S&P Global MarketIntelligence compiles ratings actions in the insurance space daily through 5:30p.m. ET. Actions after 5:30 p.m. ET will be included in the following day'sroundup.
Life and health
A.M.Best placedthe A- financial strength rating and "a-" long-term issuer creditratings of Vantis Life InsuranceCo. and its unit, Vantis Life Insurance Co. of New York, under review withpositive implications.
Theratings action follows the announcement that Vantis Life Insurance to be acquired byPenn Mutual Life InsuranceCo.
Theunder review with positive implications status reflects the potential financialand operational benefits that will be derived from Vantis Life Insurance beinga significant operation within a larger, higher-rated organization, A.M. Bestsaid.
Theratings will remain under review pending the completion of the deal and therating agency's review of Penn Mutual's operating plans for Vantis Life Insurance.
A.M.Best placedunder review with negative implications the B financial strength rating and "bb+" long-termissuer credit ratings of HealthInsurance Plan of Greater New York, ,Group Health Inc. andConnectiCare Inc.
Allcompanies are units of EmblemHealth Inc.
A.M.Best said the under review status reflects operating and net losses in 2016beyond the agency's expectations. The ratings will remain under review whileA.M. Best continues discussions with the company's management team related tothe capital plan and forecasts for 2016.
A.M.Best affirmedthe A- financial strength rating and the "a-" long-term issuer creditratings of IAT Reinsurance Co.Ltd. and operating unit Service Insurance Co.
Theoutlook is stable.
Concurrently,the rating agency affirmed the A- financial strength rating and "a-"long-term issuer credit ratings of Harco National Insurance Co., ,TransGuard Insurance Co. ofAmerica Inc., Occidental Fire and Casualty Co. of North Carolina,Wilshire InsuranceCo., AcceptanceIndemnity Insurance Co. and Acceptance Casualty Insurance Co. The outlook is stable.A.M. Best said the ratings are the result of these companies becoming membersin a newly formed pool, Harco National Group.
Theagency said the ratings of Harco National Group reflect its solid risk-adjustedcapitalization, strategic initiatives focused on improving underwritingmeasures, generally positive operating earnings, and niche market knowledge andexpertise. The ratings also recognize more recent initiatives to improveoperating profitability through the hiring of new management; internalmanagement changes; improved pricing execution; tightening risk selection;exiting lines such as crop, public auto, some segments of unprofitable truckingand homeowners programs; and the expanded use of analytics and businessintelligence.
Theratings affirmations of IAT Reinsurance acknowledge its supportive level ofrisk-adjusted capitalization, solid liquidity and generally positive operatingreturns, A.M. Best added.
Fitch Ratings affirmed the BBB+issuer default rating of CNAFinancial Corp. and the A insurer financial strength ratings ofCNA's P&C insurance subsidiaries.
The affected units are American Casualty Co. of Reading, Pa., , ,Continental InsuranceCo., ContinentalInsurance Co. of New Jersey, National Fire Insurance Co. of Hartford, ,Transportation InsuranceCo., Universal Suretyof America, ValleyForge Insurance Co. and Western Surety Co.
Fitch said CNA's ratings reflect the company's strongcapitalization, stable earnings and adequate reserve position in ongoingP&C operations. The ratings also reflect anticipated challenges in acompetitive P&C market rate environment and the potential for adversereserve development in the runoff of long-term care business, the rating agencyadded.