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Insurance ratings actions: S&P affirms Caisse Centrale de Réassurance

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Insurance ratings actions: S&P affirms Caisse Centrale de Réassurance

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 B++ and a long-term issuer credit rating of "bbb+" to Centerline Property and Casualty Insurance Co. The outlook assigned to these credit ratings is stable.

The ratings reflect Centerline'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.

Centerline was founded as a licensed commercial insurer covering affiliated insurance risks in-house for its parent company, Watkins Associated Industries Inc. In 2014, it registered as a Tennessee-domiciled pure captive for Watkins. As of Jan. 1, it has expanded its scope to that of a fully licensed commercial insurer.

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DBRS confirmed the financial strength rating and issuer rating of Empire Life Insurance Co. at A. All trends are stable.

The ratings reflect Empire Life's consistent performance as a life insurer with a track record of generating stable earnings while maintaining a conservative risk profile.

Europe

S&P Global Ratings affirmed the A- issuer credit and financial strength ratings of CCR Re SA.

The outlook was revised to positive from stable reflecting CCR Re's gradually improving technical results on the back of prudent underwriting, with its combined ratio continually decreasing over the past three years.

The rating agency also affirmed AA issuer credit and financial strength ratings on CCR Re's parent, Caisse Centrale de Réassurance SA. The outlook is stable.

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Fitch Ratings assigned an insurer financial strength rating of BBB- and a long-term issuer default rating of BB+ to Assicuratrice Milanese SpA - Compagnia di Assicurazioni. The outlooks are negative.

The ratings reflect the company's small scale and franchise compared with larger, more diversified insurers in Italy, as well as its high dependence on reinsurance.

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Moody's assigned its Aa3 insurance financial strength rating to Covea Cooperations, a reinsurance company fully owned by several French mutual companies that founded the Covea group. The outlook is stable.

The rating reflects primarily Covea's outstanding level of capitalization, the group's leading position in the French property and casualty market and the strong recognition of its three main brands.

Asia-Pacific

A.M. Best downgraded the financial strength rating to B from B++ and the long-term issuer credit rating to "bb+" from "bbb" of Brightsideco Insurance Ltd. The outlook of these credit ratings was revised to stable from negative.

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

The downgrades follow a deterioration in A.M. Best's view of Brightsideco's operating performance and balance sheet strength fundamentals.

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.

Links are current as of publication time; S&P Global Market Intelligence is not responsible if those links are unavailable later.