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Insurance ratings actions: S&P downgrades Nan Shan Life, subsidiary


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Insurance ratings actions: S&P downgrades Nan Shan Life, subsidiary

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 ratings and the "a" long-term issuer credit ratings of Global Indemnity Reinsurance Co. Ltd. and its U.S.-based subsidiaries, American Reliable Insurance Co., Diamond State Insurance Co., Penn-America Insurance Co., Penn-Patriot Insurance Co., Penn-Star Insurance Co. and United National Insurance Co.

The rating agency also affirmed the "bbb" long-term issuer credit rating of Global Indemnity Reinsurance's ultimate parent, Global Indemnity Ltd. The outlook remains stable.

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


A.M. Best assigned the A financial strength rating and the "a+" long-term issuer credit rating to Symphonix Health Insurance Inc. The outlook is positive.

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

The ratings also reflect the implicit and explicit support of its parent, UnitedHealth Group Inc., and the strategic role of the company in UnitedHealth Group's business strategy.

The outlook reflects the overall favorable operating performance trend of the core insurance subsidiaries of UnitedHealth Group's UnitedHealthcare operations, including Symphonix Health. The rating agency expects that the company will favorably contribute to the enrollment, premium revenue and operating earnings of the UnitedHealthcare operations.


Moody's affirmed the B2 corporate family rating of SISAHO International SAS. The outlook was revised to negative from stable.

The outlook reflects the slower-than-expected reduction in leverage at the time of SISAHO International's sale to Charterhouse Capital Partners LLP and SIACI Saint Honoré SAS's management in 2018, according to the rating agency.

The outlook also reflects the risk that leverage will remain above the rating agency's expectations for the company's current rating level for a prolonged period.

SISAHO International is the parent company of SIACI Saint Honoré SAS.


S&P Global Ratings upgraded to AA- from A+ the long-term insurer financial strength and issuer credit ratings of the core subsidiaries and guaranteed entities of Covéa group.

The upgrade reflects the rating agency's view of the group's capital adequacy, its competitive position in the French property and casualty market, and its ability to generate stable profits.

The outlook is stable, reflecting the expectation that the France-domiciled group will be able to withstand the negative effect of changing regulations and stiff competition in the French P&C market.


S&P Global Ratings downgraded to BBB+ from A- the long-term issuer credit ratings and financial strength ratings of Nan Shan Life Insurance Co. Ltd. and its subsidiary, Nan Shan General Insurance Co. Ltd. The rating agency also removed the ratings from CreditWatch with negative implications.

The outlook is stable, reflecting the rating agency's view that Nan Shan Life will maintain its financial risk profile and its very strong competitive position in the life insurance sector in Taiwan over the next two years.

The ratings action reflects the rating agency's view that Nan Shan Life has not yet completed the necessary enhancements following the disclosure of issues with its IT system, which led to fines and regulators ordering the company to stop selling its investment-linked policies in September 2019. The slow progress in making the enhancements raise uncertainty over the company's ability to sustain its business momentum, earnings performance and business franchise relative to its similarly rated local peers.

The ratings of Nan Shan General reflect the company's highly strategic status to Nan Shan Life. The general insurer's ratings will move in tandem with its parent's ratings, according to the rating agency.

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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