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Insurance ratings actions: Fitch upgrades China's Yingda Taihe Property

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 financial strength ratings of A- and the long-term issuer credit ratings of "a-" of Canopius US Insurance Inc. and Bermuda-based Canopius Reinsurance Ltd. The ratings were also removed from under review with negative implications. The outlook is stable.

The removal of the under review status comes after announcements made by Canopius Group Ltd. that it has partnered with Samsung Fire & Marine Insurance Co. Ltd. and completed the merger of AmTrust at Lloyd's Ltd. business.

The ratings reflect Canopius Group'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. The ratings of Canopius US and Canopius Re reap benefits from their strategic importance to and integration within the Canopius group, the rating agency said.

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Fitch Ratings affirmed the BBB+ insurer financial strength ratings of three Centene Corp. insurance subsidiaries: Health Net of California Inc., Health Net of Arizona Inc. and Health Net Health Plan of Oregon Inc.

The outlook was changed to positive from stable, reflecting the rating agency's view that the parent's pending acquisition of WellCare Health Plans Inc. will significantly improve its business profile.

Fitch considers Centene's business profile as favorable, its capitalization and leverage as good, and its financial performance and earnings as strong.

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Moody's upgraded the ratings of a number of companies in the U.S. mortgage insurance industry as it sees "broad based improvements" in the credit profiles of the insurers in the sector.

Moody's upgraded Radian Group Inc. subsidiary Radian Guaranty Inc.'s insurance financial strength rating to Baa1 from Baa2, while the insurance financial strength rating of NMI Holdings Inc. unit National Mortgage Insurance Corp. was upgraded to Baa2 from Baa3.

The insurance financial strength rating of Essent Guaranty Inc., the primary U.S. mortgage insurance operating subsidiary of Essent Group Ltd., was upgraded to A3 from Baa1. Moody's also upgraded the insurance financial strength ratings of Mortgage Guaranty Insurance Corp. and MGIC Indemnity Corp., subsidiaries of MGIC Investment Corp., to Baa1 from Baa2.

The outlook of all ratings is stable.

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Moody's affirmed the insurance financial strength rating of Baa3 of Genworth Mortgage Insurance Corp., the primary U.S. mortgage insurance unit of Genworth Financial Inc.

The outlook is positive, reflecting the company's improved profitability in the past few years as its pre-2009 vintage legacy business amortizes and is replaced by well-priced, high-quality new business, with less new delinquencies, the rating agency said.

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Moody's affirmed the A3 insurance financial strength ratings of Arch Capital Group Ltd.'s principal mortgage insurance subsidiaries, including United Guaranty Residential Insurance Co., Arch Mortgage Insurance Co., Arch Mortgage Guaranty Co. and Arch LMI Pty. Ltd.

The outlook was changed to positive from stable, indicating the company's strong capital adequacy and enhanced risk management practices, Moody's said.

The ratings consider implicit and explicit support from Arch Capital and Arch Reinsurance Ltd., as well as the company's leadership position in the U.S. mortgage insurance market, its strong core earnings power and the group's enhanced market presence and capabilities as a key operating unit within the larger Arch Capital group, according to the rating agency.

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S&P Global Ratings affirmed the BBB- long-term issuer credit rating of Argo Group U.S. Inc. and the A- long-term financial strength and issuer credit ratings of the insurer's core operating subsidiaries.

The outlook was revised to stable from positive, reflecting the rating agency's expectation that the company will keep on making progress on its strategic initiatives, which will maintain its strong competitive position and very strong capitalization. S&P Global Ratings noted that potential governance issues will stay as an overhang on its view of Argo's creditworthiness.

Argo Group U.S.' parent, Argo Group International Holdings Ltd., recently received a subpoena from the SEC for documents related to the company's disclosure of certain compensation-related perquisites.

Asia-Pacific

Fitch upgraded the insurer financial strength rating to A from A- of Beijing-based Yingda Taihe Property Insurance Co. Ltd. The outlook is stable.

The rating action considers a sustainable improvement in the insurer's capital strength and stronger profitability, Fitch noted.

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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