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Insurance ratings actions: S&P affirms Fidelity National

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 downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a" of Indiana-based Brotherhood Mutual Insurance Co. Inc.

The outlook of these credit ratings is stable.

The ratings reflect the company's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings actions reflect deterioration in the company's overall balance sheet strength due to a decline in its risk-adjusted capitalization and the instability of its loss reserves following a significant increase in net carried reserves in the third quarter of 2018.

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A.M. Best placed the financial strength rating of B+ and the long-term issuer credit rating of "bbb-" of Arkansas-based QCA Health Plan Inc. under review with positive implications.

The credit ratings action follows the announcement that the company has agreed to an acquisition by Centene Corp. The transaction is subject to regulatory approval and is expected to close in early 2019.

The under review with positive implications status reflects the potential financial and operational benefits that QCA Health Plan can realize if it becomes a subsidiary of Centene.

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Fitch Ratings placed several North American insurance companies' ratings under criteria observation after it revised its global master insurance criteria.

Aflac Inc..'s long-term issuer default rating of A was placed under criteria observation.

The A+ insurer financial strength ratings of American Family Life Assurance Co. of Columbus (Aflac), American Family Life Assurance Co. of New York and Aflac Life Insurance Japan Ltd. were placed under criteria observation.

Oregon-based StanCorp Financial Group Inc.'s long-term issuer default rating of A- was placed under criteria observation.

The insurer financial strength ratings of A of Oregon's Standard Insurance Co. and Standard Life Insurance Co. of New York were placed under criteria observation.

The A- long-term issuer default rating of Washington's Symetra Financial Corp. was placed under criteria observation.

The insurer financial strength ratings of A of Washington-based Symetra Life Insurance Co. and First Symetra National Life Insurance Co. of New York were also placed under criteria observation.

The outlook of all of these ratings is stable.

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S&P Global Ratings affirmed its BBB long-term issuer credit rating on Fidelity National Financial Inc. The A financial strength ratings on the company's operating title insurance subsidiaries were also affirmed.

The outlook of these ratings is stable.

The ratings reflect Fidelity National's strong business risk profile and strong financial risk profile. The rating agency said the company's leading market position and operating performance metrics were the basis for the financial strength rating of A.

The outlook reflects S&P's expectation that Fidelity National will maintain its strong competitive position and very strong capital adequacy.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Taipei-based South China Insurance Co. Ltd.

The outlook of these credit ratings is stable.

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

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this feature can be found here.

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