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Insurance ratings actions: Fitch upgrades Kemper; A.M. Best affirms Nippon Life

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 rating and the "a" long-term issuer credit rating of PMG Assurance Ltd.

The outlook of the credit ratings is stable.

The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect PMG Assurance's strategic position as the captive insurance company for Sony Group, whose ultimate parent is Sony Corp.

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Fitch Ratings upgraded the long-term issuer default rating of Kemper Corp. to BBB+ from BBB and the insurer financial strength rating of its property and casualty lead subsidiary, Trinity Universal Insurance Co., to A from A-.

The outlook was revised to stable from positive.

The agency also affirmed the A- insurer financial strength ratings of Kemper's life insurance subsidiaries including, Union National Life Insurance Co., United Insurance Co. of America and Reliable Life Insurance Co., with a stable outlook.

The upgrade of Trinity Universal reflects the company's moderate business profile, improved underlying underwriting results, including the recently acquired business of Infinity Property & Casualty Corp., and the company's strong capitalization and risk management capabilities.

The ratings of Kemper's life and health segment reflect stable underlying earnings; strong capitalization; and effective niche in the home service market, albeit a slow-growth market.

Europe

A.M. Best affirmed the B++ financial strength rating and the "bbb+" long-term issuer credit rating of Protector Forsikring ASA.

The outlook of the credit ratings remains stable.

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

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A.M. Best affirmed the A- financial strength rating and the "a-" long-term issuer credit rating of Fortegra Europe Insurance Co. Ltd., a subsidiary of Fortegra Financial Corp.

The outlook of the credit ratings remains stable.

The ratings reflect Fortegra Europe Insurance's balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the company's strategic importance to the group and the track record of financial and operational support from Fortegra Financial.

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Kroll Bond Rating Agency assigned the AA+ insurance financial strength rating to Assured Guaranty (Europe) SA with a stable outlook.

Asia-Pacific

A.M. Best affirmed the A+ financial strength rating and the "aa-" long-term issuer credit rating of Nippon Life Insurance Co. The rating agency also affirmed the A- financial strength rating and the "a-" issuer credit rating of Nippon Life Insurance Co. of America, which does business as Nippon Life Benefits.

The outlook of the credit ratings is stable.

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

The ratings of Nippon Life Insurance Co. of America reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The ratings also take into consideration Nippon Life Insurance Co. of America's strategic importance to the parent.

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Fitch Ratings affirmed the A insurer financial strength rating of Malaysian Reinsurance Bhd. with a stable outlook.

The affirmation reflects Malaysian Reinsurance's 'very strong' level of capital buffer and consistently profitable financial performance.

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Moody's upgraded the insurance financial strength rating of FTLife Insurance Co. Ltd. to A3 from Baa1. The outlook was changed to stable from positive.

The upgrade reflects FTLife Insurance's improving distribution strength and profitability over the past few years while maintaining its solid capital position.

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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