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Insurance ratings actions: Moody's affirms Generali Germany

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Insurance ratings actions: Moody's affirms Generali Germany

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

Demotech assigned financial stability ratings of A, Exceptional, to Enfield, N.C.-based Halifax Mutual Insurance Co. and Greystone Assurance Company Ltd.

The rating is assigned to insurers that have exceptional financial stability related to sustaining positive surplus concerning policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing, Demotech said.

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Demotech upgraded to A" (A Double-Prime), Unsurpassed, the financial stability rating of Woodbridge, N.J.-based Conventus Inter-Insurance Exchange.

The level of financial stability rating is assigned to insurers that have unsurpassed financial stability connected to preserving 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, according to Demotech.

Europe

A.M. Best affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Belgium-based European Liability Insurance for the Nuclear Industry. The outlook is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a" of Belgium's European Mutual Association for Nuclear Insurance. The outlook is stable.

The ratings reflect the insurer's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

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Fitch Ratings affirmed the A- long-term issuer default rating of Quilter PLC as well as the A+ insurer financial strength rating and the A long-term issuer default rating of Old Mutual Wealth Life Assurance Ltd.

The rating agency also assigned an A insurer financial strength rating and A- long-term issuer default rating to Old Mutual Wealth Life & Pensions Ltd.

The outlook of Quilter's and Old Mutual Wealth Life & Pensions' ratings is negative, while the outlook of Old Mutual Wealth Life Assurance's ratings is stable.

The ratings reflect Quilter's strong business profile and very strong capitalization and leverage, offset by its profitability, which Fitch views as a rating weakness.

The negative outlook considers the rating agency's view that there is remaining uncertainty over Quilter's ability to attain a sustained improvement in profitability.

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Fitch upgraded the insurer financial strength rating to B from B- and the national insurer financial strength rating to BB(kaz) from BB-(kaz) of Kazakhstan's Joint-Stock Co. Life Insurance Co. Freedom Finance Life. The outlook is stable.

The action takes into account the strengthening of the company's risk-adjusted capital position, the recovery of its business model and its improved financial performance, Fitch noted.

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Moody's affirmed the A3 insurance financial strength ratings of the operating companies that make up Generali Germany and assigned the same rating to Dialog Versicherungs AG.

The operating entities are Generali Deutschland AG, AachenMünchener Lebensversicherung AG, Advocard Rechtschutzversicherung AG, Central Krankenversicherung AG, Cosmos Lebensversicherungs-AG, Cosmos Versicherung AG, Dialog Lebensversicherungs-AG, Envivas Krankenversicherung AG, Generali Deutschland Pensionskasse AG and Generali Deutschland Versicherung AG.

The outlook is stable, reflecting that on parent Generali.

The affirmation of Generali Germany's ratings considers its strong stand-alone credit profile, partially hindered by the rating of its parent, according to the rating agency.

The assignment of the rating to Dialog Versicherungs mirrors Moody's view that the company is a core entity of the operating entities collectively forming Generali Germany.

The rating agency also withdrew the A3 insurance financial strength rating of AachenMünchener Versicherung AG following the insurer's merger with Generali Deutschland Versicherung AG. The outlook was stable.

Middle East and Africa

Moody's affirmed the insurance financial strength rating of Baa2 of Saudi Arabia's Buruj Cooperative Insurance Co. The outlook was changed to stable from positive.

The affirmation and the outlook change take into consideration the company's improved capital adequacy and maintained profitability, as well as the intense competitive pressures of the Saudi insurance market, Moody's said.

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