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Insurance ratings actions: A.M. Best upgrades Colorado Farm Bureau Insurance

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Insurance ratings actions: A.M. Best upgrades Colorado Farm Bureau 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 affirmed the A+ financial strength rating and "aa-" long-term issuer credit ratings of Primerica Life Insurance Co. and its affiliates, National Benefit Life Insurance Co. and Primerica Life Insurance Co. of Canada. The rating agency also affirmed the "a-" long-term issuer credit ratings of Primerica Inc. The outlook is stable.

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

The group's ratings also recognize its continued risk-adjusted capitalization at the strongest level, investment quality and favorable reserve profile, according to A.M. Best.

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A.M. Best upgraded the financial strength rating to A+ from B+ and the long-term issuer credit ratings to "aa-" from "bbb-" of Colorado Farm Bureau Insurance Co. The outlook assigned is stable. The ratings were also removed from under review with positive implications.

The rating agency also affirmed the A+ financial strength rating and "aa-" long-term issuer credit ratings of Southern Farm Bureau Casualty Insurance Co. and Louisiana Farm Bureau Casualty Insurance Co. The outlook is stable.

The ratings reflect the group's balance sheet strength, which A.M. Best categorizes as strongest and 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 issuer credit and financial strength ratings of Pacific Guardian Life Insurance Co. Ltd.

The outlook is positive, reflecting the rating agency's expectation that the company will maintain a satisfactory business risk profile and a moderately strong financial risk profile while meeting company-specific assumptions. The rating agency also expects that the company will maintain capital adequacy at the AAA confidence level.

The positive outlook is also largely based on the rating agency's outlook ob parent Meiji Yasuda Life Insurance Co. and less on its stand-alone operating results.

The ratings reflect the company's satisfactory business risk profile driven by its narrow product profile, limited geographic diversification and lack of scale in its individual life business, according to S&P Global Ratings.

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S&P Global Ratings affirmed the A- long-term issuer credit and insurer financial strength ratings of Blue Cross Blue Shield of North Dakota.

The outlook is stable, reflecting the rating agency's expectation that the company will maintain its leading market position and very strong balance sheet while it effectively transitions to a more scalable and efficient information technology platform through 2019.

Europe

A.M. Best affirmed the A+ financial strength rating and "aa-" long-term issuer credit ratings of Scor SE and its main operating subsidiaries. The outlook remains stable.

The operating subsidiaries are Scor Switzerland AG, Scor UK Co. Ltd., SCOR Reinsurance Asia-Pacific Pte. Ltd., Scor Global Life USA Reinsurance Co., Scor Global Life Americas Reinsurance Co., Scor Global Life Reinsurance Co. of Delaware, Scor Reinsurance Co. Inc., Scor Canada Reinsurance Co., General Security National Insurance Co. and General Security Indemnity Co. of Arizona.

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

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A.M. Best affirmed the "a" long-term issuer credit rating of Zurich Insurance Group AG and the A financial strength rating and "a" long-term issuer credit rating of Farmers Reinsurance Co.

The rating agency also affirmed the A+ financial strength rating and "aa-" long-term issuer credit ratings of Zurich Insurance Group's main rated insurance subsidiaries, Zurich Insurance PLC, Fidelity & Deposit Co. of Maryland, Empire Fire and Marine Insurance Co., Empire Indemnity Insurance Co., Universal Underwriters Insurance Co., American Guarantee and Liability Insurance Co., American Zurich Insurance Co., Universal Underwriters of Texas Insurance Co., Steadfast Insurance Co., Zurich American Insurance Co., Zurich American Insurance Co. of Illinois, Colonial American Casualty & Surety Co., Rural Community Insurance Co., Zurich Insurance Co. Ltd. and Zurich American Life Insurance Co.

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

The ratings of Farmers Re reflect its balance sheet strength, which A.M. Best categorizes as very strong, and its adequate operating performance, limited 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 SGAM AG2R La Mondiale's core subsidiaries.

The outlook is positive, reflecting the potential of an upgrade in the next 12 months if the group continues to reduce its sensitivity to persisting low interest rates and maintain its capital adequacy at the AA level and its satisfactory operating performance.

The ratings reflect the company's prominent business positions in France and the depth and breadth of its product and distribution and stable operating performance. The ratings also reflect its business concentration in volatile long-term guaranteed back books, according to S&P Global Ratings.

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S&P Global Ratings withdrew the A+ long-term issuer credit and financial strength ratings of RenaissanceRe UK Ltd. at the company's request. The ratings were on CreditWatch with negative implications at the time of withdrawal.

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S&P affirmed the AA+/A-1+ long-term and short-term issuer credit ratings of Työllisyysrahasto.

The outlook is stable, reflecting the ratings of Finland. The rating agency said it does not see any scenario that would realistically lead it to change its assessment of the company's critical role and integral link with Finland over the next two years and that it expects the company's rating to move in line with Finland's.

The ratings reflect the rating agency's expectation of an almost-certain likelihood that the Finnish government would provide timely and sufficient extraordinary support to the company in the event of financial distress, due to the rating agency's view of the company as a "nonseverable arm" of the Finnish government.

Middle East and Africa

A.M. Best affirmed the B++ financial strength rating and "bbb" long-term issuer credit rating of Union Insurance Co. PJSC. The outlook remains stable.

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

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S&P Global Ratings affirmed the B- long-term insurer financial strength rating of ENSA Seguros de Angola SA.

The outlook is negative, reflecting the rating agency's view that the company's business and financial risk profiles are highly susceptible to the macroeconomic environment in Angola over the next 6 to 12 months. The outlook also takes into account the company's already-low liquidity levels and vulnerable capital position.

The Angola government formally announced that it intends to reduce its ownership stake in the insurer, but the rating agency believes it would remain as the majority stakeholder.

Asia-Pacific

S&P Global Ratings affirmed the A financial strength and long-term issuer credit ratings of Kyoei Fire & Marine Insurance Co. Ltd.

The outlook is stable, reflecting the rating agency's expectation that its parent National Mutual Insurance Federation of Agricultural Cooperatives' credit quality and its stand-alone credit profile are likely to remain steady. The rating agency also believes that the company is likely to remain strategically important to National Mutual.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Union Insurance Co. Ltd.

The outlook is stable, reflecting the rating agency's expectation that the company will maintain its very strong capital and earnings over the next one to two years.

The ratings reflect the company's satisfactory competitive position supported by its average operating performance and its very strong capital and earnings and average investment risk profile, which provide a good buffer against potential business downturns and volatility in capital markets, according to S&P Global Ratings.

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S&P Global Ratings affirmed the BBB+ long-term issuer credit and financial strength ratings of MetLife Ltd.

The outlook is developing, reflecting the uncertainty arising from its pending acquisition by FWD Group Management Holdings Ltd. and the potential support from its new parent group over the next 12 months.

The ratings reflect the rating agency's view that the company will likely maintain its strong capital buffer and conservative investment strategy despite its moderate balance sheet size and some inherent earnings volatility and that it will keep its modest business presence in Hong Kong.

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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