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Insurance ratings actions: S&P acts on Centene; Fitch affirms Hiscox

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Insurance ratings actions: S&P acts on Centene; Fitch affirms Hiscox

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 assigned a financial strength rating of B and long-term issuer credit rating of "bb" to American Transportation Group Insurance Risk Retention Group Inc. The outlook assigned to these credit ratings is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as weak, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the BB+ issuer credit rating of Centene Corp. and the BBB+ financial strength rating of its insurance operating companies.

The outlook is positive, reflecting the likelihood that the agency could raise the ratings by one notch. The upgrade could come within the next 12 months if Centene remains committed to its long-term leverage target of 40%; capitalization is redundant near the BBB level; and operating performance remains stable.

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Fitch Ratings affirmed the A- long-term issuer default ratings of Hiscox Ltd. and Hiscox PLC.

In addition, the agency affirmed the A+ insurer financial strength ratings of Hiscox Insurance Co. (Bermuda) Ltd., Hiscox Insurance Co. Ltd. and Hiscox Insurance Co. (Guernsey) Ltd.

The outlooks on all ratings are stable.

The affirmation reflects Hiscox's strong business profile, very strong capitalization and financial performance, and conservative approach to reserving.

Europe

S&P Global Ratings affirmed the BBB+ long-term insurer financial strength and issuer credit ratings of The Shipowners' Mutual Strike Insurance Association Europe.

The outlook is stable, which reflects that on the parent, Standard Club, and the agency's expectation that it will support The Shipowners' Mutual Strike Insurance operations over the next 12 to 24 months.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of West of England Mutual Insurance Association.

The outlook is stable, which reflects the agency's view that the company will sustain excellent capitalization over the next two years despite narrowing margins.

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S&P Global Ratings assigned the BB long-term insurer financial strength and issuer credit ratings to Life Insurance Company Nomad Life JSC.

The outlook is stable.

At the same time, the agency also assigned a national scale rating of 'kzAA-' to the company.

The ratings reflect the agency's view of Nomad Life's leading position in the Kazakhstan life insurance market, and its good operating performance over the past five years.

The stable outlook reflects the agency's expectation that Nomad Life will maintain its solid competitive position in the Kazakhstan life market in the next 12 months and will continue to have a satisfactory capital position.

Middle East and Africa

S&P Global Ratings affirmed the A long-term issuer credit and financial strength ratings of AIG MEA Ltd.

The agency also revised the outlook to stable from negative, which reflects the fundamental credit improvements at the company and the agency's future expectation for the business. The change in outlook also mirrors improvements in the company's asset quality and competitive position.

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Moody's affirmed the Aa3 insurance financial strength rating of Islamic Corp. for the Insurance of Investment and Export Credit. The outlook is maintained at stable.

The affirmation reflects the company's stand-alone fundamentals as well as the support stemming from its shareholders, the Islamic Development Bank and multiple sovereigns.

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Fitch affirmed the B insurer financial strength rating of Nova Sociedade de Seguros de Angola SA. The outlook is negative.

The rating reflects Nova Sociedade de Seguros' investment exposure to sovereign risk and domestic banks, small operating scale, as well as a weak operating environment.

Asia-Pacific

S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of Westpac Life-NZ-Ltd. The outlook is stable.

The affirmation is based on the company's strong stand-alone credit characteristics, with one notch of rating support as a strategically important subsidiary to its ultimate parent, Westpac Banking Corp.

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S&P Global Ratings affirmed the A+ long-term insurer financial strength and issuer credit ratings of Westpac Life Insurance Services Ltd. The outlook is stable.

The ratings reflect the agency's assessment of the insurer's strong operating performance, solid mid-tier market position and robust capital adequacy.

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.

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