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Insurance ratings actions, Dec. 22

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 rating of A- and the long-term issuer credit ratings of "a-" of Madison National Life Insurance Co. Inc., Standard Security Life Insurance Co. of New York and Independence American Insurance Co., all subsidiaries of Independence Holding Co.

Concurrently, A.M. Best has affirmed the long-term issuer credit rating of "bbb-" of Independence Holding.

The outlook for the ratings is stable.

The ratings of the core operating affiliates of Independence Holding reflect the group's more-than-adequate level of risk-adjusted capital, focus on diversified premium growth and continued profitability.

P&C

A.M. Best revised the outlooks to positive from stable and affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of the members of the Permanent General Insurance Group.

The members include Permanent General Assurance Corp. of Ohio, General Automobile Insurance Co. Inc. and Permanent General Assurance Corp.

Concurrently, A.M. Best has affirmed the financial strength rating of A and long-term issuer credit ratings of "a" of the members of the American Family Insurance Group, which is led by American Family Mutual Insurance Co. The members include American Family Insurance Co., American Standard Insurance Co. of Ohio, Midvale Indemnity Co., American Standard Insurance Co. of Wisconsin, Homesite Indemnity Co., Homesite Insurance Co. of California, Homesite Insurance Co. of Florida, Homesite Insurance Co. of Georgia, Homesite Insurance Co. of Illinois, Homesite Insurance Co. of New York, Homesite Insurance Co. of the Midwest, Homesite Insurance Co. and Homesite Lloyd's of Texas.

In addition, A.M. Best has affirmed the financial strength rating of A and the issuer credit rating of "a" of American Family Mutual Insurance's life insurance subsidiary, American Family Life Insurance Co.

The outlook for the ratings is stable.

A.M. Best said the ratings for Permanent General Insurance Group are based on the group's adequate risk-adjusted capitalization, implicit and explicit support from its parent company, good balance sheet liquidity, historically positive earnings, geographic diversification and use of multiple distribution channels.

The ratings of American Family Insurance Group are based on the group's strong risk-adjusted capitalization and its significant market presence in the Midwest as a leading personal lines group that is supported by its exclusive agency distribution system, according to A.M. Best.

The ratings of American Family Life Insurance reflect its position in American Family Insurance Group. The ratings also reflect American Family Life Insurance's well-established marketing and distribution operations in the Midwest, solid operating performance, strong standalone risk-adjusted capitalization and sound liquidity, A.M. Best added.

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A.M. Best affirmed the financial strength rating of A++ and long-term issuer credit ratings of "aaa" of National Indemnity Co. and its affiliates, which include Columbia Insurance Co., National Fire & Marine Insurance Co., National Liability & Fire Insurance Co., National Indemnity Co. of Mid-America, National Indemnity Co. of the South, Berkshire Hathaway Specialty Insurance Co. and Berkshire Hathaway Direct Insurance Co.

Concurrently, A.M. Best has affirmed the financial strength rating of A- and long-term issuer credit rating of "a-" of Finial Reinsurance Co., as well as the long-term issuer credit rating of "bbb-" and the long-term issue credit rating of "bbb-" of Finial Holdings Inc.

A.M. Best also affirmed the financial strength rating of A++ and the long-term issuer credit rating of "aa+" of Berkshire Hathaway Life Insurance Co. of Nebraska, and the financial strength rating of A+ and long-term issuer credit rating of "aa-" of First Berkshire Hathaway Life Insurance Co.

The companies are all units of Berkshire Hathaway Inc. The outlook for the ratings is stable.

A.M. best said the affirmation for the ratings of National Indemnity reflects its consistently superior operating and total return performance, superior risk-adjusted capitalization and global market profile. The ratings of Berkshire Hathaway Life Insurance Co. of Nebraska recognize its adequate level of risk-adjusted capitalization, steady flow of transaction activity and the implicit and explicit benefits of being part of the Berkshire organization.

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A.M. Best affirmed the financial strength rating of A+ and the long-term issuer credit rating of "aa" of FM Insurance Co. Ltd.

The outlook of the ratings remains stable.

The ratings of FM Insurance primarily reflect the explicit and implicit support from its parent Factory Mutual Insurance Co. and the wider FM Global Group, in particular reinsurance support and a policy-level financial guarantee, according to A.M. Best.

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A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa" of Factory Mutual Insurance Co. and its subsidiaries, Appalachian Insurance Co. and Affiliated FM Insurance Co.

The outlook of the ratings is stable.

The ratings reflect the companies' superior level of risk-adjusted capitalization, historically strong operating performance, leadership position in the commercial property market, and the benefits gained from their advanced approach to loss prevention and property conservation, the rating agency said.

The outlooks reflect A.M. Best's view that the group's risk-adjusted capitalization will remain more than supportive of the current ratings, driven by strong earnings and its leadership position in providing property coverages worldwide.

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Demotech assigned a financial stability rating of A', Unsurpassed, to Central Co-operative Insurance Co.

The rating agency said this level of financial stability rating is assigned to insurers that possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.

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Demotech assigned financial stability ratings of A, Exceptional, to Palisades Safety & Insurance Association and its subsidiaries.

The rating agency said this level of financial stability rating is assigned to insurers that possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.

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Moody's has affirmed the Aa1 insurance financial strength ratings of General Reinsurance Corp. and General Reinsurance AG, the principal operating subsidiaries of General Re Corp.

General Re is a wholly owned subsidiary of Berkshire Hathaway.

The outlook for the ratings is stable.

According to Moody's, the Aa1 insurance financial strength ratings on General Re's principal operating subsidiaries reflect the firm's strong market presence in the global reinsurance market, especially in the direct channel; solid underwriting results and profitability; strong capitalization; and the implicit and explicit support provided by Berkshire and certain Berkshire affiliates.

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Moody's affirmed the Aa1 insurance financial strength ratings of National Indemnity Co. and its affiliate Columbia Insurance Co., which together are the principal operating companies within Berkshire Hathaway Reinsurance Group.

Moody's has also affirmed the Baa3 senior debt rating of Finial Holdings Inc.

National Indemnity and Columbia are wholly owned subsidiaries of Berkshire Hathaway. The outlook for the ratings is stable.

Moody's notes that Berkshire Hathaway Reinsurance Group continues to perform well in a challenging reinsurance operating environment, benefiting from strong equity markets which have increased the market value of its large portfolio of equity securities.

According to Moody's, National Indemnity's Aa1 insurance financial strength rating reflects its strong business franchise and superior capitalization, which give the company a unique ability to write large-dollar, long-tail risks on favorable terms. Columbia's Aa1 insurance financial strength rating reflects extremely strong capitalization relative to its (re)insurance exposures, its key supporting role within Berkshire Hathaway Reinsurance Group, and the implicit support provided by National Indemnity. Finial Holdings' Baa3 senior debt rating reflects its ownership by National Indemnity, which continues to provide debt servicing support for Finial Holdings' $200 million of senior notes that mature in 2023.