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Insurance ratings actions, March 29


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Insurance ratings actions, March 29

S&P Global Market Intelligencecompiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actionsafter 5:30 p.m. ET will be included in the following day's roundup.

Life and health

FitchRatings affirmedthe AAA insurer financial strength ratings of New York Life Insurance Co. and New York Life Insurance and Annuity Corp.

The ratingagency also affirmed the AA+ long-term and F1+ short-term issuer default ratingsof New York Life Insurance Co.

The outlookis stable.

Fitch'sratings reflect New York Life Insurance Co.'s leading market position in the U.S.individual life insurance market, extremely strong capitalization and conservativeoperating profile. The ratings also consider the company's above-average exposureto risky assets and ongoing challenges related to the protracted low interest rateenvironment.


A.M.Best upgradedthe financial strength ratings to A- from B++ and the issuer credit ratings to "a-"from "bbb+" of Celina MutualInsurance Co., Miami MutualInsurance Co., NationalMutual Insurance Co. and WestVirginia Farmers Mutual Insurance Association, which are members ofthe Celina Insurance Group.

The outlookfor all ratings has been revised to stable from positive.

A.M.Best said the upgrade reflects an improved trend of underwriting performance togetherwith steady investment and other income over several years that together drove policyholders'surplus appreciation over the same period. The rating agency also noted that thegroup has benefited from somewhat less severe weather-related claims activity whiletaking advantage of its network of longstanding and strong agency relationshipsand the use of predictive analytics, which has enhanced its risk selection and pricingcapabilities.

A.M.Best upgradedthe financial strength rating to B++ from B+ and the issuer credit rating to "bbb"from "bbb-" of HartlandMutual Insurance Co.

The outlookshave been revised to stable from positive.

The upgradeis a result of Hartland Mutual's strengthened risk-adjusted capitalization and positivetrend in operating performance over the past five years, the rating agency said.A.M. Best also noted that the company's surplus appreciation has exceeded premiumgrowth, resulting in favorable underwriting leverage measures.

A.M.Best affirmedthe A- financial strength ratings and "a-" issuer credit ratings of and Third Point Reinsurance (USA)Ltd., and the "bbb-" issuer credit ratings of andthe ultimate holding company, ThirdPoint Reinsurance Ltd.

The outlookfor all ratings is stable.

A.M.Best said the ratings of Third Point Reinsurance Co. are based on its strong risk-adjustedcapitalization, continued successful implementation of its business plan, whichincludes adherence to financial projections, measured growth, acceptance in themarketplace and the strong performance of its investment portfolio. The ratingsalso consider its seasoned management team and the strong enterprise risk managementthat is in place.

ThirdPoint Reinsurance (USA)'s ratings are based on its strong risk-adjusted capitalization,its experienced management team and broad-based business plan, the rating agencysaid. Furthermore, the ratings recognize the support Third Point Reinsurance (USA)receives from Third Point Reinsurance Ltd. and Third Point Reinsurance Co.

Fitchaffirmedthe BBB+ issuer default rating of OneBeaconInsurance Group Ltd.'s holding company, OneBeacon U.S. Holdings Inc., and the A insurer financialstrength ratings of its operating subsidiaries.

The affectedunits are Atlantic Specialty InsuranceCo., Homeland InsuranceCo. of New York, HomelandInsurance Co. of Delaware and OBINational Insurance Co.

Fitchalso revised the outlook to stable from negative.

The outlookrevision was driven by the company's improved reserve experience and GAAP calendar-yearcombined ratio for full year 2015, the rating agency said. Fitch said its ratingsof OneBeacon Insurance Group reflect an expectation that future reserve developmentwill be neutral over the next 12 months to 18 months.

OneBeacon Insurance Group is 75.5% owned by

Fitchaffirmedthe BBB+ issuer default rating of HoraceMann Educators Corp. and the A insurer financial strength ratings ofits insurance subsidiaries.

The affectedunits are Horace Mann Insurance Co.,Teachers Insurance Co.,Horace Mann Property & CasualtyInsurance Co., HoraceMann Lloyds and HoraceMann Life Insurance Co.

The outlookis stable.

Fitchsaid Horace Mann Educators' ratings reflect its strong P&C operating results,continued solid capitalization, a conservatively managed investment portfolio andmoderate financial leverage. The ratings also consider the company's exposure toP&C catastrophe risk and spread compression in its annuity and life segments,along with its small size and scale relative to larger national peers, the ratingagency said.