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 long-term issuer credit ratings of "a-" and the existing long-term issue credit ratings of Protective Life Corp.
The rating agency also affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of the primary life insurance subsidiaries of Protective Life. The units are Protective Life Insurance Co., Protective Life & Annuity Insurance Co., West Coast Life Insurance Co. and MONY Life Insurance Co.
Additionally, A.M. Best affirmed the financial strength ratings of A- and the long-term issuer credit rating of "a-" of Protective Property & Casualty Insurance Co.
The outlook of the ratings is stable.
The ratings reflect the company's adequate balance sheet strength, profitable earnings and the implied support of its ultimate parent, Dai-ichi Life Holdings Inc., A.M. Best said.
The agency notes that the ratings of Protective Life and its subsidiaries continue to reflect its strong risk-adjusted capitalization, diversified and generally favorable operating results, and history of effectively acquiring and integrating insurance companies and blocks of business and manageable dividend requirements.
P&C
A.M. Best has placed under review with negative implications the long-term issuer credit ratings of "bbb" of American International Group Inc.
Further, A.M. Best placed under review with negative implications the A financial strength ratings and "a" long-term issuer credit ratings of National Union Fire Insurance Co. of Pittsburgh Pa., American Home Assurance Co., Lexington Insurance Co., Commerce & Industry Insurance Co., AIG Property Casualty Co., Insurance Co. of the State of Pennsylvania, New Hampshire Insurance Co., Granite State Insurance Co., Illinois National Insurance Co., AIG Specialty Insurance Co., AIU Insurance Co., AIG Assurance Co., AIG Insurance Co. - Puerto Rico and AIG Insurance Co. of Canada.
The rating agency also placed under review with negative implications the financial strength ratings of A and the long-term issuer credit ratings of "a" of the company's international affiliates, American International Re Co. Ltd., AIG Europe Ltd. and AIG Insurance Hong Kong Ltd.
Concurrently, A.M. Best placed under review with negative implications the financial strength ratings of A and the long-term issuer credit ratings of "a+" of AGC Life Insurance Co., American General Life Insurance Co., United States Life Insurance Co. in the City of New York and Variable Annuity Life Insurance Co.
At the same time, the rating agency placed under review with negative implications the financial strength ratings of A and the long-term issuer credit ratings of "a+" of AIG Asia Pacific Insurance Pte. Ltd.
According to A.M. Best, the under review status follows AIG's recent announcement that its fourth-quarter 2016 financial statement will include a material adverse reserve adjustment, as well as a capital supporting reinsurance transaction for its U.S. commercial business.
The under review with negative implications status on the ratings of AIG and its operating subsidiaries considers the potential impact on future earnings, the available dividend capacity, and the feasibility of succeeding at the necessary strategies outlined by management and the board to improve profitability and efficiency and maximize shareholder value within stated timeframes, the rating agency explained.
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A.M. Best has downgraded the financial strength ratings to A- from A and the long-term issuer credit ratings to "a-" from "a" of Saucon Mutual Insurance Co.
The outlook of the ratings has been revised to stable from negative.
According to A.M. Best, the rating downgrades are related to the company's limited business profile as agency distribution of its perpetual products is inactive with no direct new business being written.
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A.M. Best has withdrawn the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of Fireman's Fund Insurance Co. of Ohio
The company was previously a subsidiary of Fireman's Fund Insurance Co. and ultimately of Allianz SE, and was sold as a clean shell to United Specialty Insurance Co.
The sale has resulted in A.M. Best withdrawing the credit ratings.
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A.M. Best affirmed the financial strength ratings of B++ and the long-term issuer credit ratings of "bbb+" for the members of the Meadowbrook Insurance Group.
The members are Star Insurance Co., Century Surety Co., Savers Property & Casualty Insurance Co., ProCentury Insurance Co., Williamsburg National Insurance Co. and Ameritrust Insurance Corp.
The outlook for the ratings is stable.
The ratings reflect Meadowbrook's adequate capitalization and improved operating results following significant adverse loss reserve development in calendar years 2012 and 2013, according to A.M. Best.