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 downgraded the financial strength rating to C++ (Marginal) from B- (Fair) and the long-term issuer credit rating to "b+" from "bb-" of Atlanta Life Insurance Co.
The outlook for the long-term issuer credit rating was revised to negative from stable, while the outlook for the financial strength rating remains stable. The company is the life insurance member of Atlanta Life Financial Group Inc.
The downgrade reflects Atlanta Life Insurance's small level of absolute capital and qualitative concerns regarding a large note receivable from its immediate holding company, as well as interest rate risk embedded in its balance sheet.
A.M. Best affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a+" of Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York, which comprise the life and health operations of Ameritas Mutual Holding Co.
The outlook is stable.
The ratings reflect Ameritas Mutual's very strong balance sheet strength, adequate operating performance, favorable business profile and appropriate enterprise risk management.
A.M. Best affirmed the financial strength ratings of A+ (Superior) and the long-term issuer credit ratings of "aa-" of Penn Mutual Life Insurance Co. and its wholly owned subsidiary, Penn Insurance and Annuity Co.
The outlook is stable.
The affirmation reflects Penn Mutual Life Insurance's maintenance of strong level of risk-adjusted capitalization and its well-managed and diverse investment portfolio. Additionally, the company demonstrated favorable liquidity and financial flexibility.
Concurrently, A.M. Best affirmed the financial strength ratings of A (Excellent) and the long-term issuer credit ratings of "a" of Vantis Life Insurance Co. and Vantis Life Insurance Co. of New York. The outlook for the financial strength rating is stable, while the outlook for the long-term issuer credit ratings is positive.
The ratings reflect Vantis Life Insurance's and Vantis Life Insurance Co. of New York's strong balance sheet strength, adequate operating performance, adequate business profile, appropriate enterprise risk management, as well as A.M. Best's view that the two companies benefit from their new position as subsidiaries of Penn Mutual Life Insurance.
The positive outlooks reflect A.M. Best's belief that Vantis Life Insurance's and Vantis Life Insurance Co. of New York's ratings could be enhanced further as they integrate into the organization.
A.M. Best removed from under review with negative implications and downgraded the financial strength ratings to C+ (Marginal) from C++ (Marginal) and the long-term issuer credit ratings to "b-" from "b+" of EmblemHealth Inc. subsidiaries Health Insurance Plan of Greater New York, HIP Insurance Co. of New York, Group Health Inc. and ConnectiCare Inc.
The ratings reflect EmblemHealth's very weak balance sheet strength, marginal operating performance, neutral business profile and marginal enterprise risk management.
The outlook for the credit ratings is negative, reflecting A.M. Best's concerns that EmblemHealth's balance sheet strength will continue to be very weak due to uncertainty about management's ability to improve capitalization while achieving business growth over the medium term.
Property and casualty
A.M. Best assigned a financial strength rating of A+ (Superior) and a long-term issuer credit rating of "aa" to Motor Club Insurance Co.
The outlook is stable.
The ratings reflect the company's strongest balance sheet strength, strong operating performance, favorable business profile and appropriate enterprise risk management.
The ratings actions reflect the execution of a reinsurance quota share agreement with Interinsurance Exchange of the Automobile Club under which the exchange will assume 100% of the business ceded by Motor Club Insurance.
Kroll Bond Rating Agency assigned an issuer rating of BBB- to WT Holdings Inc. and insurance financial strength ratings of A- to the company's key subsidiaries, Stillwater Insurance Co., Stillwater Property and Casualty Insurance Co., Tri-State Consumer Insurance Co. and Evergreen National Indemnity Co. The outlook is stable.
Stillwater Insurance's and Stillwater Property and Casualty Insurance's ratings reflect their reasonable underwriting leverage, multichannel distribution platform, consistent investment income and seasoned management team.
Tri-State Consumer Insurance's rating reflects its local market knowledge, disciplined homeowners underwriting selection, low underwriting leverage and consistent generation of net income.
Evergreen National Indemnity's rating reflects its low underwriting leverage, favorable long-term underwriting results and knowledgeable and highly experienced management team in its niche surety business, which focuses on waste sector landfill closure and post-closure bonds.
The stable outlook reflects the rating agency's expectation that WT Holdings will continue to successfully execute its business strategies by maintaining sound capitalization at the operating subsidiaries, sustaining profitability with conservative underwriting leverage, continuing to manage risk in a prudent manner and maintaining judicious financial leverage and sound coverage metrics.
S&P Global Ratings affirmed its B long-term issuer credit rating on AssuredPartners Inc., which is seeking to upsize and reprice its first-lien term loan due October 2024.
The affirmation reflects the company's sound business fundamentals and the rating agency's view that credit protection metrics will remain consistent with expectations. S&P Global Ratings does not expect the company's issuance of $500 million of senior notes to impair its overall financial risk profile.
The outlook is stable, reflecting the rating agency's expectations that the company's credit metrics will show very limited change over the next 12 months, perhaps with some modest deleveraging, due to improved cash flow from increased operational scale.
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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