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In This List

Insurance ratings actions: S&P acts on MassMutual; Fitch affirms HCC Insurance

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Insurance ratings actions: S&P acts on MassMutual; Fitch affirms HCC Insurance

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 assigned a financial strength rating of A- and a long-term issuer credit rating of "a-" to Clear Spring Property & Casualty Co.

Concurrently, A.M. Best removed from under review with negative implications and downgraded the financial strength rating to A- from A and the long-term issuer credit ratings to "a-" from "a" of Lackawanna Casualty Co. and its subsidiaries, Lackawanna American Insurance Co. and Lackawanna National Insurance Co.

The outlook assigned to these credit ratings is stable.

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

The ratings assigned to Clear Spring reflect its role as a member of the group.

The downgrades reflect a revision in A.M. Best's assessment of the group's operating performance to adequate from strong.

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Fitch Ratings affirmed the A long-term issuer default rating of HCC Insurance Holdings Inc. and the AA- insurer financial strength ratings of the operating subsidiaries of the company.

The operating units are HCC Life Insurance Co., Avemco Insurance Co., U.S. Specialty Insurance Co., American Contractors Indemnity Co., United States Surety Co. and Houston Casualty Co.

The outlook is stable.

Fitch's affirmation of HCC Insurance's ratings reflects its very strong earnings, capitalization and a reserve position that the rating agency views as sufficient. The rating also takes into account parent ownership.

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A.M. Best affirmed the financial strength rating of A++ and the long-term issuer credit ratings of "aa+" of United States Liability Insurance Co. and its subsidiaries, Mount Vernon Fire Insurance Co., U.S. Underwriters Insurance Co., Mount Vernon Specialty Insurance Co. and Radnor Specialty Insurance Co. The outlook of the credit ratings is stable.

The ratings reflect the insurance operating companies' consolidated balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, neutral business profiles and appropriate enterprise risk management.

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S&P Global Ratings affirmed the BBB+ issuer credit rating of holding company Genworth MI Canada Inc. and the A+ insurer financial strength and issuer credit ratings of operating company Genworth Financial Mortgage Insurance Co. Canada. The outlook is stable.

The ratings action comes after the announcement that Brookfield Business Partners LP will acquire a controlling stake in Genworth MI Canada from Genworth Financial Inc.

The affirmation reflects the agency's expectation that Genworth MI Canada will maintain its strong business risk profile and excellent financial risk profile under its new majority owner.

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S&P Global Ratings affirmed the BBB- long-term issuer credit rating of holding company American Equity Investment Life Holding Co. and the A- financial strength and long-term issuer credit ratings of American Equity Investment Life Insurance Co.

The outlook is stable, reflecting the agency's expectation that the companies will maintain its satisfactory business risk profile and leading position in the fixed-index annuity market.

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Fitch assigned ratings to Nassau Financial Group, including the BB+ insurer financial strength ratings for its primary life insurance entities, Nassau Life Insurance Co., Nassau Life & Annuity Co., and Nassau Re (Cayman) Ltd.

The agency also assigned long-term issuer default ratings of BB to Nassau Life Insurance and B+ to Nassau Financial Group LP, The Nassau Cos. and Nassau Cos. of New York.

The outlook is stable.

Fitch's ratings for Nassau Financial Group reflect the company's less favorable business profile, moderate statutory capitalization, and modest debt service and financial flexibility.

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A.M. Best downgraded the financial strength rating to A- from A and the long-term issuer credit rating to "a-" from "a" of Westminster American Insurance Co. The outlook remains stable.

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

The downgrades reflect the significant level of adverse loss reserve development the company reported recently, which led to a steady decline in its operating performance.

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S&P Global Ratings affirmed the AA+ financial strength and long-term issuer credit ratings of Massachusetts Mutual Life Insurance Co. and its core subsidiaries, C.M. Life Insurance Co. and MML Bay State Life Insurance Co.

The outlook remains stable, reflecting the agency's expectation that the company will maintain its extremely strong competitive position and financial risk profile as it continues to grow its whole-life and retirement-services businesses.

The affirmations follow the implementation of the agency's revised insurance, group, and hybrid ratings criteria.

Europe

S&P Global Ratings affirmed the BBB+ long-term insurer financial strength and issuer credit ratings of Liverpool Victoria Friendly Society Ltd. with a stable outlook.

The affirmation reflects the company's solid capital position, somewhat offset by the potential for volatility of capital and earnings.

Asia-Pacific

S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Taian Insurance Co. Ltd. with a stable outlook.

The ratings on Taian Insurance recognize the insurer's good underwriting control to sustain its favorable operating performance, as well as its good franchise in personal lines business in the local property and casualty market.

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Fitch affirmed the BBB+(lka) national insurer financial strength rating of Sri Lanka-based Co-Operative Insurance Co. Ltd. The outlook is stable.

The affirmation reflects the nonlife insurer's moderate business profile, consistently good financial performance, satisfactory capitalization and somewhat conservative investment policy.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of China BOCOM Insurance Co. Ltd. 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 adequate operating performance, limited business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the BBB local currency long-term insurer financial strength and issuer credit ratings of Shin Kong Life Insurance Co. Ltd. The outlook is stable.

The ratings reflect the possibility that Shin Kong Life will be required to support or share resources with other subsidiaries under the Shin Kong Financial Holding Co. Ltd. group.

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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