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Insurance ratings actions: S&P affirms subsidiaries of Covéa, Allstate

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 upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ of Forestry Mutual Insurance Co. The outlook of the financial strength rating was revised to positive from stable, while the outlook of the long-term issuer credit rating remains positive.

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

The positive outlook considers A.M. Best's expectation that the company's underwriting results will reflect lesser volatility in the medium term through its disciplined underwriting selection, loss control and claims management while maintaining very strong balance sheet strength.

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A.M. Best placed under review with negative implications the financial strength rating of A- and the long-term issuer credit rating of "a-" of United Life Insurance Co.

The rating agency also placed under review with developing implications the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Guaranty Income Life Insurance Co., an affiliate of United Life.

The actions come after the recent announcement that Guaranty Income Life has entered into a definitive agreement to acquire Lincoln Benefit Life Co. and its affiliates.

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S&P Global Ratings affirmed the AA- insurer financial strength and long-term issuer credit ratings of Allstate insurance group's core subsidiaries.

The outlook is stable, reflecting the rating agency's expectation that the company will balance its capital-management initiatives with prudent risk-reward optimization to sustain very strong capitalization.

Allstate's ratings reflect its leading personal-lines presence, robust underwriting and catastrophe management processes, significant brand reputation and very strong financial position, according to S&P Global Ratings.

Europe

Fitch Ratings affirmed the A+ long-term issuer default rating of Legal & General Group PLC and the AA- insurer financial strength ratings of the insurer's core operating entities, Legal & General Assurance Society Ltd., Banner Life Insurance Co. and William Penn Life Insurance Co. of New York.

The rating agency also affirmed the A+ insurer financial strength rating of Legal & General Reinsurance Co. Ltd. The outlook of all ratings is stable.

The ratings take into account Fitch's assessment of the group's business profile, capitalization, financial performance, and investment and asset risk as very strong. These strengths are partly offset by relatively weak financial leverage, according to the rating agency.

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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Oslo-based Kommunal Landspensjonskasse gjensidig forsikringsselskap.

The outlook is stable, considering the rating agency's expectation that the insurer will protect its competitive position in the Norwegian municipal pension insurance market and maintain satisfactory capitalization.

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

The outlook is stable, taking into account the rating agency's projection that the group will be able to withstand adverse negative effects while maintaining sustainable, exceptional and still-growing capital buffers.

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S&P Global Ratings affirmed the A long-term insurer financial strength and issuer credit ratings of Triglav Insurance Co. PLC and Triglav Re, Reinsurance Co. PLC, the core subsidiaries of Slovenia-based Triglav Group.

The outlook of Triglav Group is stable, considering the rating agency's expectations that the group's management will still focus on diversifying the group's premiums and income streams through profitable growth.

Middle East and Africa

S&P Global Ratings downgraded the long-term issuer credit and insurer financial strength ratings to BBB- from BBB of Abu Dhabi-based Al Wathba National Insurance Co. PJSC. The ratings were then placed on CreditWatch with negative implications.

The CreditWatch with negative implications status shows the possibility of a negative ratings action if the company fails to keep its liquidity position at adequate or higher.

The downgrade considers the added strain on Al Wathba National's funding structure because of increased use of bank borrowings, S&P Global Ratings said. The rating agency projects the insurer's earnings to be lower than expected in 2019 due to some investment losses.

Asia-Pacific

S&P Global Ratings affirmed the AA- long-term insurer financial strength and issuer credit ratings of Chubb Insurance Australia Ltd. and Chubb Insurance New Zealand Ltd.

The outlook of both companies is stable, reflecting that of Chubb Ltd.

The ratings of Chubb Australia consider its "a" stand-alone credit profile, which reflects S&P Global Ratings' view of its sound competitive position and stable operating performance, as well as its very strong financial profile.

The ratings of Chubb New Zealand take into account its "a-" stand-alone credit profile, reflecting S&P Global Ratings' view of its consistently solid operating performance, robust capital adequacy, sound reinsurance arrangements, and strong risk management and governance processes.

Also, the ratings of Chubb Australia and Chubb New Zealand benefit from the rating agency's assessment of the companies' importance to Chubb.

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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