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Insurance ratings actions, June 1

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Insurance ratings actions, June 1

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.

Managed care

A.M. Best upgraded the long-term issuer credit rating to "bbb+" from "bbb" and affirmed the financial strength rating of B++ of PacificSource Health Plans.

The outlook is stable.

The rating upgrade reflects the company's strategic role within an integrated healthcare delivery system as part of PacificSource and Legacy Health. A.M. Best expects PacificSource Health Plans to play an integral role as a managed care entity for the newly formed partnership between PacificSource and Legacy Health.

Property and casualty

A.M. Best affirmed the long-term issuer credit rating of "a-" of Baldwin & Lyons Inc.

Concurrently, A.M. Best affirmed the financial strength ratings of A+ and the long-term issuer credit ratings of "aa-" of the company's units, Protective Insurance Co. and Sagamore Insurance Co.

In addition, A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a" of Protective Specialty Insurance Co.

The outlook for these ratings is stable.

The rating of Baldwin & Lyons reflects the organization's low financial leverage, above-average interest coverage and fixed-charge coverage ratios, and its access to capital markets.

The ratings of Protective Insurance and Sagamore Insurance reflect the companies' strong balance sheet, favorable overall operating performance and solid market position in the core commercial trucking market, the rating agency said. The ratings of Protective Specialty Insurance recognize its strategic role within the group and its strong balance sheet.

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A.M. Best withdrew the financial strength rating of A and the long-term issuer credit rating of "a" of Southern Guaranty Insurance Co.

The company was sold as a clean shell to Premier Servicing LLC, resulting in A.M. Best withdrawing its ratings on the company.

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A.M. Best withdrew the financial strength rating of A and the long-term issuer credit rating of "a" of Blue Ridge Indemnity Co.

Blue Ridge Indemnity was sold as a clean shell to LOTS Intermediate Co., which resulted in A.M. Best withdrawing its ratings.