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Insurance ratings actions, Jan. 24


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Insurance ratings actions, Jan. 24

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.


A.M. Best affirmed the B++ financial strength rating and the long-term issuer credit rating of "bbb" of Wolverine Mutual Insurance Co. and revised the outlook to positive from stable for the company's long-term issuer credit rating.

The outlook of the financial strength rating remains stable.

The positive outlook on the long-term issuer credit rating reflects the company's strengthening risk-adjusted capitalization and underwriting initiatives of the past several years resulting in a favorable trend in Wolverine's operating performance, A.M. Best said.


Fitch placed the A- long-term issuer default rating of American International Group Inc., AIG International Inc. and AIG Life Holdings Inc. on Rating Watch Negative.

The rating agency also placed the A insurer financial strength rating of American Home Assurance Co., AIU Insurance Co., AIG Assurance Co., AIG Europe Ltd., AIG Property Casualty Co., AIG Specialty Insurance Co., Commerce & Industry Insurance Co., Granite State Insurance Co., Illinois National Insurance Co., Insurance Co. of the State of Pennsylvania, Lexington Insurance Co., National Union Fire Insurance Co. of Pittsburgh Pa. and New Hampshire Insurance Co. on Rating Watch Negative.

The placement of AIG and its units' ratings under Rating Watch Negative follows AIG's announcement that it expects to report a material prior-year adverse reserve development charge in the fourth quarter of 2016. Fitch's Negative Rating Watch reflects the material adverse development charges that will be announced with the release of the fourth-quarter 2016 results and uncertainty around the magnitude.


Moody's has affirmed the Baa2 senior debt ratings for Markel Corp.

The rating agency also affirmed the Baa2 guaranteed senior unsecured debt ratings for Alterra Finance LLC and Alterra USA Holdings Ltd., and the Baa2 long-term issuer rating of Alterra Capital Holdings Ltd.

Further, Moody's affirmed the A2 insurance financial strength ratings of Evanston Insurance Co., Markel Insurance Co., Markel American Insurance Co., Essentia Insurance Co. and Markel Bermuda Ltd.

The outlook for the ratings is stable.

Moody's said Markel's ratings reflect the group's scale and market presence in the specialty and excess and surplus markets, a diversified mix of specialty insurance and reinsurance, relatively good risk-adjusted capitalization, and a prudent approach to reserving.