG.

The outlook remains negative, reflecting the outlook of Petróleos Mexicanos SA de CV. The rating agency considers Kot Insurance as a core subsidiary of state-owned Petroleos Mexicanos.

The negative outlook of its parent follows the outlook on Mexico, which reflects the risk related to mixed signals from key government policies and perceptions of increased discretion in policy implementation, according to the rating agency.

Asia-Pacific

S&P Global Ratings withdrew the AA- long-term local currency financial strength rating of AIA International Ltd. New Zealand Branch.

The ratings action follows the transfer of the company's assets, liabilities and insurance businesses to AIA New Zealand Ltd., effective Jan. 1.

AIA New Zealand is wholly owned by AIA International Ltd.

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.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.