S&P Global Market Intelligence compiles ratings actions in the insurance space daily through 5:30 p.m. ET. Actions after 5:30 p.m. ET will be included in the following day's roundup.
Life and health
A.M. Best has revised the outlook to positive from stable for Guarantee Trust Life Insurance Co.'s long-term issuer credit rating.
The rating agency also affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb" of the company. The outlook for the financial strength rating is stable.
The revised outlook reflects the company's strong risk-adjusted capitalization levels, its position as a niche player in the senior market and its operating gains, A.M. Best said.
The rating agency expects Guarantee Trust Life Insurance to continue seeing organic earnings growth. It plans to introduce new products and expand its business profile while maintaining favorable underwriting results and stable investment performance, A.M. Best wrote.
Property and casualty
A.M. Best has downgraded the financial strength rating to A- from A and the long-term issuer credit ratings to "a-" from "a" of the members of Motorists Insurance Group.
The member companies are Consumers Insurance USA Inc., Iowa American Insurance Co., Iowa Mutual Insurance Co., MICO Insurance Co., Motorists Commercial Mutual Insurance Co., Motorists Mutual Insurance Co., Phenix Mutual Fire Insurance Co. and Wilson Mutual Insurance Co.
The outlook was revised to stable from negative.
Additionally, A.M. Best has removed from under review with positive implications and affirmed the financial strength rating of A- and the long-term issuer credit ratings of "a-" of BrickStreet Mutual Insurance Co., NorthStone Insurance Co., SummitPoint Insurance Co., PinnaclePoint Insurance Co. and HM Casualty Insurance Co.
The outlook assigned to these ratings is stable.
The rating agency said the downgrades of the members of Motorists Insurance Group reflect the company's underwriting performance over the past several years, which has fallen short of performance expectations at the previous rating level. Unfavorable underwriting results have been made worse by adverse development in auto lines and catastrophe losses in 2017.
The rating actions also take into account regulatory approvals received from various states granting the affiliation between Motorists Insurance Group and BrickStreet Mutual Insurance through a joint venture, A.M. Best added.
A.M. Best has revised the outlook to negative from stable for the long-term issuer credit ratings and affirmed the financial strength rating of B++ and the long-term issuer credit ratings of "bbb+" of Community Insurance Corp. and Wisconsin County Mutual Insurance Corp.
The outlook for the financial strength rating remained stable.
The negative outlook on the long-term issuer credit ratings reflects operating losses by the companies in recent years that lowered risk-adjusted capitalization and decreased surplus, the rating agency asserted.
A.M. Best added that the ratings also reflect the group's local expertise within the Wisconsin municipal risk market.