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Insurance ratings actions: S&P affirms Fairfax Financial, QBE Insurance

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Insurance ratings actions: S&P affirms Fairfax Financial, QBE 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.

U.S. and Canada

S&P Global Ratings affirmed its BBB- long-term issuer credit rating on Fairfax Financial Holdings Ltd. and A- long-term financial strength and issuer credit ratings on the group's rated core operating subsidiaries.

The ratings actions on Fairfax and its operating subsidiaries reflect the consolidated group's credit profile that benefits from its large and diversified reinsurance and insurance operations that are well established in their respective markets.

The outlook remains positive, recognizing operating earnings growth.

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A.M. Best affirmed the financial strength rating of B++ and the long-term issuer credit rating of "bbb+" of Blue Cross and Blue Shield of Vermont Inc. and its wholly owned subsidiary, Vermont Health Plan LLC.

The outlook was revised to negative from stable for the long-term issuer credit rating, reflecting A.M. Best's expectation that the companies' risk-adjusted capital will remain under pressure in the medium to long term. The outlook of the financial strength rating remains stable.

The credit ratings reflect Blue Cross and Blue Shield of Vermont and the unit's balance sheet strength, which A.M. Best categorizes as strong, as well as their marginal operating performance, neutral business profiles and appropriate enterprise risk management.

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A.M. Best affirmed the long-term issuer credit rating of "bbb" of Liberty Mutual Holding Co. Inc. and Liberty Mutual Group Inc. The outlook is stable.

The rating agency also affirmed the financial strength rating of A and the long-term issuer credit ratings of "a" of most of the members of Liberty Mutual Insurance Cos.

The financial strength rating of A and the long-term issuer credit rating of "a" of Ironshore Europe DAC, a member of Liberty Mutual, are unchanged by these actions and remain under review with negative implications. A.M. Best expects these ratings to remain under review until the completion of A.M. Best's assessment following the company's expected acquisition by Hamilton Insurance Group.

The ratings of Liberty Mutual's other members reflect the group's balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, favorable business profile, and appropriate enterprise risk management.

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S&P Global Ratings affirmed its A financial strength and long-term issuer credit ratings on Farmers Insurance Exchange and its operating affiliates.

The outlook was revised to stable from negative, reflecting improved underwriting performance and capital adequacy.

Asia-Pacific

S&P Global Ratings affirmed the A- long-term issuer credit rating on QBE Insurance Group Ltd. and the A+ long-term issuer credit ratings on the group's core operating entities. The group's "highly strategically important" operating entities were also affirmed. The outlook on all entities is stable.

The affirmation reflects QBE Insurance's collective strong competitive positions in select insurance segments and sound underlying earnings profile from its well-diversified global operations.

S&P also withdrew its ratings on QBE Re (Europe) Ltd., which was dissolved following the Part VII transfer to QBE Europe SA/NV, and on Uniguard Indemnity Co., which was disposed of.

Middle East and Africa

S&P Global Ratings affirmed the A- long-term issuer credit and insurer financial strength ratings on African Reinsurance Corp. The outlook is stable.

S&P also affirmed financial strength credit rating on the guaranteed subsidiary, African Reinsurance Corp. South Africa Ltd.

The affirmation reflects the rating agency's view that African Reinsurance continues to maintain its strong competitive position within Africa. It has a strong brand and reputation with many cedents across Africa, a key differentiator relative to other international and regional players on the continent.

The ratings actions reflect S&P Global Ratings' view that Africa Re maintains strong competitive position within Africa.

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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