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Insurance ratings actions: DBRS confirms Co-operators Financial Services, unit

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Insurance ratings actions: DBRS confirms Co-operators Financial Services, unit

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.

Multiline

DBRS confirmed the issuer rating and senior unsecured debentures of Co-operators Financial Services Ltd. at BBB.

All trends are stable, reflecting the company's conservative risk management, strong capital position and good strategic initiatives, the rating agency said.

The confirmation reflects the financial strength rating of A (low) for the company's subsidiary, Co-operators General Insurance Co.

DBRS confirmed the financial strength rating of A (low) to Co-operators General Insurance in a separate rating action.

The trend is stable for Co-operators General Insurance, reflecting excellent liquidity, a good capital solvency position and an expectation of a modest improvement in the company's earnings.

The ratings benefit from the company's conservative risk profile, good capitalization and excellent liquidity, DBRS said.

Property and casualty

A.M. Best downgraded the financial strength rating to B- (fair) from B (fair) and the long-term issuer credit rating to "bb-" from "bb" of West Virginia National Auto Insurance Co.

The outlooks are negative.

Concurrently, A.M. Best withdrew the ratings as the company no longer wants to participate in the A.M. Best ratings process.

The ratings and outlooks reflect the company's weak balance sheet strength, marginal operating performance, limited business profile and marginal enterprise risk management, according to the rating agency.

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A.M. Best affirmed the long-term issuer credit rating of "cc" of First Acceptance Corp.

At the same time A.M. Best affirmed the financial strength rating of C++ (marginal) and the long-term issuer credit rating of "b" for the company's subsidiaries First Acceptance Insurance Co. Inc., First Acceptance Insurance Co. of Georgia Inc. and First Acceptance Insurance Co. of Tennessee Inc.

The outlooks remain negative.

The ratings reflect First Acceptance Group's weak balance sheet strength, marginal operating performance, limited business profile and marginal enterprise risk management, the rating agency said.

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Moody's affirmed the insurance financial strength ratings at A1 of Everest Reinsurance (Bermuda) Ltd. and Everest Reinsurance Co.

The agency also affirmed Everest Reinsurance Holdings Inc.'s senior unsecured debt at Baa1.

The companies are subsidiaries of Everest Re Group Ltd.

The outlook remains stable, reflecting Moody's expectation that Everest Re will generate positive net income for the year despite a $102 million net loss for the first nine months of 2017.

Moody's said the ratings affirmation reflects Everest Re's established presence in the global reinsurance market; well-diversified business profile; low fixed expense ratio; access to retrocessional capacity from its third-party provider, Mt. Logan; and conservative financial leverage.