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In This List

Insurance ratings actions: A.M. Best acts on Chubb, Berkshire subsidiaries

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Insurance ratings actions: A.M. Best acts on Chubb, Berkshire subsidiaries

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 affirmed the A financial strength rating and the "a+" long-term issuer credit ratings of Symetra Life Insurance Co. and its subsidiary, First Symetra National Life Insurance Co. of New York. The outlook is stable.

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

The group's overall balance sheet strength assessment reflects its favorable financial flexibility and the commitment of its parent, Sumitomo Life Insurance Co., to support its operations and strategic objectives.

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A.M. Best affirmed the A++ financial strength ratings and the "aa+" long-term issuer credit ratings of Berkshire Hathaway Homestate Insurance Co. and its property/casualty affiliates, Cypress Insurance Co. (CA), Oak River Insurance Co., Redwood Fire and Casualty Insurance Co., Brookwood Insurance Co. and Continental Divide Insurance Co.

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

The ratings also consider the additional financial flexibility and support provided by the group's parent, Berkshire Hathaway Inc., according to the rating agency.

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A.M. Best affirmed the A++ financial strength ratings and the "aaa" long-term issuer credit ratings of National Indemnity Co. and its affiliates, Columbia Insurance Co., National Fire & Marine Insurance Co., National Liability & Fire Insurance Co., National Indemnity Co. of Mid-America, National Indemnity Co. of the South, Berkshire Hathaway Specialty Insurance Co. and Berkshire Hathaway Direct Insurance Co.

The rating agency also affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Finial Reinsurance Co., as well as the "bbb-" long-term issuer credit rating of Finial Holdings Inc.

A.M. Best also affirmed the A++ financial strength rating and the "aa+" long-term issuer credit rating of Berkshire Hathaway Life Insurance Co. of Nebraska, as well as the A+ financial strength rating and the "aa-" long-term issuer credit rating of First Berkshire Hathaway Life Insurance Co.

The outlooks are stable.

The ratings of National Indemnity and its affiliates reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, very favorable business profile and appropriate enterprise risk management.

The ratings of Berkshire Hathaway Life Insurance reflect its 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 rated companies are subsidiaries of Berkshire Hathaway.

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A.M. Best upgraded the long-term issuer credit rating to "bb+" from "bb" and affirmed the B financial strength rating of One Alliance Insurance Corp. The outlook was revised to stable from negative.

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

The upgrade is based on the significant growth in the company's surplus in 2019, primarily driven by a capital contribution provided by its new owners.

The outlook revision was largely driven by the company's improved underwriting leverage measures as a result of the capital infusion and improved financial flexibility, according to the rating agency.

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S&P Global Ratings assigned the A- financial strength ratings to Convex Insurance U.K. Ltd. and Convex Re Ltd.

The outlooks are stable, reflecting the rating agency's expectation that the group will remain extremely well-capitalized over the next two years and will be well-positioned to expand in line with its business plan.

The ratings also reflect the rating agency's consideration of the companies as core operating subsidiaries to Convex Group Ltd. under its group rating methodology.

Europe

A.M. Best affirmed the A++ financial strength ratings and the "aa+" long-term issuer credit ratings of Chubb Ltd.'s subsidiaries, which include the members of Chubb U.S. Group of Insurance Cos., Chubb Bermuda Insurance Ltd. and Chubb Tempest Reinsurance Ltd.

The subsidiaries are Chubb Tempest Life Reinsurance Ltd., Corporate Officers & Directors Assurance Ltd., ACE American Insurance Co., ACE Property & Casualty Insurance Co., Pacific Employers Insurance Co., Insurance Co. of North America, Bankers Standard Insurance Co., Indemnity Insurance Co. of North America, ACE Fire Underwriters Insurance Co., Agri General Insurance Co., Westchester Fire Insurance Co. (PA), Westchester Surplus Lines Insurance Co., ACE Insurance Co. of the Midwest, Chubb Insurance Co. of Puerto Rico, Illinois Union Insurance Co., Atlantic Employers Insurance Co., Penn Millers Insurance Co., Chubb European Group SE, Federal Insurance Co., Chubb Custom Insurance Co., Chubb Indemnity Insurance Co., Chubb Insurance Co. of Canada, Chubb National Insurance Co., Executive Risk Indemnity Inc., Executive Risk Specialty Insurance Co., Great Northern Insurance Co., Pacific Indemnity Co., Vigilant Insurance Co., Chubb Insurance Co. of New Jersey and Chubb Lloyds Insurance Co. of Texas.

The rating agency also affirmed the A+ financial strength ratings and the "aa-" long-term issuer credit ratings of Combined Insurance Co. of America and Combined Life Insurance Co. of New York.

A.M. Best concurrently affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of ACE Life Insurance Co.

The rating agency also affirmed the "a+" long-term issuer credit ratings of Chubb Ltd. and Chubb INA Holdings Inc. The outlooks are stable.

A.M. Best also withdrew the ratings of Chubb Atlantic Indemnity Ltd. due to the transfer of its loss reserve balances and unearned premium reserves to its affiliate, Chubb Bermuda.

The ratings of the members of the Chubb U.S. Group and Chubb Tempest Reinsurance reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, favorable business profile and appropriate enterprise risk management.

The ratings of Chubb Bermuda and its member reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their very strong operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of Combined Insurance and Combined Life Insurance reflect their balance sheet strength, which A.M. Best categorizes as strongest, as well as their strong operating performance, neutral business profile and appropriate enterprise risk management.

The ratings of ACE Life reflect its balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management.

The subsidiaries' ratings also benefit from the financial flexibility provided by their ultimate parent, Chubb, according to the rating agency.

Middle East and Africa

A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of African Reinsurance Corp. The outlook is stable.

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

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A.M. Best affirmed the B++ financial strength rating and the "bbb" long-term issuer credit rating of ZEP-Re PTA Reinsurance Co. 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, neutral business profile and marginal enterprise risk management.

Asia-Pacific

A.M. Best affirmed the A financial strength rating and the "a" long-term issuer credit rating of Korean Reinsurance Co. 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, favorable business profile and appropriate enterprise risk management.

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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of Tokio Marine Insurance (Thailand) PCL, as well as the BBB+ long-term insurer financial strength and issuer credit ratings of Muang Thai Life Assurance PCL.

The outlooks were revised to positive from stable, following the rating agency's outlook revision for Thailand. The companies' substantial exposure to Thailand-domiciled assets and business drive the rating agency's view that their credit profile is linked with Thailand's.

The rating agency also expects that Tokio Marine Insurance Thailand will maintain its highly strategic importance to Tokio Marine Holdings Inc. over the next two years.

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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