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Insurance ratings actions: S&P affirms AIG; A.M. Best affirms Kingstone

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 affirmed the financial strength ratings of A++ (Superior) and the long-term issuer credit ratings of "aa+" of Thrivent Financial for Lutherans and its subsidiary, Thrivent Life Insurance Co.

The outlook of these ratings is stable.

The ratings reflect Thrivent Financial's balance sheet, which the rating agency categorized as strongest, the company's strong operating performance, favorable business profile and very strong enterprise risk management.

The ratings also recognize Thrivent Financial's efforts in expanding its customer membership in the Christian community and the favorable persistency it enjoys due to its loyal membership base.

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Fitch Ratings affirmed the BBB+ long-term issuer default rating assigned to Reinsurance Group of America Inc. and the A insurer financial strength rating of its subsidiary, RGA Reinsurance Co.

The outlook is stable.

Fitch said the ratings were affirmed because the parent company continues to maintain its strong business profile as the largest provider of individual and group life reinsurance in North America and as one of the leading life and health reinsurers in the world. The ratings reflect the company's very strong long-term financial performance and earnings, strong risk-adjusted capitalization and strong liquidity. Reinsurance Group of America's ratings also consider its relatively high financial and operating leverage.

Multiline

S&P Global Ratings affirmed its A+ insurer financial strength rating and BBB+ long- and A-2 short-term issuer credit ratings on American International Group Inc., as well as its A+ rating on AIG's core subsidiaries.

The outlook remains negative, reflecting pressure on AIG's delivery on sustainable improvements in its operating fundamentals while retaining its competitive resilience.

The rating agency believes that the insurer will likely retain its multiline structure and focus on profitable growth. AIG's very strong capital and earnings have benefited from the diversity afforded by its property and casualty and life and retirement businesses. S&P does not have concerns regarding AIG's ability to retain at least AA capital adequacy.

Property and casualty

A.M. Best affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of Church Mutual Insurance Co. and its subsidiaries, CM Vantage Specialty Insurance Co. and CM Regent Insurance Co.

The outlook of the financial strength rating remains stable, while the outlook of the long-term issuer credit rating remains positive.

Concurrently, A.M. Best assigned a financial strength rating of A (Excellent) and a long-term issuer credit rating of "a" to CM Select Insurance Co. The outlook assigned to the financial strength rating is stable and the outlook assigned to the long-term issuer credit rating is positive.

The ratings of CM Select recognize a 100% quota share reinsurance agreement with the parent company.

The ratings of the group reflect its balance sheet, which was categorized as strongest, its adequate 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 Kingstone Cos. Inc.

The rating agency also affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of its subsidiary, Kingstone Insurance Co. Inc.

The outlook for these ratings is stable.

The ratings of Kingstone Insurance reflect its very strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of Aurigen Reinsurance Ltd.

The outlook for the long-term issuer credit rating was revised to stable from positive, while the outlook for the financial strength rating remains stable. Concurrently, A.M. Best withdrew the ratings as the company has requested to no longer participate in its rating process.

The ratings reflect Aurigen Reinsurance's balance sheet, which was categorized as strongest, its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The outlook for the long-term issuer credit rating was revised to stable based on the company's intention to merge with PartnerRe Life Reinsurance Co. of Bermuda Ltd., which will be the surviving entity.

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 news brief can be found here.

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