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 upgraded the long-term issuer credit rating to "bb+" from "bb" of North Richland Hills, Texas-based HealthMarkets Inc.
Additionally, the agency upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ (Good) of Chesapeake Life Insurance Co. The outlook of the ratings is stable.
The ratings reflect Chesapeake's very strong balance sheet, adequate operating performance, limited business profile and marginal enterprise risk management.
The upgrades reflect Chesapeake's risk-adjusted capital being at the strongest level, continued favorable operating results generating capital growth and its role as the sole writer of new insurance premium for HealthMarkets.
Demotech assigned a financial stability rating of S, Substantial, to San Francisco-based States Title Insurance Co.
The agency said the rating is assigned to insurers with substantial financial stability related to maintaining 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.
Moody's affirmed the long-term issuer rating of Bermuda-based Validus Holdings Ltd. at Baa1 and the insurance financial strength rating of Validus Reinsurance Ltd. at A2 with a stable outlook.
The action follows Validus' acquisition by American International Group Inc. The acquisition is credit positive for Validus as the company will benefit from being part of the larger AIG organization with its well-known brand, global footprint and significant capital base, according to Moody's.
Validus' ratings reflect the company's market leadership in property catastrophe reinsurance, synergies from its alternative capital platform, good liquidity and capital adequacy and long-term profitability.
Moody's affirmed the A3 insurance financial strength rating of Bermuda-based DaVinci Reinsurance Ltd. with a stable outlook.
DaVinci is a sidecar reinsurance vehicle sponsored by RenaissanceRe Holdings Ltd.
DaVinci's rating is based on its Baa1 stand-alone credit profile and one notch of implicit support from RenRe.
DaVinci's credit profile reflects contractual arrangements which align RenRe's interests with those of DaVinci and provide for strong underwriting, risk management and corporate governance, as well as the firm's high quality assets, good long-term profitability track record and demonstrated ability to raise capital following large catastrophe losses.
Middle East and Africa
A.M. Best placed under review with negative implications the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-" of Oman Reinsurance Company SAOC.
The action follows the delay in Oman Re's main shareholder, Trust International Insurance & Reinsurance Company BSC (c) Trust Re, releasing its audited financial statements for the year ended Dec. 31, 2017, due to additional regulatory requirements.
The under review with negative implications status reflects A.M. Best's uncertainty regarding the financial position of Trust Re, in light of the delayed publication of its financial statements, and the impact this could have on Oman Re's ratings, which benefit from rating enhancement from Trust Re.
A.M. Best also placed under review with negative implications the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Trust Re.
A.M. Best affirmed the long-term issuer credit rating of "bbb-" of United Arab Emirates-based International General Insurance Holdings Ltd.
The agency also affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of subsidiaries International General Insurance Co. Ltd. and International General Insurance Co. (UK) Ltd.
The outlook of these ratings remains positive.
The ratings reflect International General Insurance Co. Ltd.'s very strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks are based on International General Insurance Co. Ltd.'s record of strong operating results, driven by generally robust underwriting profitability and stable investment income.
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