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 placed under review with positive implications the financial strength ratings of A and the long-term issuer credit ratings of "a" of Guarantee Co. of North America and its subsidiary, Guarantee Co. of North America USA. The companies are subsidiaries of Princeton Holdings Ltd.
The action comes after the announcement that Intact Financial Corp. is acquiring both companies. The under review with positive implications status considers the rating agency's need to further and fully assess the financial and operational impacts of the acquisition.
Demotech downgraded the financial stability rating of Florida Specialty Insurance Co. to M, Moderate, from A, Exceptional.
Demotech President Joseph Petrelli said the company does not meet the financial metrics related to an A financial stability rating.
Kroll Bond Rating Agency assigned an A- insurance financial strength rating to Bermuda-based Somerset Reinsurance Ltd.
The rating considers the company's strong level of risk-adjusted capital, robust and disciplined approach to risk-focused pricing, seasoned management team and beneficial strategic relationships, the rating agency said.
The outlook is stable, reflecting KBRA's expectation that the company will maintain sound capitalization and pricing discipline while implementing its planned growth strategy.
Moody's affirmed the Aa1 insurance financial strength ratings of Teachers Insurance & Annuity Association of America, or TIAA, and its subsidiary, TIAA-CREF Life Insurance Co. The Aa2 long-term issuer rating of TIAA was also affirmed. The outlook remains stable.
The affirmation of TIAA's ratings considers the company's dominant position in the higher-education pension market, outstanding capital base, expense advantages and uniquely stable liability structure, Moody's said.
TIAA-CREF Life's rating is based on the explicit support it receives from TIAA.
S&P Global Ratings affirmed the A issuer credit and financial strength ratings of Hanover Insurance Group Inc. and its core operating subsidiaries. The outlook was revised to stable from negative.
The stable outlook takes into consideration S&P Global Ratings' view that the company will maintain stable earnings, underwriting performance and capital adequacy in line with the rating agency's base-case assumptions.
S&P Global Ratings affirmed the BBB long-term issuer credit rating of Co-operators Financial Services Ltd. and the A- long-term issuer credit and financial strength ratings of the company's core subsidiaries.
The outlook remains stable and is based on Co-operators' diverse product offerings and meaningful market position, the rating agency said.
S&P Global Ratings affirmed the A+ insurer financial strength and long-term issuer credit ratings of Penn Mutual Life Insurance Co. and Penn Insurance and Annuity Co.
The outlook is stable, reflecting the rating agency's expectation that both companies will continue to have strong competitive position and excellent capital and earnings.
S&P Global Ratings affirmed the A- long-term issuer credit rating of Securian Financial Group Inc. and the AA- long-term issuer credit and financial strength ratings of Minnesota Life Insurance Co. and Securian Life Insurance Co.
The outlook is stable, taking into account the rating agency's expectation that the companies will defend their market position in their core markets while maintaining solid profitability compared to peers.
Middle East and Africa
S&P Global Ratings affirmed the A+ insurer financial strength and issuer credit ratings of Hannover ReTakaful BSC (c).
The outlook is stable, reflecting the rating agency's view that the company will sustain its status as strategically important to Hannover Re, as well as extremely strong capitalization over the next two years.
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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