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
Fitch Ratings affirmed and withdrew the AA- insurer financial strength ratings of various XL operating companies: XL Insurance America Inc., Greenwich Insurance Co., Indian Harbor Insurance Co., XL Specialty Insurance Co., XL Insurance Co. of New York Inc., XL Reinsurance America Inc., XL Re Europe SE, XL Insurance Co. SE, XL Insurance Switzerland Ltd. and XL Select Insurance Co. The outlook was stable.
The ratings were withdrawn for commercial reasons.
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S&P Global Ratings affirmed the A+ insurer financial strength rating of Mutual of America Life Insurance Co.
The ratings action comes after a review of the company under S&P Global Ratings' revised criteria.
The outlook is stable, considering the rating agency's view of the company's sustained competitive position in its target markets.
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S&P Global Ratings affirmed the AA- insurer financial strength and long-term issuer credit ratings of Reinsurance Group of America Inc. and its subsidiaries.
The outlook is stable, reflecting the rating agency's expectation that the group will still grow its business globally while it maintains pricing discipline and very strong capital adequacy.
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S&P Global Ratings affirmed the BBB long-term issuer credit rating of White Mountains Insurance Group Ltd.
The outlook remains stable, taking into account the rating agency's view that White Mountains' earnings will continue to be stable and the company will sustain a disciplined approach in deploying capital.
The rating reflects the company's balance sheet strength, management's disciplined approach in redeploying a significant amount of undeployed capital, and limited traditional insurance liabilities, S&P Global Ratings said.
Europe
A.M. Best affirmed the financial strength rating of A and the long-term issuer credit rating of "a+" of Luxembourg-based GreenStars BNP Paribas SA, a subsidiary of BNP Paribas SA. The outlook remains stable.
The ratings reflect the company's balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. Also, the ratings consider, in the form of rating lift, the rating agency's expectation that BNP Paribas will financially support the company when needed.
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S&P Global Ratings affirmed the A- long-term insurer financial strength and issuer credit ratings of Germany-domiciled Gothaer Insurance Group's core subsidiaries.
The outlook is stable, taking into consideration the rating agency's expectation that Gothaer will still prioritize earnings generation over growth and that the group's capital and earnings will not deteriorate from the currently strong level in 2019 to 2021.
The rating reflects the group's well-diversified earnings, backed by a diverse product portfolio throughout all three insurance segments in Germany and diverse distribution channels. The segments are life, property and casualty, and health.
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S&P Global Ratings assigned an A financial strength rating to UK P&I Club NV and affirmed the A insurer financial strength and issuer credit ratings of United Kingdom Mutual Steamship Assurance Association (Europe) Ltd. and United Kingdom Mutual Steamship Assurance Association (Bermuda) Ltd.
The outlook is stable, taking into account S&P Global Ratings' view that the companies' capital adequacy will stay above the AAA requirements. The rating agency anticipates that the companies' underwriting performance will not materially worsen and will remain broadly in line with its three-year average.
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S&P Global Ratings withdrew the A financial strength rating of Dublin-based Ironshore Europe DAC following the completion of the reinsurer's sale to Hamilton Insurance Group by Liberty Mutual.
The rating was based on a guarantee of the company's policyholder obligations provided by Liberty Mutual Insurance Co., the lead operating insurance company for the Liberty Mutual group. The guarantee terminated on the date of sale.
Asia-Pacific
Fitch affirmed the A+(idn) national insurer financial strength rating of PT Meritz Korindo Insurance. The outlook is stable.
The rating reflects the company's operating synergies, capital support from Seoul-based parent Meritz Fire & Marine Insurance Co. Ltd., strong capitalization, manageable but volatile underwriting performance, moderate business profile, and high reinsurance utilization to mitigate catastrophe risk in the Indonesian market, according to Fitch.
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