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Insurance ratings actions: Fitch acts on Fidelity National, Stewart Information

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2018 US Property Casualty Insurance Market Report

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Insurance ratings actions: Fitch acts on Fidelity National, Stewart Information

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.

Property and casualty

S&P Global Ratings has affirmed its BBB issuer credit rating on White Mountains Insurance Group Ltd. and revised the outlook to stable from developing.

The stable outlook reflects S&P's expectation that the company will maintain its current limited liability profile while redeploying capital into new insurance and other operating businesses.

The stable outlook also reflects the rating agency's view that White Mountains Insurance's significant undeployed capital position and limited liability profile will allow for stable earnings in the near term, mainly from investment income.

Title

Fitch Ratings has affirmed the long-term issuer default rating at BBB+ of Fidelity National Financial Inc. and the insurer financial strength ratings at A of Fidelity National's subsidiaries, Fidelity National Title Insurance Co., Alamo Title Insurance Co. of Texas, Chicago Title Insurance Co. and Commonwealth Land Title Insurance Co.

The ratings actions follow the announcement that Fidelity National has agreed to acquire Stewart Information Services Corp.

Fitch said the ratings actions reflect the companies' increased market scale and position, potential operating efficiencies, Fidelity National's successful history of integrations and a modest growth in financial leverage at the combined entity.

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Fitch Ratings also took ratings actions on Stewart Information and its subsidiaries following the deal announcement.

The rating agency has revised the Rating Watch Evolving to Rating Watch Positive for the BBB long-term issuer default rating of Stewart Information and the A- insurer financial strength ratings of Stewart Information's units, Stewart Title Guaranty Co. and Stewart Title Insurance Co.

Stewart Information's ratings were placed on Rating Watch Evolving in 2017 following the announcement that the company is reviewing its strategic options.

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.