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Insurance ratings actions: A.M. Best upgrades Gerber Life Insurance

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Insurance ratings actions: A.M. Best upgrades Gerber Life Insurance

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.

US and Canada

A.M. Best removed from under review with positive implications and upgraded the long-term issuer credit rating to "a+" from "a" of Gerber Life Insurance Co., while also affirming its A financial strength rating of the company.

The outlook assigned to these ratings is stable.

The ratings reflect the company's balance sheet strength, which the rating agency categorizes as very strong, its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The ratings also reflect lift from Gerber Life's ultimate parent company, Western & Southern Financial Group Inc. The rating agency expects Western & Southern Financial Group to provide capital support to Gerber Life Insurance when necessary.

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Kroll Bond Rating Agency affirmed the BBB+ insurance financial strength rating of GCU.

The ratings outlook is stable.

The rating reflects the company's solid balance sheet, stable membership base, continued profitability and favorable capital trends, Kroll said.

Europe

A.M. Best removed from under review with negative implications and downgraded the financial strength rating to A from A+ and the long-term issuer credit rating to "a+" from "aa" of Germany-based HDI Global Specialty SE.

The outlook is stable.

The ratings actions follow the change in ownership of HDI Global Specialty SE, previously known as International Insurance Co. of Hannover SE, to HDI Global SE, a subsidiary of Haftpflichtverband der Deutschen Industrie V.a.G, from Hannover Re.

The ratings reflect the group's balance sheet strength, which the rating agency categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management. The ratings of HDI Global Specialty reflect its strategic importance to the group and its alignment with its ultimate parent, the rating agency said.

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A.M. Best placed under review with developing implications the financial strength ratings of A- and the long-term issuer credit ratings of "a-" of France-based Axeria Prevoyance and Malta-based Axeria Re Ltd.

The ratings actions follow April SA's Dec. 29, 2018 announcement that its majority shareholder, Evolem SA, had entered into exclusive negotiations with CVC Capital Partners Ltd., to acquire Evolem's equity holding in April, the intermediate parent company of Axéria Prévoyance and Axeria Re.

These ratings have been placed under review with developing implications, as A.M. Best needs to assess the impact of the planned change in ownership on the balance sheet strength, operating performance, business profile and enterprise risk management assessments of Axéria Prévoyance and Axeria Re, as well as the impact on the April group's operations and future strategy, according to the rating agency.

Asia-Pacific

A.M. Best affirmed the financial strength rating of A- and the long-term issuer credit rating of "a-" of Hong Kong-based Hong Leong Insurance (Asia) Ltd.

The outlook is stable.

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

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Fitch Ratings affirmed the AA- insurer financial strength rating of AXA General Insurance Hong Kong Ltd.

The outlook is stable.

Concurrently, Fitch withdrew the ratings of the company for commercial reasons. Accordingly, the rating agency said it will no longer provide ratings or analytical coverage for AXA General Insurance Hong Kong.

Fitch said the affirmation reflects the status of the company as a core entity within the AXA Group, reflecting its strategic importance through its contribution to the group's targets.

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