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Insurance ratings actions: Fitch affirms Kemper, Allstate

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.

Multiline

Fitch Ratings affirmed the issuer default rating at BBB of Kemper Corp. and the insurer financial strength ratings at A- (Strong) of the company's operating subsidiaries Trinity Universal Insurance Co., United Insurance Co. of America, Union National Life Insurance Co. and Reliable Life Insurance Co.

The outlook is stable.

Kemper's property and casualty ratings reflect improved underlying underwriting results, volatile earnings profile caused by natural catastrophe exposures and modest debt-servicing capability.

Kemper's life and health segment ratings reflect continued stable underlying earnings, strong capitalization and effective niche in the home service market, albeit a slow-growth market. The group has been a steady source of capital for Kemper, with dividend capacity to support parent objectives.

Property and casualty

A.M. Best removed from under review with positive implications and upgraded the long-term issuer credit ratings to "a+" from "a" and affirmed the financial strength ratings of A (Excellent) of American Family Mutual Insurance Co. S.I. and its affiliates.

Concurrently, American Family Life Insurance Co. was removed from under review with positive implications and its long-term issuer credit rating was upgraded to "a+" from "a" while its financial strength rating was affirmed at A (Excellent).

The affiliates are American Family Insurance Co., American Standard Insurance Co. of Ohio, American Standard Insurance Co. of Wisconsin, General Automobile Insurance Co. Inc., Homesite Indemnity Co., Homesite Insurance Co. of California, Homesite Insurance Co. of Florida, Homesite Insurance Co. of Georgia, Homesite Insurance Co. of Illinois, Homesite Insurance Co. of New York, Homesite Insurance Co. of the Midwest, Homesite Insurance Co., Homesite Lloyd's of Texas, Midvale Indemnity Co., Permanent General Assurance Corp. of Ohio and Permanent General Assurance Corp.

The ratings of American Family reflect its balance sheet strength, which A.M. Best categorizes as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.

The outlook for the ratings is stable, reflecting the group's strengthening business profile and national presence, the size and strength of their consolidated balance sheet and historically stable operating performance.

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A.M. Best removed from under review with negative implications and downgraded the financial strength rating to A- (Excellent) from A (Excellent) and the long-term issuer credit rating to "a-" from "a" of Canopius Reinsurance AG, previously known as Sompo Japan Canopius Reinsurance AG.

The rating agency also removed from under review with negative implications and affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of "a-" of Canopius US Insurance Inc.

The ratings actions were based on the announcement by parent company Canopius AG that it has been acquired by a private equity consortium led by Centerbridge Partners LP.

The ratings of Canopius US and Canopius Re benefit from their strategic importance to and integration within the Canopius group, A.M. Best said. The ratings reflect Canopius' 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.

The outlook for the ratings is stable.

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Fitch affirmed Allstate Corp.'s long-term issuer default rating at A- and short-term issuer default rating at F2.

The rating agency upgraded the insurer financial strength ratings of Allstate Life Insurance Co. and its subsidiary Allstate Life Insurance Co. of New York to A+ (strong) from A.

Fitch also affirmed the insurer financial strength ratings at A+ (strong) of Allstate Insurance Co., Allstate County Mutual Insurance Co., Allstate Indemnity Co., Allstate Property and Casualty Insurance Co., Allstate Texas Lloyd's, Allstate Vehicle and Property Insurance Co., Encompass Home and Auto Insurance Co., Encompass Independent Insurance Co., Encompass Insurance Co. of America, Encompass Insurance Co. of Massachusetts and Encompass Property and Casualty Co.. The insurer financial strength rating of American Heritage Life Insurance Co. was affirmed at A (strong).

The upgrade of the insurer financial strength ratings of Allstate Life Insurance and its subsidiary reflects Fitch's revised view of their strategic importance within the Allstate enterprise to "core" from "very important" and aligns the two with the group credit profile of Allstate. Fitch's revision reflects strategic actions taken over the last three years to strengthen the two companies' risk profile and align them with the core property and casualty business and distribution.

The affirmation of the property and casualty ratings reflects Allstate's top-tier market position in personal lines insurance and very strong financial performance and earnings.

The outlook on all ratings is stable.

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