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Insurance ratings actions: A.M. Best affirms Anthem, subsidiaries

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Insurance ratings actions: A.M. Best affirms Anthem, 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 revised the outlook to stable from positive for the long-term issuer credit rating and affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Toyota Motor Insurance Co.

The outlook of the financial strength rating remains stable.

The ratings reflect the company's balance sheet categorized as strongest, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The stable outlooks are based on the expectation for stable-to-improving underwriting performance following management's pricing actions taken to address the unfavorable loss development related to the company's guaranteed auto protection business, which is expected to be realized in the next 12 to 18 months.

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A.M. Best affirmed the long-term issuer credit rating of "bbb+" of Indianapolis-based Anthem Inc.

The agency also affirmed the financial strength rating of A and the long-term issuer credit ratings of "a+" of the core Blue Cross Blue Shield-branded insurance subsidiaries of Anthem.

Furthermore, A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of the UNICARE, AMERIGROUP and the CareMore companies. The outlook of these ratings is stable.

The Blue Cross Blue Shield-branded entities, also referred to as Anthem Health Group, are part of the core subsidiaries of Anthem.

The ratings reflect Anthem Health's very strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management.

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S&P Global Ratings raised its long-term financial strength and issuer credit ratings on Bermuda-based mutual insurer Oil Insurance Ltd. to A from A- and its issue-level rating to BBB+ from BBB.

The outlook is stable.

The upgrade reflects S&P's revised view of the company's financial risk profile anchored by significant redundancy at the AAA confidence level.

The agency expects the company to maintain its current business profile with a relatively stable membership base and substantial capital redundancy.

Middle East and Africa

A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of United Arab Emirates-based Union Insurance Co. P.J.S.C. with a stable outlook.

The ratings reflect Union's strong balance sheet, adequate operating performance, limited business profile and appropriate enterprise risk management.

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A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Abu Dhabi National Takaful Co. PSC with a stable outlook.

The ratings reflect the company's very strong balance sheet, strong operating performance, limited business profile and appropriate enterprise risk management.

Europe

A.M. Best withdrew the financial strength rating of C++ and the long-term issuer credit rating of "b+" of Kazakhstan-based JSC IC Kazkommerts-Policy as the company requested to no longer participate in the agency's rating process.

On Aug. 29, Kazkommerts-Policy's assets and liabilities were transferred to its sister insurance company, Halyk-Kazakhinstrakh.

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A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Lloyd's of London Syndicate 2001, which is managed by MS Amlin Underwriting Ltd.

The outlook of these ratings remains stable.

The ratings of Syndicate 2001 reflect the very strong balance sheet, strong operating performance, favorable business profile and appropriate enterprise risk management of the Lloyd's market.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this feature can be found here.

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