S&P Global MarketIntelligence compiles ratings actions in the insurance space daily through 5:30p.m. ET. Actions after 5:30 p.m. ET will be included in the following day'sroundup.
A.M.Best affirmedthe A financial strength ratings and "a" long-term issuer creditratings of BF&M LifeInsurance Co. Ltd., BF&M General Insurance Co. Ltd. and
Inaddition, A.M. Best affirmed the A- financial strength rating and"a-" long-term issuer credit rating of A.M.Best also affirmed the "bbb" long-term issuer credit rating of theparent, BF&M Ltd.
Theoutlook on the credit ratings is stable.
A.M.Best said the ratings of BF&M Life, BF&M General and Island Heritagereflect their good earnings, strong risk-adjusted capitalization, increasedbusiness diversification and operational efficiency. The ratings for InsuranceCorp. of Barbados reflect the company's supportive risk-adjustedcapitalization, favorable operating results in recent years and leading marketposition in Barbados. The rating of BF&M is in accordance with A.M. Bestcriteria in which the holding company rating is typically three notches belowthe rating of the operating entity.
S&PGlobal Ratings affirmedthe BBB- counterparty credit rating of Global Atlantic Financial Group.
Therating agency also affirmed the A- counterparty credit and financial strengthratings of Accordia Life &Annuity Co., GlobalAtlantic Re Ltd., First Allmerica Financial Life Insurance Co., and Commonwealth Annuity &Life Insurance Co. as well as the BBB- counterparty credit ratingsof Forethought Financial GroupInc. and GlobalAtlantic Financial Life Ltd.
Theoutlook is stable.
S&Psaid the rating on Global Atlantic Financial Group reflects its diversifiedearnings across its annuity and life insurance new business platforms as itcontinues to execute its block acquisition reinsurance strategy. The ratingsalso continue to acknowledge the U.S. life insurance sector's low industry andcountry risk.
Thestable outlook reflects S&P's expectation that Global Atlantic FinancialGroup will maintain its current platform and focus on U.S. life insurance,annuity and life reinsurance markets.
Managed care
A.M.Best said the revised outlooks reflect its concerns surrounding the recentdecline in operating results in 2015. However, A.M. Best recognizes that thecompany has implemented rate increases on its Medigap products for 2017,permitted by the state for the first time in five years, which are expected tohave a favorable impact on earnings. The ratings of the company and itssubsidiary reflect its leading market share position in the Michigan healthcaremarket.
Theaffirmation of the ratings of Blue Care Network of Michigan reflects itsmore-than-adequate risk-adjusted capitalization, improvement in operatingresults through the first half of 2016 and its role as a strategic operatinghealth maintenance organization. The ratings also recognize the inherentbenefits it derives as a subsidiary of Blue Cross Blue Shield of Michigan.
P&C
Inaddition, A.M. Best revised the outlooks to negative from stable and affirmedthe B+ financial strength rating and "bbb-" long-term issuer creditrating of Citadel Re's subsidiary, American Millennium Insurance Co. Concurrently, A.M.Best affirmed the B++ financial strength rating and "bbb+" long-termissuer credit rating of GreatFalls Insurance Co. The outlook of these credit ratings is stable.
A.M.Best said the revised outlooks for Citadel Re follow two consecutive years ofoperating losses at the company, while the revised outlooks for AmericanMillennium reflect concerns regarding future underwriting performance followingthe company's plans for moderate growth.
A.M.Best affirmedthe B financial strength ratings and "bb" long-term issuer creditratings of American ServiceInsurance Co. Inc., American Country Insurance Co. and
Theoutlook is stable. The companies are subsidiaries of Atlas Financial Holdings Inc. and operate under anintercompany reinsurance pooling agreement. Concurrently, A.M. Best alsoaffirmed with a stable outlook the "b-" long-term issuer creditrating of Atlas.
Atthe same time, A.M. Best affirmed the B+ financial strength rating and"bbb-" long-term issuer credit rating of , another wholly owned subsidiary of Atlas. The outlook ofthese ratings is negative.
A.M.Best said the affirmations of the ratings of American Service, American Countryand Gateway Insurance reflect the group's volatile, and at times weakrisk-adjusted capital position, inherent risks associated with integratingrecent acquisitions and the group's below average investment yields and returnson its investment portfolio. The ratings for Global Liberty reflect itsexpertise within the New York City metropolitan area's for-hire-livery vehiclemarket and improved capital position as a result of a $3.5 million capitalinfusion made by its new parent, Atlas.
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